Hello everyone! The most important thing about a currency is that it must be used, and in order to be used, it must be trusted somehow by merchants. Same goes for cryptocurrencies. Hence, it is always excellent news when new merchants being accepting crypto payments. And today, I stumbled upon 2 pieces of good news.
Two Large Companies are Accepting Crypto Payments!
First, a Fortune 500 company, Avnet, announced plans to accept Bitcoin and Bitcoin Cash payments. For the record, Avnet is one of the world's largest distributors of electronic components and technology solutions provider. Its revenue was $19 billion last year.
Next, we have one of the leading Swiss online retailer Digitec Galaxus started to accept cryptocurrency payments. What fascinated me in this news was that Digitec Galaxus is accepting 10 different cryptocurrencies, namely, Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Litecoin (LTC), Tron (TRX), NEO (NEO) and OmiseGO (OMG). In 2018, Digitec Galaxus reported a revenue of 991 million Swiss Francs.
My Thoughts
As more and more merchants start to accept crypto payments, there will be a chain effect leading to more adoption. This is especially true when an upstream player of the supply chain like Avnet starts to accept crypto payments. Their downstream partners may start to use cryptocurrencies as well thereby forming a network effect.
However, it takes 2 hands to clap. Even though we might have more merchants accepting cryptocurrencies, what we also need is more consumers starting to use crypto to pay for their goods. We also need more consumers to demand for crypto payment option, when that happens, more merchants will feel oblige to accept crypto. That way, adoption will skyrocket pretty quickly.
What do you think? Will you spend your crypto for everyday items? Thanks for reading!