There has been a sudden surge in the number of companies accepting Bitcoin as the mode of transaction. This has been largely due to the reduced transaction fee which is making companies increasingly opt for the mode of payment. Big names such as Paypal, Mastercard, Cash App, Square, all have opted for bitcoin for the varied benefits it provides. According to BitInfoCharts, from May 20 to June 14, Bitcoin transaction expenses have decreased by 91% i.e. from$6.65 to $0.56.
PayPal, Visa Entering Crypto world
Many companies such as PayPal, Visa have shown signs of entering into space. More than 25 digital currency wallets have connected their services to Visa enabling users an easy way to spend their digital currency using a Visa Debit. Visa is accepted anywhere.
PayPal, is a household name in the payments industry, is now looking for embracing cryptocurrency. Visa declared that it has been operating carefully with certified and regulated digital currency platforms like Coinbase and Fold to layout a bridge between digital currencies and their current global community of merchants.
Mastercard too has announced its interest in expanding its cryptocurrency program which makes it less complicated and quicker for its partners to introduce secure payment cards to market. Usually, Mastercard charges 1.55% to 2.6% for every transaction where American Express charges 2.5 % to 3.5%. On the level with Mastercard, Visa and Discover are charging 1.43% to 2.4% and 1.56% to 2.3% respectively.
Being the most popular payment options, Visa and Mastercard are present in every country in their notable list. Making their way into cryptoworld will be a big deal as there are more than 79 million people who are bitcoin adopters. Companies such as Square and Cash app have been operating in the space for years showing that credit card companies are relatively late in terms of accepting bitcoin and other cryptocurrencies.
Square, launched by Twitter CEO Jack Dorsey has made bitcoin purchases in its Cash App in mid-2018. In Cash App’s most recent earnings report, it is reported to have bitcoin revenue of $306 million. Revolut, A London-based fintech company has raised $500 million in February 2017 following its partnership with Bitstamp.
Bitcoin – The GameChanger
Including a bitcoin payment system on an online store will become a better investment eventually. Its capacity to apply it in any country without the need for forex conversion has made it stand over different cryptocurrencies. Bitcoin has been accepted by various merchants and many more businesses outside the online retail space. Moreover, it’s beneficial for a business to accept any payment method which banks and other merchants accept.
Coca-Cola and MIT have launched vending machines that accepted bitcoin. Bitcoin has revolutionized the payments process and it is the most versatile cryptocurrency around. Tech Giants like Microsoft, Overstock is accepting bitcoin claiming that it is better than currency.
There are cases where network congestion occurs, still, bitcoin provides the lowest transaction fees. As of now, Bitcoin’s market capitalization sits at $117.81 billion showing an increment of $1.02 billion. Since its creation, the bitcoin price index has increased significantly making it a game-changer in the world of cryptocurrency.
With many payment- processing companies, banks, industries, and other businesses adopting cryptocurrency, it is no wonder to see why there is an increase in companies accepting Bitcoin.
