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High transaction volume: acceptance of Bitcoin as a form of payment is growing message


Bitcoin is increasingly accepted in business
Coinbase Commerce reports strong sales
Corona crisis does not reduce the use of Bitcoin

In the modern economy, money fulfills four functions: it is a value meter or arithmetic unit, a store of value, a means of transferring value and also a general means of payment. This is why numerous economic experts were able to regularly explain that cryptocurrencies such as Bitcoin and Co. are not real money, because they lack the general acceptance in payment transactions.

The strong volatility of Bitcoin and the resulting high profit potential have instead made Bitcoin interesting for speculators for a long time. But that is not in the spirit of the inventor, because Bitcoin was actually designed as a decentralized, state-independent means of payment. Real Bitcoin fans have always emphasized this advantage, and now it seems like they are finally being listened to.

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Heavy use of Bitcoin

Recent data from Coinbase indicate that Bitcoin is successfully conquering the mainstream. With Coinbase Commerce, the largest crypto broker in the United States has been offering online shops since February 2018 to accept payments in various cryptocurrencies such as Bitcoin, Bitcoin Cash or Ethereum free of charge.

The increased use of this trading platform suggests that more and more people prefer to buy in Bitcoin instead of using state fiat currencies. As “CoinDesk” reports, the platform reached an important milestone at the end of March 2020: Since the introduction of Coinbase Commerce, sales of the equivalent of $ 200 million in Bitcoin and other cryptocurrencies have been generated. This results from the fact that over 8,000 retailers that accept payments in cryptocurrencies have now joined the network.

As John Zettler, head of Coinbase Trading Products, told CoinDesk, the Corona pandemic has not affected business on the trading platform. In March, there were no significant changes in activity.

By far the most frequently used digital currency is Bitcoin. “Business customers often tell us that this is the cryptocurrency they are most familiar with and trust the most,” said Zettler.

Acceptance could continue to increase

Since an increasing number of people seem to rely on Bitcoin transactions and platforms such as Coinbase Commerce facilitate the processing of such transactions, it cannot be ruled out that the acceptance of Bitcoin as a means of payment will continue to increase.

The spread of the corona virus could help here. Because in times of curfews and quarantines, online trading is booming, and Bitcoin and Co. could also be used to an increasing extent.

You might also be interested in: NOW NEW – Trade Bitcoin & Co. via the app – or for professionals via the Stuttgart Digital Exchange

In addition, the international central banks are pumping huge amounts of money into the markets to dampen the economic impact of the corona crisis. However, these measures raise concerns about currency devaluation for some people. Those people who are about to lose their trust in the state’s financial system could now turn to Bitcoin, even if they were previously skeptical. In the current uncertain environment, Bitcoin could increasingly find acceptance as a decentralized alternative to fiat currencies.

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