Pioneers can take advantage…
Cryptocurrency may well be the future, but what about the here and now?
What’s the point of having a token or a bitcoin if you can’t spend them anywhere? Well, of course, you can spend them now. In fact, forward-thinking businesses already do — and they are not all global powerhouses, either.
A growing number of companies are saying yes to cryptocurrency and over time, this will become more and more the norm. It’s fair to say that, in the grand scheme of things, the technology is still in its infancy and yes, there are creases to iron out.
But there will be a snowball effect, and as a dozen join the list, of places ‘that do’ so another two dozen will, then another hundred and so on… the revolution is most definitely coming.
Some of the better-known cryptocurrency-friendly companies include Expedia, PayPal and Microsoft — majorly big hitters, yes, but they are also important ambassadors in helping cryptocurrency gain a foothold. Crucial, in fact.
Subway allow purchases of food via cryptocurrency and with approaching 50,000 stores worldwide, they will be an important player in the process.
It’s fair to say many companies are keeping a watching brief and are preparing to dip their beak in the water… eventually. They’d be foolish not to, right? Business is all about keeping one step ahead of the competition, but perhaps cryptocurrency needs to be around a bit longer before some of the movers and shakers will start moving and shaking.
Things don’t happen overnight — let’s not forger it took 10 years for credit cards to be accepted globally and while companies are now much more willing to embrace technology, many businesses will want to be convinced before they commit.
On the flipside, cryptocurrency allows smaller, independent retailers to get a head start on their more powerful rivals. For some, it will be a gamble, but it’s one that could prove a real gamechanger.
Imagine an independent outlet of something that is particularly popular at present — let’s say a gin company — and let’s suppose that there is a cryptocurrency buyer eager to purchase vast quantities. If there was only one or two to choose from around the world and orders were accepted globally, the gin company could sit back and watch the profits roll in.
What if that same company only accepted cryptocurrency? It’s a roll of the dice, yes, but the possibilities are fantastic.
You might say, ‘Yeah, well I’m not Subway! If things go wrong, who absorbs my losses?’ To answer that, let’s look at Helen’s Pizza, Jersey City, USA.
Never heard of them? Not a problem. But search the internet for companies that accept cryptocurrency and guess what? Helen’s Pizza popped up. A slice will cost 0.00339 bitcoin and all you do is point your phone at a sign next to the cash register.
So, now you’ve heard of them! OK, you might not be able to use them (unless you’re in Jersey City), but soon there will be hundreds of small businesses following in Helen’s Pizza’s footsteps. Now that’s surely a slice everyone would like to take a bite out of?
