Jan 2021

Successful businesses make it easy for customers to buy their product. One way of achieving this is to offer customers a wide choice of payment methods.

Enter cryptocurrencies. Digital currency has been gaining popularity as a store of value, but it can also be used to purchase goods and services. The case for cryptocurrency is to be able to transfer money in a transparent and censorship-resistant way. And companies that accept cryptocurrency know this.

Businesses and individuals have been searching for a universal currency that allows fast transfers with negligible fees. Crypto has been the answer to these problems, and its increasing value over time has been appreciated by businesses and individuals alike. Bitcoin and others (altcoins) have entered the mainstream, and more and more businesses are adopting these as a new payment method. 

Leading the way as an early adopter, tech giant Microsoft was one of the first to accept Bitcoin as an official payment method. Since 2014 customers have been able to add Bitcoins to their Microsoft account and can buy anything from Windows 10 licenses to games, movies, and apps in the Windows and Xbox stores. In the UK and USA, some BMW dealerships also accept Bitcoin. So customers could buy their next car with crypto. Wikipedia Wikimedia, the company that operates the world’s largest open-source encyclopedia, accepts donations in Bitcoin. 

What about here in South Africa? The South African Gold Coin Exchange and Scoin Shops are at the forefront of this digital payment revolution and now accept cryptocurrency ( Bitcoin, Dai, Ethereum and Litecoin) as a payment method. Rael Demby, CEO of SAGCE & The Scoin Shop says “As gold bugs for over 45 years, we believe in the gold standard, but we accept that the rest of the world has embraced other forms of exchange. We recognise that customers are seeking alternative ways to pay for gold coins and collectables. By offering this additional payment method, the customer experience is enhanced.” 

Crypto transactions enable cheap and borderless near-instantaneous transactions. So this allows customers all over the world — even those without access to traditional banks, but with access to the Internet — to purchase gold coins and collectables from SAGCE & The Scoin Shop. Demby adds “Investors are making incredible profits on their Bitcoin investments. It makes for a brilliant opportunity for them to “cash-out” in the form of Gold – the world’s first and most trusted form of money. Take your winnings and park it in Gold, now!” Customers can check out using crypto on-line or in any of our 12 branches.” 

A quadrupling in the price of the world’s best-known digital token toward the end of last year means there is plenty of alternative digital currency waiting to be spent. Businesses wanting to attract more customers should be adding crypto to their payment offering.