Going Mainstream: Bitcoin, Bitcoin Cash, & Ethereum Reach the Masses via Big Retailers
We have already seen big giants like IBM, Accenture, Deloitte, Deutsche and others getting into the blockchain and even crypto world. Additionally, Samsung’s crypto wallet that is now venturing into private Bitcoin node, and web browser Opera releasing a new version with a built-in crypto wallet, Bitcoin and cryptocurrencies are gaining ground when it comes to mainstream adoption.
However, it is reaching a major boost all thanks to a new initiative, announced on Monday. Per this initiative, big retailers like Amazon-owned Whole Foods, Crate and Barrel, and Nordstrom will accept Bitcoin and other digital currencies from now on. While it has not been completely enacted where bitcoiners can go to a Whole Foods store and use bitcoin to purchase yet, it is a meaningful step in the right direction towards global adoption.
In order to achieve this, Flexa has persuaded the retailers to configure their scanners to recognize payments from its crypto app called Spedn. The app allows users to spedn four cryptos viz. Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH0, and Gemini Dollar.
Just like phone-based payments are accepted from apps and wallets like Apple Pay, for cryptos as well, the digital scanners are used. Typically, the store cashier will be unaware the customer is paying with crypto while the merchant will be receiving payment in the form of cryotos.
Among the list of Flexa’s retailers accepting cryptos, apart from Whole Foods also include Starbucks (unofficial), Baskin Robbins, Regal Cinemas, Petco, Lowe’s, Office Depot, and Gamestop.
Accepting cryptos also provides the benefit of lowering the commission fees for merchants that they pay to the existing payment networks, says Flexa CEO Tyler Spalding. Crypto payments according to Spalding, would further offer the stores a way to experiment with new types of customer rewards based on blockchain.
As for the problem of volatility in crypto prices, which we are currently seeing in the crypto market, the idea is to mitigate it by using the stablecoin Gemini Dollar.
“The idea of living on crypto is now a reality. You can now do it,” said Tyler Winklevoss. “For the consumer, it amounts to being crypto conscious. It’s like being green.”