shopping bitcoin

Shopping with bitcoins and cryptocurrencies: that's who accepts them

By giada | NEW TECHNOLOGIES | 22 Apr 2020


One of the recurring criticisms of cryptocurrencies is that none of them are easily used as an exchange currency for the necessary purchases. But things are changing and despite a dark regulatory landscape, more and more traders accept digital currency. According to data from BitPay, a leading global provider of cryptocurrency payment services, in 2017 the volume of transactions in bitcoin through the platform would have increased by 328% on the previous year.

The first steps
The first purchase of a physical product in digital currency dates back to May 22, 2010. Florida programmer Laszlo Hanyecz uses ten thousand bitcoins, all equal to about $ 30, to purchase two large Papa Giovanni pizzas. Ten thousand bitcoins for the same two pizzas would be worth about $ 82 million today, more than $ 4 million per slice. The first historical transaction in virtual currency in the real world, celebrated every year during Bitcoin Pizza Day, in addition to highlighting the stratospheric monument of the value of cryptocurrencies, helps to trace the process of adoption of their use by retailers and consumers.

In the original bitcoin whitepaper, Satoshi Nakamoto envisions bitcoin as a peer-to-peer version of electronic money to aid transactions without the supervision of a centralized entity. Since then, cryptocurrencies have grown in number and popularity. Investments poured into the sector, but the volatility of the market and the obsession with the price driven by exuberant speculation distracted many from the employee of his fundamental values. Seek out businesses that accept digital currencies as direct payment for purchases There is still a challenge, but there are signs that both large retailers and financial institutions are considering going that route.

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The big moves
Despite the fact that the e-commerce giant Amazon has never given weight to the visionary theses regarding the possibility of accepting digital currencies, the Seattle company seems willing to own multiple domain names related to cryptocurrency. According to DomainNameWire, Amazon had secured three new cryptocurrency domains at the end of last year: amazonethereum.com, amazoncryptocurrency.com and amazoncryptocurrencies.com. In addition to amazonbitcoin.com already registered in 2013.

Among the big names in global commerce, Starbucks is also making a name for itself in the field of virtual money. In a press conference held last January, the president, Howard Schultz, said that the world's most popular coffee chain plans to incorporate blockchain technology and digital currencies into its long-term payment strategies in the hope of "expanding relationships. with digital customers. "

Goldman Sachs, perhaps the best-known name in finance, also succumbed to pressure from enthusiastic customers of the cryptocurrency. Since last May, the banking giant has been carrying out a plan to establish what appears to be the first bitcoin trading operation on Wall Street. According to the New York Times, Goldman Sachs will not initially buy and sell real digital currency, but a bank team is testing the ground trying to understand how to obtain the necessary regulatory approvals by assessing the risks associated with holding virtual currency. The project would represent a substantial step forward towards legitimizing cryptocurrencies.

Despite initial distrust, even Christine Lagarde, head of the International Monetary Fund, in an official post in April said that the potential for technology transformation could have a "significant impact" on how people save, invest and pay bills.

 

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