Cryptocurrency payments. Part 1: the expanding market
Cryptocurrency payments are one of the most sought-after trends in modern business. Let’s analyze it in detail. In the first part of the article, we’ll talk about the current state of the crypto payments market, interesting use cases, and the most popular digital currencies for everyday payments.
Where and what can you buy with cryptocurrency?
In 2010, a resident of Florida bought two pizzas for the now-fabulous 10 thousand bitcoins, marking the beginning of the official commercial use of cryptocurrencies. Crypto can now be used to pay for a wide range of products and services, from everyday items to luxury goods.
Cryptocurrencies for payment have already become relatively commonplace in a wide variety of countries around the world; the U.S., Europe, and Asia lead the way in terms of technology adoption. Businesses of all kinds, from retail stores and restaurants to hotels and online marketplaces, are actively embracing the acceptance of payments on their websites in digital currency. In the U.S., Australia, and Dubai, crypto can be used to buy real estate. Some universities, such as the University of Nicosia in Cyprus, accept bitcoins for tuition fees. Finally, high-end retailers – such as luxury car dealership Post Oak Motor Cars – accept crypto to buy luxury cars.
Global companies that have introduced cryptocurrency payments include Microsoft, AT&T, Overstock, and Newegg. They were among the first large businesses to realize the potential of digital currencies and integrate them into their payment systems.
Which cryptocurrencies are most often used for payments
The most common cryptocurrencies used for payments are:
1. Bitcoin (BTC). As the first and best-known digital currency, bitcoin is widely accepted by merchants around the world.
2. Ethereum (ETH). Ethereum’s versatility and smart contract functionality make it a popular choice for transactions.
3. Tether (USDT). With its stable exchange rate tied to the U.S. dollar, this stablecoin is an attractive option for both buyers and sellers.
In the second part of this article, we’ll take a closer look at the benefits of cryptocurrency payments for businesses, so stay tuned!