When people talk about cryptocurrency in the media, some still treat it as though it’s a kind of alien concept; that digital currencies operating online somehow makes them unreal, and something that’s beyond the average person.
Cryptocurrency, though, is a very real phenomenon and continues to confound its doubters. It’s also set to be a lasting, long-term payment method for anybody and everybody to consider as the medium and markets grow and mature.
2017 was a watershed year for digital currencies thanks to the phenomenal rise of Bitcoin and the steady growth of competitors such as Ethereum, Ripple, Litecoin and hundreds of others. While some are waiting for the ‘bubble to burst’, others are adopting cryptocurrencies into their daily lives and using them to replace traditional payment methods.
Which is a real positive sign that digital currencies are only set to grow even further over the years ahead. Cryptocurrency payments are hitting the mainstream, with businesses across the world tuning into their benefits.
Reflect your market’s movements by offering cryptocurrency payments
“Bitcoin itself won’t transform payments alone. But it is a flag bearer for a fundamental shift to digital money, be it a contactless Visa transaction, a purchase using a virtual wallet like AliPay or a bank transfer through a scheme like iDEAL to pay for eCommerce, as around the world cash transactions are being replaced rapidly.”
Those are the words of PPRO CEO Simon Black, and it’s hard to disagree with his sentiments, especially when considering numerous real-world examples cropping up around the globe on a daily basis.
One of the most publicised and recent examples surrounds fast-food giant KFC with its locations in Canada launching a ‘Bitcoin Bucket’ meal, with customers able to pay for their food with Bitcoin through their online checkout. In a post on KFC’s social media too, the manager of the KFC Canada Twitter account suggested that the chain may soon accept other cryptocurrency in the future.
KFC isn’t the only global brand embracing Bitcoin and other digital currencies. Photography specialists Kodak are going one step further, and have announced that they’re joining the digital currency craze, with the company set to launch ‘KodakCoin’ through its own KodakOne blockchain. Share prices for the company rose on the announcement, and they say KodakCoin will also solve the problems surrounding digital photography rights.
Accepting cryptocurrency can attract new markets
Though the above examples are two large, well-known companies accepting digital currencies, many other medium-sized and smaller companies across the world in varying sectors are offering ways for their customers to pay for goods and services with cryptocurrency.
Accepting digital currencies for your business isn’t just a way to attract new tech-savvy customers to your operation. It can also offer a myriad of other benefits including the ability to process transactions more quickly, negating international transaction fees, avoiding fraud and chargebacks and much more besides.
One of the biggest benefits? Accepting Bitcoin and other digital currencies sooner rather than later also helps your brand to stick out from the crowd and raise your head above your competitors as you adopt the future of digital transactions before everyone else.
Find out more about how to accept digital currencies as payment and the rules and regulations surrounding them by speaking to a Fibonatix consultant today.