Bitcoin (BCH) is now Accepted in over 945 Stores Worldwide

Bitcoin (BCH) is now Accepted in over 945 Stores Worldwide

Bitcoin cash

In the last couple of months, the number of online retailers which accepts bitcoin cash (BCH) as a means of payment is now over 945. According to a directory of merchants that accept payments in BCH, which was provided by MarcoCoino. Over 670 bricks and mortar retailers carry out business using virtual currencies.

BCH Payment is Cheaper and Safer

Majority of merchants which accepts payments in BCH are situated in Europe with an overall of 337 locations accepting the peer-to-peer digital currency. About 120 physical stores in Australia, 75 in Asia, and 134 in North America accept payments in form of BCH.

It is important to note that, compared to the traditional methods of transferring money, BCH offers fast, dependable, and cheap virtual currency transactions, e.g., generally, credit and debit card providers charge fees as much as 3.5% for every transaction which is not so for cryptocurrency-based purchases which charge transaction fees of around one dollar or less, heedless of the value of each transaction. This shows that BCH transaction fees are very low, around a few cents.

Presently, BCH payments can be found in three physical points in two countries on the continent; Kenya and South Africa and it continue to grow elsewhere in the world.

In addition, the acceptance of BCH as a form of payment has now been adopted by many online stores and the list keeps growing. An example includes one of biggest retailer of jewellery in the U.S., Marks Jewelers who started accepting BCH as a form of payment in October. Other Jewel retailers on the list include Reeds and Samer Halimeh, New York.

Reason Behind the Increase

It has been reported that the Bitcoin Cash Network hallmarks such as low fees and quick settlement time have helped accelerate the adoption of BCH. Also, the adoption of payment processors such as Bitpay which is now being used by leading retailers like Newegg and Overstock has helped the cause to move forward.

The Bitcoin Cash Association (BCA) and in November started a bounty to spread BCH merchant acceptance in several South American countries. The association which portrays itself as a “community-driven, grassroots project which helps to hasten the adoption of BCH” said that more than 250 new businesses in Colombia and Venezuela are now attempting to adopt BCH.