Despite the fact that crypto is a legitimate asset and is becoming increasingly more visible in mainstream financial markets, many still don’t see it as an actual holding that they can use in their day-to-day life. While this might have been the case during the early history of digital money, it isn’t the case anymore. An increasing number of brands and companies are expanding their payment options and beginning to include digital money alongside cash and credit. This is a massive step for investors, who can now use their coins to shop at their favorite stores.
However, checking the
ETH price is a prerequisite before making any kind of purchase. That’s because although Ethereum has something of a reputation as being a little more stable than other altcoins, it is still part of the digital money environment and, therefore, susceptible to fluctuations. Checking the prices regularly can help you make sounder financial decisions.
But if you’re not familiar with shopping through the means of digital money, it can seem a little daunting. Here are some of the things you should know.
Tendency towards acceptance
The popularity cryptocurrencies enjoy is second to none. In fact, the hype surrounding cyber coins is often so acute it has led several researchers and analysts to dub it more of a “craze”. While it’s good to be aware of the latest changes taking place around you in the world of technology and finance, experts are still worried that the popularity of crypto might drive some traders or investors to make unwise decisions. The digital asset market is difficult to navigate, and getting to the bottom of the technologies that bring cyber money into your digital wallet is no joke. Instead, some can feel that without substantial knowledge in the field of computer science, you don’t stand a chance.
With all this in mind, it can seem like there’d be no immediate push for the introduction of crypto payments in either online or brick-and-mortar stores. And yet, the stats tell a different tale. According to a recent poll, approximately 75% of customers would welcome the chance to be able to pay for their shopping with crypto. Moreover, roughly 60% of sellers back the initiative, claiming they would be willing to accept Ethereum and other crypto coins as part of their payment options.
The idea would be, however, to only conduct transactions in currencies with high market capitalization rates, such as ETH, or to use stablecoins. These alternatives offer increased scalability and are generally easier to predict.
Retailers
While there’s still a long way to go until all brands and businesses offer the option to pay in crypto, there’s no shortage of big-name brands that have already taken the step. Microsoft is perhaps the most well-known example. The company has accepted cyber currency payments since 2014, so you can use your crypto to buy an Xbox or a phone.
Overstock, the American furniture retailer, was similarly one of the first brands to adopt crypto payments, particularly in BTC. When shopping with them, you can receive a full refund for any purchase made using digital currency. The mechanism for this process includes the company calculating the value of the item in US dollars and processing the return money at the current exchange rate of the crypto in which the initial payment was made.
Popular platforms hosting several retailers have also decided to adopt crypto. However, it may be a little trickier shopping there because while the store might accept payments in digital money, individual stores can have different policies. But don’t worry too much about this scenario. The simplest thing you can do is to purchase gift cards using crypto and then spend them at your favorite store.
When you think about it, you can buy virtually anything using Ethereum. From electronics to clothing to overseas trips and furnishings to remodel your apartment, there’s no limit to what you can do. However, remember to be mindful of your spending habits. Just like in the case of fiat currency, you don’t want to overspend and find yourself in an uncomfortable financial situation. Practicing financial responsibility should be a prerequisite anytime you go shopping, regardless of what you want to buy and how you’re planning to pay for it.
The advantages
So, what are the advantages of making payments in crypto? While it’s still a bit too early to tell how exactly the market will develop, as crypto is still in its earliest days, it’s not difficult to envision a future in which digital currency is more commonplace and has even maybe earned a monopoly across several markets. When credit cards were introduced, some predicted that cash would soon become obsolete. While this estimation has failed to materialize, many vendors were skeptical and failed to see the potential of this new service.
However, roughly seventy years later, nearly three billion credit cards are used by people worldwide. The sellers willing to keep up with the times and accept cards benefitted from the move, making shopping easier and more accessible for consumers. While it may not seem like it right now, it’s possible that this will be the case for crypto as well.
The possibilities, especially in the case of online stores, seem virtually endless. Crypto has the potential to be much more valuable than cards for the development of businesses and industries. Since shopping with crypto is so new, nearly half of shoppers are new to the shop they’re buying from and can spend almost twice as much compared to credit card users.
But increased spending by consumers isn’t the only benefit. The clients themselves benefit from faster turnaround rates and better ease of accepting foreign payments. Lower transaction fees and protection against fraud are some of the most well-known benefits of using blockchain. Surely, that’s something that all shoppers can be excited about.
ite the fact that crypto is a legitimate asset and is becoming increasingly more visible in mainstream financial markets, many still don’t see it as an actual holding that they can use in their day-to-day life. While this might have been the case during the early history of digital money, it isn’t the case anymore. An increasing number of brands and companies are expanding their payment options and beginning to include digital money alongside cash and credit. This is a massive step for investors, who can now use their coins to shop at their favorite stores.
However, checking the
ETH price is a prerequisite before making any kind of purchase. That’s because although Ethereum has something of a reputation as being a little more stable than other altcoins, it is still part of the digital money environment and, therefore, susceptible to fluctuations. Checking the prices regularly can help you make sounder financial decisions.