Credit cards remain one of the most popular ways of making payments, both in-store and online. That being said, there is a fair amount of risk involved when making and accepting credit card payments, with fraud rates being far too high to make this a viable business model. Even companies like Amazon are forced to discontinue their credit card reader product line and service while competitors like Bitcoin gain in popularity.
There is a huge opportunity for Bitcoin – and other digital currencies – to make an impact in the mobile gaming industry now. Micro-transactions through traditional means, such as credit cards or Paypal, are just not worth the effort for game developers, due to the high transaction fees. Bitcoin can easily solve that problem, because its transaction fees are minimal. One company to keep an eye on in the mobile gaming industry is Playlab who recently secured US$5m in Series B funding.
Make sure to read: Kinguin Integrates Bitcoin Payments Due To Overwhelming Customer Demand
Bringing Bitcoin acceptance to more merchants has become increasingly easier over the past 24 months. That being said, most online retailers still rely on major shopping cart solutions, such as ZenCart, which do not always offer Bitcoin integration in a convenient manner. OpenCart Online Shopping Solution users can now start accepting Bitcoin payments through a plugin provided by BitcoinPay.com.
BitcoinPay.com Integrates Bitcoin With OpenCart
European Bitcoin payment processors, such as BitcoinPay.com, are working hard to bring digital currency merchant solutions to online retailers all over the world. Even though it usually only takes a few lines of code to start accepting Bitcoin payments for an online store, plugins are always a favorable solution.
Bitcoin adoption hinges on two core principles: merchant adoption, and consumer awareness. Over the course of the past two years, merchant adoption has steadily increased all over the world, while consumer awareness remains something that still needs to be worked on. Little over 24 hours ago, news broke that gaming industry giant G2A.COM is now accepting Bitcoin payments.
Make sure to read: RibbitRewards Digital Wallet Adds Ethereum Support – Ripple Integration Soon
Traditional financial institutions are struggling to remain relevant in this day and age of mobile and cashless payments. Credit cards are becoming even more common, yet that payment method is not without its flaws. Most of the mobile payment solutions are built on top of an existing financial infrastructure, but once clearing and settlement agencies start to build their own instant payment platform, you can be sure the game is afoot.
Make sure to read: Fintech Companies Leapfrog Banks To Offer Faster Payments
The world as we know it is being disrupted on all sides, and various companies are vying to be the top contender for their services. Transportation disruption is nothing new and there are several major companies working towards that end already. But in Asia, different names are appearing on the scene. Go-Jek and GrabTaxi might not be major names in the Western world just yet, but in Indonesia, they are two of the most famous services.
Make sure to read: Bitcoin Boosts Number of Non-Cash Payments In Asia
There are quite a few everyday consumers who wouldn’t mind switching retailers if they started accepting Bitcoin. Brand loyalty is not what it used to be a few years ago and there is very little competition between retailers in terms of pricing. The only key area to make a difference, is what types of payment methods are accepted and Bitcoin could be a determining factor in the next few years.
The world of finance has been in a state of flux for quite some time now and it’s only a matter of time until everyday consumers start to realise everything in this sector is being rehashed. For instance take a look at the most “valuable brands”; both Nokia and Pizza Hut have been dethroned by Lego and Paypal! Something just isn’t adding up; but the question is whether or not people want to see what is actually going on in front of their own eyes?
Make sure to read: Traditional Financial Markets Are as Volatile as The Bitcoin Price
While various governments around the world are looking at ways to regulate Bitcoin, companies dealing in virtual currencies are subject to subpoenas. This should come as no surprise, as any company in the world needs to adhere to specific laws of the country they operate in. That being said, subpoenas for a Bitcoin payment processor are a clear sign of why centralized services are not the answer.
In this day and age, more and more of our shopping habits are finding an online alternative. Whether we want to go grocery shopping, look for new shoes, or even buy prescription pharmaceutical goods, all of it can be done over the Internet. And, more importantly, all of this can be done in a legal manner as well.
The decentralization revolution is upon us, and multiple services are embracing the ideology of cutting out the middleman. Some of these services are more popular than others, such as AirBnB & Uber. And the latter company is currently working on implementing a Bitcoin payment option, according a post on Reddit.
Uber Allegedly Working on Bitcoin Payments
One of the main reasons why Uber is loved by many – and hated by almost equally as many – people is because it provides a very simple service. And that service is finding a ride from point A to point B, at the cheapest rate possible. It should come as no surprise to you that Uber is facing quite a bit of backlash in various countries around the world.
In recent times, we have noticed how Bitcoin adoption seems to be thriving in the Czech Republic. That should come as no surprise, as Eastern European countries are not in the best shape – financially speaking that is. There is plenty of room for alternative payment methods, and Bitcoin seems to be a favourable option. And as of yesterday, Coinzone’s services are also made available in Poland.
Venturing into the world as a bitcoin owner is a brave move, as there is no guarantee as to whether or not you will gain additional customers in doing so. James Morris & Bob Sayers, owners of Oxford’s Jimbob’s Baguettes, took the plunge in April 2014. But how are they faring a year after they first started to accept Bitcoin payments?
One of the main concerns for a business owner is the number of Bitcoin transactions you will be actively processing in the future. While it is cheap to start accepting Bitcoin payments at any time, you have to wonder whether or not there will be an added benefit to doing so, but, most of all, will you attract new customers or will existing customers switch to this alternative payment method?