Physical Stores Should Start Accepting Bitcoins

Joshua Avadyaev

In an increasingly digital world, Bitcoins are on the forefront of technology.   People can now use Bitcoins to send each other money across borders and oceans for extremely low transaction fees.  Although quick international transfers are revolutionary, Bitcoin has the ability to be more than just a currency across borders.

 Because of its roots as an internet currency, Bitcoin has yet to establish itself is in physical retail shops. Very few stores allow people to pay in Bitcoins.  This has caused the currency to be adopted by new users less readily.  Once retailers begin accepting Bitcoins, the amount of people who adopt them as currency will increase as well.

 Some view Bitcoins as harmful to our society and do not want their widespread adoption.  Bitcoin has had connections with several drug and money laundering scandals.  However, these scandals have nothing to do with the currency itself because people can buy drugs with US dollars.  The connection between illicit activities and Bitcoins is no different from any other currency.

 Widespread adoption of Bitcoins brings benefits for shop owners as well as the economy as a whole.  Bitcoin allows money to be exchanged for very small transaction fees, <1%. while most credit card processors charge 3%+.  With this savings, retailers could slash prices which could lead to a boom in our economy.  Also, Bitcoin has a cult-like following with supporters who would go out of their way to support businesses that accept payment in Bitcoin.

Bitcoin is already accepted on several large shopping sites such as Overstock.com.  It is time to for it to be adopted by physical stores as payment.  One Subway, in Allentown, PA, has seen a big boost in business by accepting Bitcoins.

 If you want to see Bitcoins as a form of accepted payment in the stores you patronize, don’t hesitate to ask the owner about it.  In fact, ignorance is probably the biggest hurdle in Bitcoin’s journey to widespread adoption.  By explaining to the owners that they will save money and gain a larger customer base by accepting Bitcoin, you will surely get some of them to join the Bitcoin revolution.

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