Nowadays, both money and forms of exchange are undergoing dramatic changes looking to keep up with the digital era developments and the e-Commerce, using the best communication tool available: internet.
The transition toward the use of digital or electronic currencies as means of payment for goods or services is straining the conventional business, to the extent some of them are disappearing.
A few days ago, for example, the American toy store Toys R Us announced the closing of more than 800 stores around the country. Although the company didn’t say specifically that those actions were the result of a lost competition with virtual companies like Amazon, it is well known that it was a factor in the decision.
Digital money is already considered a means of exchange, which represents a huge leap in the evolution of our commercial behavior, turning our mobile devices into our favorite form of payment for many of our transactions. Although it is not widespread, the practice is becoming more popular.
This innovative payment option allows us to control our money and finances through the most revolutionary purchase and sale tool currently available.
For all of the above, cryptocurrencies (like Bitcoin) are currently gaining strength in the commercial activities within the digital sector, and it can't be ignored anymore.
There are already business that accept cryptocurrencies as a form of payment, being Bitcoin one of the most used worldwide due to its high security level. That’s the reason some places accept Bitcoin as a form of payment without exchanging it to fiat currency.
Sandwich franchise Subway and Starbucks coffee shops are among the establishments that allow Bitcoin payments, although that's just in a few stores of their franchises.
Microsoft is another of those major companies that accept Bitcoin to pay for games, movies and apps in its Windows and Xbox stores. The company even created a Blockchain technology platform that allows a better management of their financial operations.
Another big company, Dell, since 2014 is accepting Bitcoin as a form of payment in its online store. The computer giant, just like Microsoft, partnered with Coinbase for that purpose.
The cable TV provider DISH Network was a pioneer in its category by allowing its customers to pay with cryptocurrencies (likewise partnering with Coinbase) for their plans and services.
Expedia is one of the most visited websites by travelers looking for cheap flights hotel rooms and car rentals, and is considered the biggest online travel agency in the worlsd. The company accepts Bitcoin to pay for reservations.
Save the Children is a charitable organization focused on education, natural disasters recovery and comprehensive health. Its main goal is to improve the living conditions for children around the world. That’s why they decided to include Bitcoins in their donation system, through a customized website in Bitpay.
And just like all these businesses, everyday more of them join this financial revolution, offering their customers another payment alternative and increasing their profits in a whole new category of consumers.
By Ana María Morales
Sources: El Horizonte, El Financiero