Why Should I Accept Bitcoin? A Guide for Merchants

  1. South Africans want to spend Bitcoin

    Over 5.8 million South Africans have Bitcoin and MyBroadband ran a survey that found @of 97% of people who have heard about cryptocurrencies, 68% have bought some in the past or currently own crypto. Of those, 67% bought bitcoins.”

    A common argument is that people don’t want to spend their investment in Bitcoin, but that is not always true. For instance, if someone runs out of spending cash, they would prefer to spend Bitcoin rather than go into debt on their credit card. Also, many people are now moving most or all of their savings over to Bitcoin due to governments printing more currency and the subsequent rising cost of goods and services.

  2. Bitcoin payments are now cheap and instant

    In the past Bitcoin took 10 minutes to send and often came with higher fees. Not anymore! An amazing innovation called Bitcoin Lightning means you can move your Bitcoin to a wallet like Blink, Aqua, Blitz, Breez, Wallet of Satoshi, Strike, Speed and spend it instantly with almost zero transaction fees. Over 650 million people worldwide now have access to Bitcoin Lighting!

    Also, wallets like Luno, VALR and Binance make paying with Bitcoin and Stablecoins instant and free too.

  3. People are earning salaries in Stablecoins

    Stablecoins are crypto currencies that are equal to normal currencies like US Dollar or Euro. Instead of receiving US Dollar in a bank account, more companies are paying internationally based employees in Stablecoins because it’s faster and cheaper. People in South Africa receiving Stablecoins can now spend them at shops that accept crypto.

  4. Expats are sending money home via Bitcoin and Stablecoins

    Expats living in countries like the US, UK, Australia, Singapore and the UAE are turning to Stablecoins as a faster and cheaper way to send money home to their families. Their family members can easily create a wallet on Luno, VALR and Binance and cash out the money to their bank account or, they can now just go to a shop that accepts Bitcoin and Stablecoin and buy stuff!

  5. Traders spend their crypto profits

    Millions of South Africans buy and sell crypto currencies to make profit. Whenever they make profit, they need to cash it out to Rand to be able to spend it. But now they can just walk into any shop and spend their profit at that store, which is much simpler and easier for them!

  6. Bitcoin Circular Economies are forming

    Projects like Bitcoin Ekasi are running community initiatives, like teaching children from townships to surf, and paying them in Bitcoin to attend lessons. They can then spend these Bitcoin at places like Pick n Pay or local spaza shops. This creates a circular economy where the value that enters the community stays in the community.

  7. Mainstream retailers are accepting Bitcoin in-store and online

    Stores like Pick n Pay and Bootleggers have pioneered the way by accepting Bitcoin and now have customers spending Bitcoin in their stores every day. Payment service providers like Peach Payments have also made it possible to accept Bitcoin and Stablecoins on your website and websites have already added Bitcoin as an option via Peach and MoneyBadger. Here are some of the websites that have enabled it: Geewiz, The Lighting Warehouse, Furniturespot, Epic Deals, Flook, Chavda International, TicketPro, Bootlegger, Brutech, Lug to Lug