Remote work puffed up the trend of online shopping, making the doorbell that announces the delivery, some sort of a new stimulant. But the “buy/spend fever” affects more than how much we purchase, but also how we make it. It was a matter of time before people started recognizing crypto as a legitimate payment method. Gamers, for example, can use Bitcoin Vault (BTCV) to pay for their electronic must-haves at EXENO, a platform that accepts cryptocurrency payments exclusively. 

The internet is full of things to buy. As demand for cryptocurrencies ballooned, online vendors began allowing their customers to use them as legal tender. They figured that by adding a new form of payment, they would attract the attention of a group of new, tech-savvy shoppers. However, crypto transactions have multiple features, which can benefit users. Let’s explore them.  

Cryptocurrency Payment Adoption 

Before we dive into the advantages of crypto payments, let’s zoom in on the current status of crypto adoption. Some people state that the industry is still in its early stages. But according to Stephen Stonberg, CEO of Bittrex Global, an exchange featuring BTCV, the whole sector has already made huge steps forward. 

The renowned entrepreneur pointed out the double-digit percentage adoption, in both developed and developing countries, as proof that crypto has already gone mainstream. “We even have Bitcoin adopted as legal tender in one country and many other countries are considering adopting Bitcoin as legal tender”, said Stonberg to Cointelegraph. 

He added that many major institutions have already invested in cryptocurrencies or plan to invest in the near future. This seems promising; however, the actual progress of crypto adoption has emerged somewhere else: in retail, which is the litmus test for actual changes taking place.  

According to Coinflip, an interactive map that outlines the ongoing changes in crypto adoption across the globe, there are over 23,000 crypto-friendly venues today, including online stores, groceries, retailers, etc., while five years ago there were only roughly 8,000 vendors accepting cryptocurrencies.  

Clearly, crypto payments are on the rise. For this reason, the current estimate may actually be a bit conservative. Some of the businesses already accepting Bitcoin and other cryptos include Microsoft, AT&T, Paypal, Shopify, or Subway and Burger King.  

Benefits of Accepting Crypto Payments 

„Crypto is only suitable for trading”. This is a popular stereotype about digital means of payment. Crypto can also be helpful for daily payments. If you belong to the group of people who hesitate to embrace crypto, you might want to learn about some of the immediate benefits. First off, crypto transactions can be carried out smoothly because they are very similar to sending an email or message over the internet. Besides, crypto transactions can also greatly benefit merchants. While receiving payments in BTCV, BTC, or Ethereum, vendors don’t have to pay a service or processing fee to  payment processors like VISA and MasterCard. 

On top of that, both buyer and seller can be their own banks because, unlike in conventional payment systems, there are no intermediaries. Funds move directly between the sender and receiver, and every transaction is thereafter recorded on a blockchain.  

Also, the landscape of the crypto community is spread out across the globe. It means, at least theoretically, there are no limitations to joining it. Thus, crypto payments can be alluring solutions for a new type of mindful, independent and tech-savvy consumer. 

A Variety of Crypto Payment Solutions 

It’s too early to state that crypto payments have overtaken the fiat conventional payment systems. However, the scope of using crypto in everyday purchases is wide, thanks to multiple payment options. One of them is direct payments. Here, both the sender and receiver make the payment directly in crypto without any intermediary. However, this method is not so popular due to the volatility of the market and the inconvenience of lengthy transaction confirmation times. Nevertheless, some people are fond of using it for online purchases.  

Business merchants, retailers, and customers can also use crypto payment gateway applications. These provide the necessary infrastructure for instant crypto conversion into fiat, which helps avoid volatility due to fixed exchange rates. These solutions have been proved to contribute to greater crypto adoption, making crypto payments scalable, secure, and faster, helping crypto achieve greater adoption. But, on the other hand, they charge a transaction fee for their services. Coinbase Commerce and BitPay are among the platforms providing such crypto payment gateway apps. 

One further step  is using crypto credit cards, which act similarly to regular debit or credit cards. They are integrated with payment settlement services like VISA or MasterCard and are connected to a payment solution application, which stores cryptocurrencies and fiat. 

BTCV & EXENO 

You can buy more things than ever with cryptocurrency these days, including electronic equipment. Such top-notch items as computers, mouse pads, keyboards, armchairs, and controllers are something that every gaming enthusiast desires. People who embrace this stuff are the perfect audience for novel payment solutions. And now, they can use BTCV to purchase a wide range of products at Exeno.com. Here’s a video tutorial explaining exactly how to buy items using BTCV. 

Conclusions  

The demand for crypto, the benefits associated with crypto transactions, and the wide range of coins favor crypto adoption for daily payments. Merchants have recognized that by doing so, they can attract a new group of consumers who look favorably on technological innovations. You can now play the game on an Xbox or PC, use the items available at Exeno.com, and savor a veggie-burger, having  paid for it all with cryptocurrencies.