With the increase popularity of cryptocurrency, there is a growing demand for retailers and businesses to accept cryptocurrency as payment. According to a survey by CreditCoin, 75% of American consumers want the option to use cryptocurrencies as a mode of payment in stores.
Many merchants are riding the trend and accepting cryptocurrency is a new idea to bring in more sales with minimal overhead. As cryptocurrencies move into the mainstream, a number of companies are providing crypto-payment portals that enable merchants to accept a variety of different cryptocurrencies other than bitcoin.
Which coin is most suitable for retail payments?
Well, the transfer for Bitcoin Cash (BCH), Dash (DASH), Litecoin (LTC) and Trivecoin (TRVC) are way faster and cheaper compared to the 1-2 hours transaction speed for Bitcoin (BTC). Thus they provide a more seamless retail experience. But Bitcoin (BTC) is still the dominant cryptocurrency for transaction as it is more recognized, more resilient and easier to exchange it to another currency including fiat.
Bitcoin’s Global Hotspots
Wondering where you can spend your Bitcoin (BTC)?
According to the heat map above provided by Coinmap, looks like it is easier to spend Bitcoin in Europe than anywhere else. Despite Bitcoin’s popularity in the United States, it is still a long way to go compared to Europe.
A closer look at the Southeast Asia markets, Seoul, Tokyo, Taipei, Bangkok and Singapore have a pretty decent number of merchants accepting bitcoin. Not forgetting the country down under, Australia cities like Melbourne and Sydney is a good place where you can spend bitcoins in store.
As cryptocurrency popularity increases around the world, we hope to see more merchants accepting them, so we can avoid the hassle of exchanging currencies at the bank or retail exchangers when we travel.
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