If there's anything phenomenal about social media platforms, it's the people. The internet never forgets anything, and once those on the internet accept a concept, it becomes quite easy for it to flourish. Crypto payment in itself is online, which is a plus for it to be adopted by social media platforms since they are also majorly online. Most of these companies and industries have their online presence maximally taken care of with efforts to adopt easier methods in facilitating their results.
The internet/social media first has been an important PR in propagating the importance of cryptocurrency since its development. However, it is true that some users are not online, and according to a Survey by Alpari in 2019, about 60% of Americans don't know about cryptocurrency. However, cryptocurrency and crypto payment growth has become somewhat impressive over the years, with the adoption rate becoming high every month.
The payment method adopted by most industries has changed from the traditional fiat to cryptocurrency. Consumers now prefer digital currencies as means of payment to using cash. Thanks to technological advancements, digital currencies and crypto payments have been made such that you can send it in the form of money in exchange for services and can store it as value. According to a survey carried about by Finaria.it, the digital payment industry is expected to be worth a total of 6.6 Trillion dollars by the end of 2021. This gives a total of 40% increase in the span of two years. According to the report, online platforms like PayPal, Amazon, Facebook, and Apple constantly invest in online payment with cryptocurrencies both on mobile and PC. Thanks to the internet and social media, mobile POS payment is expected to deliver at least a 37% increase (about 2.5 Trillion dollars) to the digital payment value before the year runs out.
Some giant companies are behind crypto payment becoming mainstream, and some of them are part of the most googled questions about cryptocurrency.
● Perk Labs Inc.:
Recently, Perks Lab Inc. announced its partnership with Bitpay. Bitpay is the world's largest Bitcoin exchanger as well as crypto services. So Perks Labs will now take crypto payments. Perk Hero, which is a subsidiary of Perks Labs, will also accept crypto payment and some of the cryptos that would include Ethereum, bitcoin, dogecoin and Bitcoin cash. Some of the companies using Bitpay include Dish Networks, Twitch and At&T.
PayPal is one of the major online platforms that have put crypto payment ahead of fiat. Sometimes late last year, it was reported that PayPal partnered with Even, the popular responsible on-demand platform, to help improve its workforce financial health. So with Even, PayPal workers can get paid automatically, have budgets and grow their savings via an easy-to-use mobile app. Also, you can buy and convert your fiat into cryptos using PayPal, making it quite easy for you, instead of using an exchanger or selling to a vendor.
● Square Inc.:
The power of social media can never be underestimated. Crypto payment becoming mainstream is definitely becoming possible. Earlier this year, Square Inc. reported it had purchased over 4000 Bitcoins at an average price of 50 million. Square Inc. believes crypto payment is an instrument that provides a medium, a channel to align and participate in the global monetary system. This investment into Bitcoin is approximately 1% of their total assets as of 2020. With this investment, it's rumored that the Bitcoin adoption rate is slowly increasing, and payment with cryptocurrency is becoming possible and feasible. Bitcoin is expected to spearhead the increase in crypto payments becoming mainstream, and it's about achieving that fit.
● Gambling community (Riots' Blockchain Inc.):
This is one of the rapidly growing communities with crypto payment. The gambling community is such that advancements became easier after the complete transition into the online community. Since payment with fiat began becoming tiring, the need for a better option arose, and crypto payment became a thing. Now, there are virtually no online gambling platforms that don't accept crypto as a means of payment for stakes. There are several Bitcoin gambling platforms as well as ethereum, bitcoin cash, monero and other cryptocurrencies. Gambling platforms are arguably one of the top 3 communities that have contributed to crypto payment becoming mainstream. You need an instant exchange crypto trading platform to convert your fiat into cryptocurrency, and you'll also need a crypto wallet to facilitate this option.