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Since the very beginning, Bitcoin and altcoins have provided numerous applications beyond investment. The store value of these digital assets has undergone several changes and updates to improve the user experience through digitally better means of transactions. Several companies are now accepting bitcoin trading system and other forms of cryptocurrency as a form of payment through both physical and online modes.
Irrespective of the volatility and high price value, potential customers worldwide are trading bitcoins and altcoins online because of its decentralized nature and the fantastic applications it offers. Bitcoin enables more significant transactions as it provides higher security. Despite faith and growth in the bitcoin era, the asset is still used as a long-term investment like gold and stock and not as a standard payment method.
CHALLENGES CRYPTOCURRENCY FACES AS A FORM OF PAYMENT
- One of the significant problems with cryptocurrency payments is the number of transactions it offers. Bitcoins provide a maximum capacity of seven transactions per second, whereas, on the other hand, Visa can handle 185 billion transactions in 2019.
- Another thing to note is credit card transactions do not settle quickly. These transactions take time and are queued for days, raising the critical audience of Bitcoin. Like credit cards, the coins tend to have both pending and completed transactions.
- Due to the rise in bitcoin uses and transactions, the network becomes bloated, increasing the number of waiting transactions, resulting in network congestion and failed payments.
BUYING THINGS USING BITCOINS AND ALTCOINS
1. E-commerce and Tech
For example, firms marketing tech and e-commerce products have now started accepting bitcoins as a payment on their websites. Newegg, Microsoft, and AT&T. Microsoft only accepts BTC at its online store and not the Xbox gaming network. Moreover, no promotional crypto ads and related products can be seen on the site to ensure a cleaner experience.
Another famous firm, eBay, has allowed cryptocurrency on its platforms since 2017, when the price value rose significantly. eBay also bought banner advertisements at crypto conferences. On the other hand, eBay subsidiary PayPal allows users to buy, sell, and hold these digital assets in their accounts.
2. Insurance
Initially, the industry was conservative about crypto as payment; however, it now utilizes its applications for beneficial results. Insurance providers accept bitcoin premium payments for portfolio products as the insurance is still off-limits.
3. Watches and Jewellery
Another thing one can buy through bitcoins and altcoins is a jewelry and expensive watches. These luxurious products are now widening the spread of cryptocurrency as retailers have finally started to accept crypto as a form of payment. Retailers such as BitDials offering Patek Philippe, Rolex, etc., sell in return for bitcoins. Not just this, Franck Muller, a luxury watchmaker, invented a watch with gold and diamonds, consisting of a QR code from the bitcoin genesis block. At the same time, several other firms have partnered with payment processors to encourage crypto-based purchases and payments from them.
4. Digital Media
Who thought cryptocurrency applications would contribute to the new media industry? With the advent of technology, major crypto media outlets enable bitcoin payments for subscriptions and other services. Mainstream media outlets such as The Chicago Sun-Times were the first to accept bitcoin as a payment method in 2014. After which, the magazine publisher Time Inc began crypto earnings for online subscriptions, followed by Bloomberg News, a leader in the national publications wrapping crypto.
5. Restaurants and Supermarkets
Reaching every community and area, bitcoin and altcoins are also being accepted as payment methods in restaurants and supermarkets such as Subways, Burger King, and Wholefoods. These major stores now offer bitcoin payment and position themselves well in the global market.
6. Education industry
One of the most rising and well-established industries in all regions, the education industry has connected well with the cryptocurrency sector. Universities such as Curtin University, The king’s college, the European school of management and technology, Germany, and the University of Nicosia are some places where one can pay the tuition fees through bitcoins and altcoins.
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