The creators of the world’s first cryptocurrency, Bitcoin, wanted to provide an alternative to the existing payment options. In addition to this, the goal was to decentralize the concentration of money. Besides, it offers cross-border transactions at lower costs, quicker speeds, and provides anonymity to users.
Over the next couple of years, thousands of cryptocurrencies have entered the market. Hence, there has been a widespread acceptance of cryptocurrency. Considering the abundant influx of consumers in the crypto industry, businesses have wanted to utilize this opportunity. Thus businesses began providing the option to pay with cryptocurrencies like bitcoins, ether, and even stablecoins like USDT and USDC.
Reddit, PayPal, Dell, Microsoft, and Rakuten were some of the earliest businesses that believed in the power of cryptocurrencies. Accordingly, they started offering their consumers the option to pay with crypto. Now, there are multiple businesses accepting cryptocurrency across the globe, like Starbucks, Tesla, Coca Cola, etc. So now, consumers have more options for payment. Cryptocurrency payments have thus heavily influenced the payment technology landscape.