Popular classifieds site Craigslist has now included an option which will efficiently facilitate the use of cryptocurrencies such as Bitcoin as a means of payment for goods and services.
This new provision offers users an option cited “cryptocurrency ok” as a way of indicating they consent the use of cryptocurrency for payment.
What’s more, the site is further customized and allows buyers to restrict their searches to only identifying sellers who accept digital currencies.
So far, numerous sellers have affirmed their support and willingness to accept payments made using cryptocurrencies.
In actuality, most of these payments are expected to be in the form of Bitcoins since it has risen in value and widespread use to be the most popular digital currency available.
This is good news for Craigslist users, who are set to enjoy a method that is more secure, compared to the use of checks or cash lump sums.
This platform, which enables transactions between strangers, is set to adopt an approach which entails the users transferring their cryptocurrencies from one wallet to another.
Nonetheless, the fact that the processing fees associated with Bitcoin transactions have soared up this year is likely to render this form of payment significantly less appealing.
As such, there is a high likelihood that Craigslist users who want to escape the hassles of using cash or checks may just have to settle for another online payment service, such as Apple Pay or Venmo.
Although there have been several platforms to accept the use of Bitcoin payments such as Overstock, the continuing rise in processing fees has seen this number considerably decline over the years.
Craigslist on its part is yet to state the reasons that led to them adding this new option. Nevertheless, this move has coincided with the current hype surrounding the use of Bitcoin.
Acceptance of Bitcoin payments by merchants is now on an exponential rise.
Since mid-2017, approximately 4,500 merchants based in Japan had already begun accepting Bitcoin and this number was highly likely to expand to about 22,500 by the end of the year.
Globally, there is a continually growing number of merchants who are actively accepting Bitcoin particularly for payments ranging from medium to large-size.
Bic Camera, which is the largest electronics retailer in Japan, together with Peach (a large airline) and Capsule (a budget hotel chain) all integrated Bitcoin as among their payment methods at each of their locations across the country.
With Bic Camera integrating Bitcoin, it sparked off mainstream media coverage that ultimately resulted in other merchants adopting Bitcoin too.
Eventually, the acceptance of Bitcoin spread across various industries across Japan surprisingly even prompting the largest grid operator in the country to subsequently launch its cryptocurrency exchange in efforts to handle the Bitcoin payments.
With Bitcoin quickly evolving into a haven kind of asset, it will not be surprising to see numerous companies and merchants also accepting and consequently integrating Bitcoin as a payment option within their operations.
Just recently, Aston Plaza and Residences, a Dubai-based apartment complex, launched the sale of its units with a ground-breaking announcement that the payments would be made using Bitcoins.
The prominence of Bitcoin can widely be credited to the fact that unlike conventional currency transactions, Bitcoin allows you to avoid inefficient and complicated paperwork not to mention the involvement of third parties and intermediaries.