Many businesses, institutions and e-commerce stores are realising the power of Bitcoin (BTC) and cryptocurrency use cases.
The adoption of cryptocurrency has gotten many Bitcoin and altcoin users to exchange their digital assets for goods and service. Though, cryptocurrency within the goods and service industry – both online and offline – remain a problem, given strict cryptocurrency and Bitcoin regulations and laws which still await approval from governments around the world.
However, this could be about to change as closely-watched cryptocurrency exchanges, like Coindirect, continue to grow; and many online services across the globe integrate BTC and cryptocurrency payment methods.
Below are industries integrating cryptocurrency, particularly Bitcoin (BTC), as a payment method for their goods or services.
Paypal is one of the world's most used international payment service providers, adding Bitcoin payments for transactions as an additional perk. Their cryptocurrency transactional process is run through Coinbase, BitPay and GoCoin.
Stripe, a San-Francisco-based technology company providing software that allows users of its services to receive payments over the internet, has also integrated cryptocurrency payments into its platform.
Nigeria's most popular web and mobile-based wallet service, SimplePay, has also started accepting Bitcoin as a currency online.
Subway – accepts Bitcoin payments only.
Pizzaforcoins – accepts over 50 different types of cryptocurrency as the only form of payment since 2013.
Niche beauty brands are also reaping the benefits of cryptocurrency and blockchain technology. With the beauty industry's customers being more geographically diverse, international payments and high shipping costs are a major issue.
South African cosmetic beauty brands such as Swiitch Beauty, which is powered by Shopify, have also set up transaction base in the cryptocurrency ecosystem. Respectively, Shopify was one of the world's first trusted digital companies to accept Bitcoin in 2013; and offers e-commerce business one of the easiest ways to start selling goods online.
Crypto-friendly and natural beauty brand have become more accepting of cryptocurrency payments. Organic cosmetics brand, Astrida Naturals, have adopted blockchain technology. Co-founder of Nuciya Beauty in Canada, Amber Wikstrom, found that international cryptocurrency customers tend to generally spend more per purchase. This is due to the fact that it "can help circumvent issues with their local currency or even just provide a little bit more privacy…in the future blockchain could revolutionize how we track our shipments." says Wikstrom.
Overstock, an online tech retailer, announced their acceptance of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dash (DASH) and Monero (XMR) in August 2017. The company's goods and service crypto transactions are made possible through cryptocurrency exchange, ShapeShift, without the need of setting up a ShapeShift account.
According to Business Tech, in July 2014, another popular South African e-commerce, Takealot.com, announced that "over 30,000 online sellers in South Africa can now accept the virtual currency through a partnership between local Bitcoin exchange, BitX and payment gateway, PayFast." Takealot is one of the customers of PayFast.
It's clear that online transactions are introducing a much more convenient path towards making payments. Cryptocurrency continues to revolutionise the world into the Fourth Industrial Revolution.