Crypto markets around the globe might be in a temporary bearish phase, but that’s not stopping the growth of crypto acceptance in any way, shape, or form. In fact, a recent study from Kaspersky Labs found that in the past five years, crypto acceptance in stores – both online and physical – has grown by more than 700%. In addition to this, one in every 10 online shoppers has used crypto to pay for their purchases at some point in time. This is the type of report that the crypto world has been waiting for, highlighting the popularity and success of cryptocurrency adoption.
Crypto Adoption Everywhere You Look
There is no denying it, dozens of new retailers are starting to accept cryptocurrencies as payment methods nearly every week. Just last week, H&M Distributors announced it was accepting cryptos in a bid to globalize its business, while the Argentinian public transport system also announced that commuters could top up their travel passes with Bitcoin. As cryptocurrencies becomes more popular, more people are getting into the scene and are looking for ways to splash the digital cash. Additionally, businesses are looking to accept cryptos in order to take advantage of the crypto craze and growing public interest.
Bitcoin Making Luxury Goods Easier to Buy
If you head into a jewelry store and buy that special someone a $500,000 gift, you’re going to be getting some calls from the bank. The likelihood is that the payment on your card will either be declined or held up for a significant amount of time due to “security checks”. Bitcoin and other cryptos help make the transaction process faster and easier than ever before thanks to decentralization. Once you find the perfect gift, the store owner can generate a scannable QR code and will receive the funds in a matter of minutes, rather than weeks. Birks Group has tapped into this potential and is now letting customers pay for items using cryptos.
Back in December 2013, 1,789 outlets were accepting Bitcoin publicly – not counting illegal business and operations, we’re looking at you Farmacy41. Just five years later, in December 14,346 legal businesses were accepting Bitcoin as a payment method – a massive 702% jump. This huge surge in acceptance is fueled by a demand for decentralized payments and increased globalization. As time goes on, cryptocurrency acceptance will continue to grow at astonishing levels until we get to a point where purchasing day to day items with digital currency becomes commonplace.