In the opening days of Bitcoin, no one could have foreseen how much of an impact it was going to have on the financial services industry. Except perhaps for the initial developers of Bitcoin, if we can ever find out their real names.
Bitcoin had all the requirements to be a bestseller from day one. First of all, you have the mysterious developer, then you have a new high tech way of doing things and, for the twist in the tale, the meteoric rise in value.
But there is so much more to Bitcoin. It makes peer-to-peer payments quick and simple. Big and small companies are starting to accept it and, who knows, maybe will even offer incentives for you to pay using bitcoins.
Say, for example, you want to book a vacation online. You go through to Expedia, who does accept Bitcoin.
What if it offered you an extra 5% discount for paying in Bitcoins? That would be a nice incentive for you to do so, wouldn’t it? It would make sense, as other types of online payment do not clear right away, so Expedia has to wait some time to receive funds for booked services. With BTC, the payments are nigh instant, facilitating easier business making.
There are now a lot more companies that will accept Bitcoin than ever before. Online gaming companies, giants like Microsoft and Tesla, and Subway are just a few examples that can be listed here.
It is no longer a case of whether or not a retailer will accept Bitcoin, but rather more of a case of when they will do so.
There are some potential issues that do need to be ironed out first, though. The volatile nature of the currency’s value could pose a problem for those accepting it for payment. They would need to include systems that could analyze and match the upward and downward spikes of the currency.
You don’t, for example, want to be in a position where a room is paid for when the currency value is very high, only to find it dropping two or three days later.
Interested in who else might accept Bitcoin? In the comprehensive infographic below you get to see exactly that for yourself.