Following a survey carried out by Forbes, it was revealed that a quarter of American adults have purchased cryptocurrency. As such, if businesses do not allow for the use of cryptocurrency, then they are potentially cutting off a large number of customers. In light of this, throughout the past few years, there have been many different companies come forward and confirm that they have begun accepting the use of crypto. This article is going to discuss these companies in more detail, highlighting who they are and how their customers can use crypto. Continue reading to learn more about it.
The Growth of Crypto in Business
It is hardly a surprise that different businesses have begun accepting crypto. Several elements make it perfect for different organizations, which include the following:
- It’s Safe: It’s very safe to use cryptocurrency these days. People and businesses who have access to crypto can store it in digital wallets so that it is secure and easy to access. There are also websites, such as OKX.com, that offer proof of reserves, which makes storing crypto more transparent and secure than ever. This will play a big role in the push toward mass adoption in the coming years.
- Improved Transaction Speed: One of the major elements in any business’s operation should be speed. When payments are made using cryptocurrency, there aren’t the same checks and balances used by banks and, therefore, payments are made a lot quicker.
- Reduced Cost: Another important aspect of businesses is saving money. When transactions are made using crypto, there is very little cost – much less than doing transfers using a bank.
What Companies Are Using It?
So, who are some of the major organizations that have started using cryptocurrency?
One of the first companies that started accepting payments using cryptocurrency was Microsoft. It allows people to use tokens to buy games, digital content, and different apps straight from the Microsoft Store. Microsoft is one of the leading voices in the implementation of crypto into the gaming world.
The first company that accepted crypto (just three months before Microsoft) is PayPal. It allows customers to use the site as a means to purchase cryptocurrency, but it is then also used as a means for customers to make payments on the site. One of the new options is “check out with crypto”, which converts crypto into traditional currency with no extra fees attached.
This one is quite misleading as Etsy themselves do not have a platform that they use to accept crypto, but the independent sellers who list products there can accept crypto on their shops. The seller needs to add the option themselves, but it is a preferable choice for several different vendors. The Etsy Community forum has a page and a team dedicated to helping customers who are interested in setting up the option to accept crypto and providing them with advice once they have begun accepting it.