In recent months, there has been a noticeable increase in the number of retailers who are accepting bitcoin as a payment option. This move has been welcomed by many, with some commentators heralding it as the true beginning of the cryptocurrency revolution.
While crypto has long been embraced in certain spheres, it’s fair to say that it has yet to live up to its initial hype, having failed to replace more traditional forms of currency. Though it has certainly made its mark on the world around us, its introduction has not been as transcendent as many prophesied it to be.
The only way this fabled change is likely to happen is if digital currencies become, firstly, more accessible, and secondly, more widely accepted as a payment option. Yet, the two still seem a long way off.
Less so, however, than they did even a month previously, as Just Eat’s latest move has offered a glimmer of hope to crypto’s most ardent enthusiasts.
An important move
While crypto is a wonderful idea in theory, there is an argument that it has somewhat failed to live up to its potential in practice. This is largely because it remains a relatively abstract concept, with very few retailers accepting it as a valid payment option.
Recently, this has changed, however, and that’s all thanks to food order and online delivery platform Just Eat. Located in and originating from Britain, the enterprise now operates in 13 different countries across the world, including France, where it has begun to accept bitcoin as a valid form of payment.
Partnering with a revolutionary company known as Bitpay, which offers its very own Mastercard, Just Eat has gone to great lengths to expand the payment options that are currently available, and will now allow its customers to use crypto at the checkout in 15,000 of the restaurants it works alongside.
This power play follows the acquisition of Just Eat France by a company known as Takeaway.com, which has previously accepted bitcoin as a payment option through its other platforms. Having taken cryptocurrency since 2017, it seems it has been keen to continue with its forward-thinking approach to digital transactions.
The Just Eat France website explains how it works in detail, informing users that in order to take advantage of the digital payment process, they need to create a wallet online by either downloading specialist software or an app.
Once they have linked this to the company’s own Just Eat application, customers are then able to select bitcoin as their preferred payment method at the checkout. Here, they are redirected to Bitpay’s portal, where they can make a safe and secure digital currency transaction.
How the price of bitcoin is calculated
While this move has been welcomed by the many who embrace digital currency options, there has been some speculation as to how payments will be calculated. According to the company, the amount charged will be dependent on the current price of Bitcoin and the amount it is valued at on Bitpay.
Interestingly, Just Eat will not charge users a transaction fee to use this service. Should customers request a refund at any point after paying, however, this amount will be returned to their bank account, but in the form of euros as opposed to cryptocurrency. This will not be dependent on real-time prices, but rather the amount charged at the point of sale.
A wider trend
While this move from Just Eat has been hailed as momentous by many bitcoin commentators, it is not the first company to have embraced cryptocurrency as a payment option. The forex industry for example, was also revolutionized by bitcoins few years ago. As you can see on TopOnlineForexBrokers.com, the cryptocurrency is being trade in the global financial market since it came into existence, with many having accepted digital currency as a valid form of payment since as far back as 2013 and also enabled trading bitcoins against other currencies as euro and US dollas.
Similarly, Microsoft has accepted bitcoin as a payment method since 2014, helping to make such a move seem much more mainstream. Popular online marketplace Etsy has also recently accepted bitcoin as payment. These examples are only a small selection of the many retailers who have made similar overtures in recent months.
Combined, the effect this has had is to make bitcoin and other cryptocurrencies seem less abstract and more like a viable alternative to traditional payment methods – something the industry has been striving to achieve ever since its inception.
The only question remaining now is this: which major retailer will be the next to get on board and begin accepting cryptocurrencies?