Bitcoin Cash FTW? Over 900 companies accepting BCH
Cryptocurrency adoption has always been an interesting topic of discussion. After the industry suffered from a bearish year in 2018, many were concerned that sluggish crypto prices would take a toll on the long-term rate of adoption. It looks like the numbers are high and still growing for the Bitcoin Cash community.
According to a recent Reddit thread on the Bitcoin forum, there are currently 945 online merchants listed on AcceptBitcoin.Cash, 670 Brick-and-mortar merchants on Marco Coino, and 939 merchants of all types listed on Green Pages that accept the token.
These numbers and the steady increase in merchant adoption is fantastic news for the cryptocurrency industry and community. CCN pointed out that most of these merchants that do accept Bitcoin Cash are small, independent outlets. However, there are large payment platforms like CoPay, BitPay, and Payeer that do accept Bitcoin Cash, and act as a bridge for companies keen to adopt this new method of payment.
Before these payment providers, a big problem preventing the adoption of Bitcoin Cash or even other popular tokens like Bitcoin was the sheer volatile prices. Bitcoin Cash could increase or decrease by even 10 to 20 per cent within 24 hours. While it’s volatile, these payment providers help companies take on Bitcoin Cash, by transferring the cryptocurrency payments immediately into fiat currencies. This way retailers could avoid the volatility problem.
While many smaller retailers are looking to take on Bitcoin Cash, there are large organizations also accepting the token. There’s the well-known brick-and-mortar cosmetics chain Lush, the large American internet retailer, Overstock and the online computer hardware and consumer electronics retailer Newegg.
Newegg and other companies leverage payment platforms like BitPay to process customer cryptocurrency payments while Overstock was the first online retailer to accept cryptocurrencies all the way back in 2017. Now they currently accept over 40 different altcoins.
Although it’s unclear when mass cryptocurrency adoption will occur, Stephen Pair, the CEO of BitPay mentioned that cryptocurrency adoption is just 3 to 5 years away. In an interview with CNBC, he noted, “I used to say 10 years, but now I think it’s more like 3 – 5 years until you can go into a restaurant, a retail establishment, and just everybody’s going to expect that, that store will be able to accept a blockchain payment.”
While many more businesses have taken on cryptocurrency payments as an option, the recent price falls may have negatively affected the rate of adoption in the short term. Nevertheless, Bitcoin Cash’s value is largely driven by (not just its utility function) but also public speculation. Many investors are speculating on its future usage and adoption of the technology. Although there are many cryptocurrency enthusiasts who believe the future is in blockchain and cryptocurrencies, while others see the industry disappearing shortly, many organizations are working together to build the supporting infrastructure required to ensure the mass adoption of cryptocurrencies. Nine hundred retailers may be a small number, but it’s a strong start for the Bitcoin Cash community to rally on forward.
Today Bitcoin Cash has a market cap of around $2.8 Billion. If you divide this amount by the number of companies accepting bitcoin cash, the value is worth a little over $3million per company adoption. If Bitcoin Cash is a good solution for businesses to accept payment, it will be interesting to see the relationship between these two factors.
What are your thoughts on this situation guys?
Do you think as more companies start accepting bitcoin cash, the market capitalization will increase?
Also, do you think cryptocurrencies will be a standard form of payment in 3-5 years?
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.