Why Cryptos Like Bitcoin Are “No Longer on the Edge”

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Cryptocurrencies are quickly accepted and used on a daily basis.

Elon Musk led the charge – or at least made headlines – last year when he announced Tesla Inc. (NASDAQ: TSLA) would accept Bitcoin (CRYPTO: BTC) as payment for its electric vehicles. It’s a move he has temporarily put on hold due to concerns over the huge carbon footprint of mining the world’s largest crypto by market capitalization.

Since then, Musk has been joined by a growing list of major companies eager to welcome customers wishing to pay with digital tokens.

Gas, tobacco and lunch for your cryptos

As reported by The AustralianOTR gas stations and convenience stores will accept crypto for payment starting in July.

OTR, a subsidiary of Peregrine Corporation, has over 160 outlets in South Australia and Victoria. Peregrine Corporation will also begin accepting digital assets for payment at its C Coffee, Subway, Oporto, Wokinabox, Smokemart and Giftbox stores.

How it works

Crypto.com and DataMesh are working with Peregrine to install point-of-sale terminals capable of processing crypto payment across the company’s network. The terminals will convert digital asset payments into Australian dollars at the time of sale. This will eliminate much of the volatility risk inherent in the likes of Bitcoin.

Commenting on the decision, Peregrine Executive Chairman Yasser Shahin said (as quoted by The Australian):

The growth and widespread acceptance of cryptocurrency adoption in Australia and the rest of the world has been phenomenal and presented us with a clear opportunity to leverage the momentum of this rapidly growing space for the benefit of our clients.

Crypto.com local managing director Karl Mohan added that other Australian retailers are also interested in rolling out the digital asset payment option to their customers. “It’s mainstream now, more on the fringe,” Mohan said.

Indeed, a survey published by Crypto.com in February indicated that 60% of merchants are interested to accept cryptos as a form of payment in the coming year, while only 4% currently have this ability.

As for customers, 40% of respondents said they already use crypto for transactions, and 60% plan to do so within the next year.

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