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You are here: Home / Tech / Cryptocurrency / Major companies are accepting cryptocurrencies

Major companies are accepting cryptocurrencies

May 13, 2019 by Paul Spoerry Leave a Comment

An under the radar thing is taking place… major companies are accepting crypto in their retail stores through an app called Spedn. Companies like Barnes & Noble, Baskin Robbins, Bed Bath & Beyond, Caribou Coffee, Crate and Barrel, Express, GameStop, Jamba Juice, Lowe’s, Nordstrom, Office Depot & OfficeMax, Petco, Regal Cinemas, Ulta Beauty, Amazon-owned Whole Foods Market, and Starbucks. In total, nearly 100 stores are expected to start accepting bitcoin and the other cryptocurrencies via the Spedn app by the end of this year.

This is a huge deal for early adopters and a bigger deal for retailers who will be using it. Why? For one, cryptocurrency transactions are permanent. So this removes chargeback disputes that the retailer has to worry about.
Consulting firm Javelin Strategy estimates that chargebacks cost merchants $31 billion in 2017.

Crypto will also upend the fees of the existing payment industry. To give an idea of what’s at stake, $5.93 trillion in traditional credit card payments resulted in $88.39 billion in fees in the U.S. alone, according to a 2017 Nilson report. Average interchange fees in 2017 ranged between $0.22 and $0.52 depending on the transaction value and the percent fee. A larger transaction could end up costing significantly more. With crypto… it’s currently around $0.04 USD. As new technologies like the Lightning Network, Liquid Sidechain, etc. these could go even lower.

Source

Filed Under: Cryptocurrency

About Paul Spoerry

I’m a groovy cat who’s into technology, Eastern Thought, and house music. I’m a proud and dedicated father to the coolest little guy on the planet (seriously, I'm NOT biased). I’m fascinated by ninjas, the Internet, and anybody who can balance objects on their nose for long periods of time.

I have a utility belt full of programming languages and a database of all my knowledge on databases... I practice code fu. Oh, I've also done actual Kung Fu, and have a black belt in Tae Kwon Do.

I run. I meditate. I dance. I blog at PaulSpoerry.com, tweet @PaulSpoerry, and I'm here on Google+.

I'm currently work for IBM developing web enabled insurance applications for IBM and support and develop a non-profit called The LittleBigFund.

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