A recent study conducted by the leading Bitcoin payment processor BitPay shows that Bitcoin is slowly transitioning from a commodity into an everyday currency. As more and more merchants start accepting digital currency payments, either online or offline, there will be more cases, which in turn gives Bitcoin awareness – and hopefully adoption as well – a boost.
The results of this study may surprise you in multiple ways. Even though we have all been advocating that Bitcoin is a far superior payment method compared to traditional means such as credit and debit cards, as well as bank transfers or Paypal, there has been no official sign of merchants being swayed by this argument. But once they see the results provided by BitPay, they may very well change their minds.
One of the most booming businesses over the past few years has been food delivery. There is nothing as convenient as ordering your favourite food online, pay it online, or at the door, and have it delivered to your home. No preparations, no grocery shopping, hardly any dishes to wash; it doesn’t get much better than this.
And many major players have emerged in the food delivery business, with names such as GrubHub, Takeaway.com – for us international users – and others. There are not that many food delivery services that have looked into Bitcoin payments, except for Takeaway.com here in Europe. It is exactly that one company that sees a major benefit in letting customers pay with Bitcoin.
According to BitPay’s statistics, the average order value with fiat currency on Takeaway.com is priced at US$21.71; a fair amount in its right. However, for those customers paying in Bitcoin, such as myself, the average order value is US$45.61, more than double the regular amount. This is a strong indication that Bitcoin can be very beneficial to any food delivery service, not only because you cut down on transaction fees, but also because they seem willing to pay a higher price and order more food.
One major area where Bitcoin is leaving a mark is within the travel industry. This market used to be dominated by bank transfers, credit card, and Paypal [in that particular order]. But ever since companies like Destinia started working with Bitcoin payments, the landscape has shifted dramatically.
Customers who pay for their Destinia bookings in Bitcoin will not only spend more money per average booking size (411 EUR vs 304 EUR), but also stay longer (6 days vs. 3 days). Divide the ratio between flights and hotel bookings down the middle (49%/51% vs. 15%/85%) and these numbers indicate that people are not willing to use credit cards for large expenses online, and that Bitcoin is a favourable method for both customers and travel agencies.
Bitcoin Jobs Galore
We have all heard the saying “if you want a job, you will always find something”. Unfortunately, for people who have been unemployed [for a long period] that statement is far from valid. Not so in the world of Bitcoin and digital currency, as over 3,000 jobs have been posted on the Coinality platform between September 2013 and March 2015.
You have to keep in mind that these jobs would not be in existence if it weren’t for the innovation that Bitcoin brings to the table. While the Bitcoin space is very new and filled with uncertainties in regards to its future – as is any form of employment these days, to be fair – there is a lot of interest from people who are passionate about digital currency and wanting to turn it into their “real” job.
There is good money to be made by working for a Bitcoin-related company or startup, regardless of whether you work full-time or freelance. Most companies are willing to pay you handsomely – preferably in Bitcoin of course – and they will even offer you stock equity if they decide to hire you full-time. In doing so, these companies incentivise their employees to help build the future, as it is in their best interest to do so as well.
And as you can see from the statistics provided by BitPay, there are more people willing to work in the Bitcoin industry than there are jobs at the moment. With over 3,500 resumes submitted on Coinality in the same period, most of the job openings have been filled rather quickly. It is always a good idea to keep an eye on these Bitcoin job boards, as your next employment may lie around the corner.
No Longer A Commodity
There are a ton more of other statistics to talk about but it’s safe to say that Bitcoin is no longer viewed as a commodity. Granted, Bitcoin still has its speculative nature, which is both a boon and a curse at the same time, but more and more everyday people use it as a currency to pay for goods and services, which is a sure sign of increasing Bitcoin adoption.
Images courtesy of DollarPhotoClub, IBTimes