Are Virtual Coins And Crypto Like Bitcoin The Future of Online Payment?

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The popularity of cryptocurrencies such as Bitcoin BTC/USD has accelerated as business adoption becomes more common. An increased number of businesses use cryptocurrencies and other digital currencies for transactions and investments.

According to a 2020 report by Coinmap.org, 15,174 businesses worldwide accept payment using Bitcoin or offer Bitcoin ATMs, with around 2,300 of them operating in the U.S.

While Tesla Inc. TSLA announced it has stopped accepting Bitcoin because of the company’s green energy policy, Bitcoin seems to be getting bigger with some of the largest companies in the U.S., including Microsoft Corp. MSFT, Coca-Cola Co. KO and Home Depot Inc. HD, accepting payments via Bitcoin.

Digital Currencies In The Payment Processing Space

Just a few days ago, the payments company Stripe Inc. announced it is bringing back crypto payments to give customers access to buy and store crypto coins, do cashouts, trade non-fungible tokens (NFTs) and handle compliance systems like Know Your Customer (KYC) and identity verification.

Stripe’s website urges users to build their businesses by accepting crypto payments, explaining that “Whether you’re an established crypto business or simply exploring new possibilities, you can process payments for fiat currencies globally through a single integration — with fraud prevention and authorization optimization-built in.”

Stripe was one of the first companies to accept crypto in 2014; however, four years later, the company ended support for Bitcoin payments citing that the cryptocurrency had become less useful for payments.

In a blog published on March 10, 2022, Stripe said it decided to support Bitcoin payments again because of the latest developments in the blockchain infrastructure and widespread interest from major financial institutions.

PayPal Holdings Inc. PYPL made waves last April when it started allowing its users to trade cryptocurrencies on its platform. Cash App, owned by Block Inc. SQ, also lets customers send and receive Bitcoin.

Fintech provider and Bitcoin mining firm OLB Group Inc. OLB supports cryptocurrency payments for customers. The company, through its mobile payment platform Crypto Accept, says it helps customers integrate cryptocurrency payments into their businesses. When a customer pays in crypto, the merchant receives the payment in the local fiat currency, deposited directly into its bank account. An immediate exchange from crypto to fiat reduces the risk of losing money because of the volatility of the crypto market.

Crypto Accept has the same tools and features offered by companies like Stripe such as risk and fraud protection, KYC and IP address verification. Merchants can start accepting crypto in their stores using OLB’s point of sale (POS) hardware or by downloading an app to turn any smartphone into a POS terminal.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.