The original idea and plan of bitcoin of course was to create a digital currency that would one day take the place of traditional currencies and turn out as the new standard of payment structures around the globe. Now, many can easily argue if bitcoin will end as only a store of value, however its VIP standard of fame is growing and with it proportionally being accepted as payment by many firms.
Towards the end of last year and more importantly since the beginning of 2018, cryptocurrencies have been gaining traction and bitcoin is becoming more and more popular. More people know about the digital currency and many turn new investors each day. A lot of stores and restaurants across the world are already accepting bitcoin and have praised the digital currency for its convenience, rapidity, ease of use, and innovative aspect. Up until now, this was usually the case for smaller businesses, but the trend is shifting and more and more large companies are eyeing the decentralized cryptocurrency.
The American fast food giant – Kentucky Fried Chicken has declared that a special edition of “Bitcoin Bucket” will be available to be bought with BTC payments – for a limited time only. The firm is using BitPay to receive the bitcoin payments.
Yesterday, Twitch, which is an Amazon.com subsidiary, announced that they are now accepting Coinbase payments. This means that digital currencies listed on Coinbase (BTC, LTC, ETH, and Bitcoin Cash) are now accepted on the platform. In addition to those two, tech giant Microsoft recently announced that it was accepting bitcoin payments once again, after a brief pause where the digital currency had been disabled because of instability issues.
First of all, the importance of these firms accepting Bitcoin is the marketing itself that it would spark as per the time that cryptocurrencies are being discussed everywhere. Kodak also joined the frenzy and launched its own cryptocurrency, the KodakCoin. Another advantage is that it gives a positive image to the company and brand – being one with the trend.
Are bitcoin payments going to be adopted by more industry leaders and giants? It very much looks like it. Right now, accepting bitcoin is becoming the trend for many actors, especially for restaurants and tech companies. It is not far-fetched to imagine that a company like Apple, who is always showing a strong sense of innovation, could implement bitcoin in the near future.
When it comes to existing issues that could change the minds of companies and wll-known figures to enter the cryptocurrency era for their payments, such as fees and strong volatility of the currencies. Will these be enough to stop these companies from such a big marketing and economic opportunity?