Using Crypto for purchasing Goods
Businesses across Australia are embracing cryptocurrencies as payment methods for good and services. Most accept the well used crypto's of Bitcoin, Litecoin, Ethereum and Dash, but some are jumping into the NEM (XEM) as well for payment.
#burgerlove is a fast food chain in Melbourne that have recently started accepting Cryptocurrency for payment for meals at their restaurant.
“We spoke to the Blockchain Centre in Melbourne which runs the NEM system and they helped us to create a platform that would allow customers to make everyday purchases using cryptocurrency,” says Steve Agi, the founder of #burgerlove. “It's no different to paying by eftpos or by cash.”
XEM, which is part of the NEM platform, is its major currency. “But we also accept bitcoin, litecoin, dash, nano.”
Source
This is one of the first companies I have encountered that accept Crypto for a burger in Australia. The only downside to accepting Crypto for payment is the major fluctuations in prices that can occur. This can create a risk for businesses, particularly if the currency they are accepting drops during transactions.
TravelbyBit
Brisbane company, TravelbyBit, facilitates businesses across Queensland to accept cryptocurrency payments. They setup POS terminals for clients who can hold onto the cryptocurrency used for payment or in sell immediately for AUD. This reduces the risk associated with the fluctuations in crypto prices for merchants.
“We currently take payments in bitcoin, dash, ethereum and litecoin, and we are looking at integrating with XEM payments, which is enabled by the NEM blockchain. XEM is fast and can go up to 4000 transactions per second. That’s why we are looking to integrate with them.”
XEM is starting to find a real purpose for payments for goods and services due to it's speed and ability to process a large number of transactions in such a short time.
The question then has to be asked:
Why is STEEM not finding a foothold in markets where transaction speeds need to be fast and transaction costs need to be small?
Thanks for reading.
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