Bitcoin and cryptocurrency adoption is rising significantly with each passing day. From restaurants, retail outlets, to getting added in the Scrabble dictionary is working in crypto’s favor while Bitcoin accumulation in active accounts has surged as well.
Bitcoin adoption on rising
With each passing day, Bitcoin adoption ups the ante. To start with, according to the Chainanlysis data, it has been found that about 4.8 million bitcoins are being held in personal wallets that have some sort of transaction activity as of August 31 in comparison to 3.8 million at the end of 2017.
This second-highest number is trumped by July’s 4.95 million bitcoin. According to Philip Gradwell, Chainanlysis economist:
“There are more people who are holding crypto personally,” hence, “there’s a much larger supply that’s liquid. A lot of the people who bought [this year] are buying smaller amounts.”
He further shared,
“They are ready – if things were to change, [if] the opportunity to spend it were to arise – to actually spend it. We’ve kind of overcome the first hurdle of adoption, getting bitcoin into people’s hands.”
As for the adoption part, now, one can eat at Burger King, Papa Johns, Dominos, Chipotle, Dunkin’ Donuts, and The Cheesecake Factory with cryptos. This has been made possible by Bitrefill that allows paying with Bitcoin and altcoins in over 160 countries.
A voucher and mobile top-up company, Bitrefill allows customers to use cryptos like Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Dash, and Dogecoin (DOGE). It also offers electronic gift cards for purchase that has a number of major retailers to its name.
Dash has recently shared that Bitrefill is facilitating living on dash by adding new gift card options and major retailers while stating,
“At presently listed 3,200+ merchants around the world accept Dash according to DiscoverDash with nearly half of those located in Venezuela.”
Not long back, Bitrefill has also shared,
OMG! New USD vouchers at Bitrefill, starting with every day products & fashion at the top retailers in the US!
Plus 6 more #retail shops!
— Bitrefill (@bitrefill) September 17, 2018
Bitcoin going mainstream
Recently, a Redditor shared Bic Camera, a consumer electronics retailer chain with 41 stores in Japan accepting Bitcoin. Though the company which is at second place in its industry has been accepting bitcoin for quite some time now, it is still an exciting news as commented by another Redditor,
“Uuh yes, for a while now. Yamada Denki followed too. Marui (department store) was testing it last time I heard about it, I don’t know if they continued accepting it. The biggest thing would be a convenience store chain beginning to accept it.”
This kind of adoption surely talks a good game for the Bitcoin and cryptocurrencies in general as one Redditor commented,
“Yea! This store has everything and so much traffic coming in and out. One of the largest tech stores in Tokyo and they have multiple stores throughout the area.”
While another one stated in part:
“Yeah so many places accepting bitcoin these days especially online stores… I guess mass adoption coming, no question about it!”
In another instance, Bitcoin has been added to the Merriam-Webster Scrabble dictionary. These instances ensure that Bitcoin and cryptocurrencies are slowly but surely penetrating the different spheres of the global market.
A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com