In an increasingly competitive business scenario, organizations are working hard to attract new customers while offering a better value proposition to existing ones. In addition to products or services, we are seeing innovations in a variety of other value chain businesses such as fast delivery, competitive pricing, and eye-catching advertising campaigns.
Now with the evolution and expansion of cryptocurrency adoption, payment via Bitcoin can serve as a source for gaining a competitive advantage. Many well-known companies, including bitcoin lottery websites and online gaming sites, use the digital coin payment option to their advantage as a facility, which can attract more new customers into their businesses. The strategy is working well and customers are responding very positively to this new value addition.
Popular methods of crypto payment
There are mainly two ways in which payment can be made through cryptocurrencies: Crypto POS (point of sale) and Crypto ATM. In the Crypto POS method, customers can use their cryptocurrency cards or wallets to make payment for the product or services used. It is similar to our credit or debit card and the operating mechanism behind Crypto POS is simple and straightforward.
We can take the example of Salamantex, a cryptographic POS system that allows users to choose between six different cryptocurrencies to make payment. It is important to note that most businesses today only focus on accepting payment via Bitcoin, which is not a strange thing given that Bitcoin is the most popular and highly regarded cryptocurrency on the market. However, there are other cryptocurrencies on the rise in their popularity and adding these digital coins to the list of popular cryptocurrencies will help the company in a big way.
The second payment method is Crypto ATM, a concept that works similar to our conventional ATMs. Crypto ATM converts cryptocurrencies into real money; however, the problem again here is that most of the Crypto ATMs operating in the world today convert the one Bitcoin into cash. This limited choice factor is a constraint for many. That said, we are seeing the evolution of crypto ATMs slowly and steadily as these ATMs have begun to accept a range of cryptocurrencies to facilitate the conversion process.
We also have examples of reputable companies that have begun to accept Bitcoin and other cryptocurrencies as a payment method to take advantage of their products or services. KFC is the most famous name that came up with the Bitcoin Bucket option in 2018. The Canadian chain of KFC launched the concept and the offer received a huge response from buyers. The company analyzed that potential buyers found this attractive option to pay with cryptocurrency and this has become the biggest reason behind the success of the campaign.
A similar strategy was adopted by an American travel agency, CheapAir, which came up with the idea of accepting cryptocurrency payment via its BTCPay server. This convenience has added many new customers who are used to making payments via Bitcoin on a regular basis. Subway, another popular fast food chain, went ahead and started accepting payments via cryptocurrencies, including Litecoin, along with Bitcoin. All of these campaigns have proven to be very successful and can undoubtedly be taken as a precursor to a great cryptocurrency revolution that is knocking on our doors.
These business examples offer many lessons for companies operating in different industries and operating in both local and global scenarios. With research suggesting that the overall focus and competitive landscape will become more intense in the coming days, companies must seek new ways to improve their value proposition and customer satisfaction. The addition of a new cryptocurrency payment method – which is particularly popular with young and affluent customers – can certainly prove to be a source of competitive advantage. Not only will the crypto payment method increase your profitability, it will also help make the business sustainable in the long term. If you want to buy Bitcoin or any cryptocurrency, go through Bitcoin Revolution. It is a platform that can lead to earning a good amount of profit from Bitcoin. Check out the Bitcoin Revolution app review to learn more.