The world is changing and how. Gone are the days, when businesses tried to have their online presence apart from the physical store. Now, being online will not make your business relevant anymore; you will have to change the way you accept payments and make transactions.
The world is accepting crypto and virtual currencies like never before. The previous year was a bit difficult for the crypto market, but at present, over 945 retailers are accepting Bitcoin cash rather than fiat money. The number of brick-and-mortar merchants is somewhere about 670.
One Reddit member posted stats of the Bitcoin Cash uses. He is most likely to be a part of Bitcoin Cash Association. He has given the statistics which are based on three websites.
Majority of the merchants who are accepting Bitcoin Cash at present are small and independent retailers. This is not surprising as these small and new outlets are trying to be as relevant as possible to survive in the competition.
In the category of brick-and-mortar retailers, the notable industry is of cosmetics, and the distinguished merchant is Lush and other big retailers who are accepting Bitcoin Cash such as Overstock and Newegg.
Newegg and other merchants use the bitcoin payment service provider named BitPay to process their customer’s cryptocurrency transactions. A retail giant like Overstock was actually one of the first online merchants who accepted cryptocurrency as a mode of payment. And, by mid-2017, Overstock was accepting 40 altcoins as payment too.
The increasing use of cryptocurrency is not just because of the retailers accepting it as a mode of payment, but also because of the blockchain powered platforms which are providing secured and smooth crypto payments. As the bitcoin payment platforms like BitPay are extending their reach in the market, retailers are not shying away from accepting Bitcoin (BTC) and Bitcoin Cash (BCH).
To save the retailers who are using BitPay payment platforms, the company allows retailers to convert the cryptocurrency into fiat money immediately. This saves retailers from crypto-volatility.
Considering the worldwide use of crypto as a payment mode, BitPay CEO Stephen Pair said in December 2018 that the world would take three and five years to accept it fully.
A major cryptocurrencies exchange, Binance is also making efforts for wider cryptocurrency adoption. Binance has joined hands with a hotel booking online platform named Tripio to enable its users to book hotels by paying in the Binance coin (BNB).