- Cryptocurrencies as a growing means of payment.
- Café Argentino multiplies by 10 the use of cryptocurrencies as a method of payment.
- Businesses like The Pink Cow and The Kessler Collection also accept cryptocurrency.
Although the drop in the price of cryptocurrencies from the peak of bitcoin’s $65,000 at the beginning of 2022 has had an impact on its massification, the truth is that the market niche remains alive.
In this sense, the use of cryptocurrencies as a form of payment in shops has slowly continued to grow.
An example can be seen in Buenos Aires, Argentina, where a cafe called CrypStation, located in the select neighborhood of Puerto Madero and with a branch in the DOT Baires shopping center, says that the number of customers using cryptocurrencies as a medium has increased 10-fold. payment.
Now according to CrypStation10.2 percent of customers pay with cryptocurrencies, especially through Tether (USDT) and bitcoin (BTC).
In addition, the company said that it will open a new cafe outside of Argentina, in Viña del Mar, Chile, where it will also receive crypto.
A year ago, in May 2022, just over one percent of customers were paying with crypto. That’s an increase of nearly 800 percent in less than a year.
According to the information that CrypStation gave to CryptoNoticias, stablecoin Tether accounts for 58 percent of payments and bitcoin 23 percent. The rest is shared among other minority crypto options.
CrypStation is a café in Argentina that offers cryptocurrencies as a form of payment through the Binance Pay platform. In addition, it organizes conferences on the subject of crypto.
Beyond coffee: cryptocurrencies as a form of payment
Cryptocurrencies have been gaining popularity as a means of payment in restaurants, hotels and stores around the world, although Latin America has not been the region where the system has grown the most.
The ability to transact without the need for a bank intermediary has made it an attractive option for both consumers and some businesses that saw a niche market.
An example of a restaurant that successfully accepts cryptocurrency is The Pink Cow in Tokyo, Japan.
The restaurant has received Bitcoin since 2013 and offers discounts for customers who pay with digital currencies.
Hotels have also jumped on the cryptocurrency bandwagon. The Kessler Collection, a chain of luxury hotels based in the United States, announced that it would accept Bitcoin and other cryptocurrencies as a form of payment.
The move was made to attract new customers, especially the younger generation who are more likely to use cryptocurrency.
However, not all companies are convinced of the benefits of accepting cryptocurrencies. One concern is market volatility, which could result in very wide fluctuations in the value of the payment received.
Additionally, the lack of regulations and potential fraud has made some business owners wary of accepting cryptocurrency.
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