Bitcoin payments are becoming a hot topic in the cryptocurrency sphere, as more eCommerce stores keep adopting it as a means of payment. But, not only online stores but offline shops, restaurants, ATMs, hotels, etc., are joining the adoption bandwagon.
According to Statista, in the number of businesses that either have a cryptocurrency ATM or offer crypto as an in-store payment method as of March 9, 2021, quick service and casual dining restaurants are leading the ranking, with 1,904 businesses, followed by accommodation and IT services, with 1,159 and 1,129 businesses, respectively.
Some of the companies listed in the ranking are retail chains or gas stations, while others are small businesses. This raises the question of whether big companies are open to using virtual coins. Tesla announced, in February 2021, that it was considering accepting Bitcoin as a direct payment method for its Model 3 vehicles. Since some large firms had used intermediary services before, this was a big change.
Regarding transactions, with more people showing interest in Bitcoin, Statista unveiled that the number of Bitcoins processed in a single day reached its peak at the beginning of 2021. There were around 330,000 Bitcoin transactions daily in December 2020 and around 400,000 in early January 2021. As of June this year, there are around 250,000 Bitcoin transactions daily.
Bitcoin (BTC) daily transaction history worldwide as of July 6, 2021 – Source: Statista
However eventually, can Bitcoin payments become the norm from a mainstream perspective?
Major Challenges
Dion Guillaume, Global Head of PR and Communication at Gate.io
Speaking with Finance Magnates, Dion Guillaume, the Global Head of PR and Communication at Gate.io, said there are some challenges ahead in adopting Bitcoin payments.
“The problem with Bitcoin payments is that nobody really likes to spend their BTC. Nobody wants to be the next pizza guy, right? That is the biggest problem with using BTC as a payment method, and why I feel stablecoins could be the more preferred crypto payment method, at least in the short-to-mid term,” he commented.
However, Guillaume talked about some companies making the job easier for arranging Bitcoin payments nowadays, which is helping to bolster this adoption: “However, companies like Strike and BitPay have made Bitcoin payments a lot simpler. BitPay makes it simple for merchants to receive BTC payments. Meanwhile,…
