Bitcoin is a virtual currency that has been around for some years now. The latest advancements in digital transfers have augmented the use of Bitcoins and made them popular among the public. It is increasingly being accepted as a payment mode by many industries all over the world. As a result, Bitcoin is widely supported by small businesses as well as major online retailers. In this article, we are going to shed light on the various benefits of using Bitcoins as a payment mode and which businesses are accepting it.
Benefits of using Bitcoins as a payment mode
Bitcoins offer enormous benefits like low transaction fees, worldwide acceptance, quicker online payments, and the ability to transfer huge sums of money without much trouble. Let’s elaborate on them further:
Low fees for transactions
Transactions made with Bitcoins are pegged at a low cost as there is no financial institution or intermediary authority governing Bitcoins. This is in stark contrast to the other cross-border payment systems and wire transfers. This outstanding feature of charging a less amount of transaction fee makes the payments made through Bitcoins cheaper as compared to other standard payment options.
Theoretically, Bitcoin is “borderless” as it is free from any government control or intervention. However, acceptance of Bitcoins as a legal mode of payment is different for different countries. Most countries have slowly started to allow the use of Bitcoin for trade-related purposes, while others are still critical or even hostile. Nevertheless, more businesses around the world are now accepting Bitcoin as a means of payment, which is gradually increasing its usage.
Online payments made easy
Want to transact in Bitcoin? Have an internet connection? Great! You are all set. Payment in Bitcoin can be made by any person having access to the internet. You don’t need to go to a brick-and-mortar office or store to make a purchase. In addition to this, you don’t need to provide your personal details in order to transact in cryptocurrency.
Offers fast payment confirmation
As there is no specific government or middleman authority maintaining payments in Bitcoins, it saves the customer from the inconvenience involved in traditional waiting periods and authorization requests that a normal transaction process goes through when a purchase is made. The transaction fees are also very low. Both these factors contribute to making Bitcoin payment confirmation faster.
Large payments without any hassle
Businesses accepting Bitcoins as a mode of payment enable their users to transact with a large sum of money easily and without much worry. If we use other methods of payment to transfer a lot of money, we are always stressed if the payment will go through or not, but this is not the case with Bitcoins. Due to the above-mentioned characteristics, many industries and businesses are slowly trying to take a leap towards recognizing and accepting Bitcoins as a reliable, easy, and fast mode of payment. Bitcoin, when recognized by governments and industries, may prove to be a boon for its users.
Where to spend Bitcoins?
In this section, we’ll see how Bitcoins are emerging as a hot favorite for payment purposes. They are accepted in the travel and tourism industry, restaurants and food chains, entertainment industry, etc.
Travel and tourism
Websites like Expedia.com, CheapAir.com, ABitSky.com, Destinia.com, are all accepting Bitcoins as an alternative mode of payment. Even companies like Virgin Galactic, American Airlines, etc. have provided this option. This feature largely helps travelers in cost-cutting as they get saved from the charges that are levied otherwise due to currency conversion. In addition to this, the travelers also can save on transaction fees, ATM fees, and various other related costs that come along traditional payments done internationally.
American online retailer Overstock.com, Japanese consumer electronics provider Yamada Denki, peer-to-peer e-commerce marketplace Openbazaar.org, and many more are loyal supporters of Bitcoin payments. Even the world’s famous tech giant Microsoft has been back into accepting Bitcoin at its online stores after a short halt. Other industry behemoths like Amazon and Apple are still skeptical of using it and only time will tell whether these two come on board with Bitcoin usage.
Restaurants and food chains
Food chains and franchises like Subway, Valenok, Burger King (Russia), and KFC accept payments in Bitcoins as well. In fact, restaurants and pubs were the pioneer business bringing cryptocurrency to retail, take The Pink Cow (Japan) and The Old Fitzroy Hotel (Australia) that allowed paying in Bitcoin far back in 2013.
Cryptocurrency is a widely used payment method in the gambling industry when we talk about entertainment. Bitcoin is a hit among various online casinos as it offers huge benefits, such as security, anonymity, low fee, etc. Recently, the industry has welcomed a new form of online casinos – Bitcoin casinos. They not only allow users to deposit and withdraw Bitcoins, but also offer an impressive list of Bitcoin bonuses and promotions. So using Bitcoins for an online casino can be considered as a great option. 7Bit casino, VegasCasino, SportsBet, Betcoin Casino, Cloudbet are just a few online casinos supporting Bitcoin.
So, now we know that Bitcoins are not limited to a particular use. They are accepted at a wide range of places. Bitcoin has easily made its mark in so many industries, but whether it can achieve a universal status remains to be seen.