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Many people think of cryptocurrency primarily as an investment. However, just like cash, cryptocurrency also can buy all kinds of products and services. We have something like 50 different assets that we support. Voorhees said he and his wife often buy their household products on Amazon with bitcoin. Rising bitcoin and ether prices haven’t put a damper on their liquidity.
On the contrary, Voorhees said, even more people are shopping with their digital assets. Whenever the price of cryptocurrency is rallying, people start spending a lot more. I’ve been through three or four of these bubbles. We’ve actually seen people spend way more when the price is rising.
I think that’s just because people are wealthier. Bitcoin shopping isn’t always a smooth user experience. As one disappointed reddit user pointed out, companies often garner press coverage when they start accepting bitcoin but quietly discontinue the option without any announcement. Adam White, general manager of the Coinbase exchange GDAX, told IBT shopping with bitcoin is much easier than skeptics might expect. You go through the checkout process. When you want to pay, if you go to Expedia or Overstock you’ll see the option. It’s just another form of payment the merchant can receive.
It means Stripe’s clients can choose to accept bitcoin. If merchants do opt in through Stripe, Coinbase takes shoppers’ bitcoins and gives the merchant U. Some businesses outside of the tech industry are still wary of unpredictable cryptocurrency markets. It makes online shopping a lot easier and a lot safer. Users can just scan the QR code with their phones and connect automatically to their digital wallets without needing to enter personal information on the shopping site itself. Bitcoin shopping can be even faster than regular shopping, whether online or in person.