Bitcoin reaches $100k+: Could this be an opportunity for SA businesses to finally embrace cryptocurrency?

Although there have been reports of cryptocurrencies like Bitcoin already being accepted as a means of exchange in South African shops like Pick-n-pay, there is still no sign of them in other day-to-day stores like other grocery stores, barbershops/salons, etc. Does this mean that we still have to wait for a longer time until we finally see our famous day-to-day shops accept it as payment? In case you don't know what cryptocurrency is, here's a brief explanation:

Cryptocurrency is digital money that was created as an alternative to government-issued currency. It has major advantages over traditional money transfers—privacy, security, decentralization and speed—but like everything, also some disadvantages. For more information, I suggest you do more research on cryptocurrencies. Despite our current living conditions in South Africa, businesses can still find a way to benefit from accepting cryptocurrencies (Bitcoin for example) in the following ways:

• Crypto offers greater security as all transactions are not reversible once they get confirmed, reducing the cost of chargebacks as opposed to traditional banks.

• Crypto has lower transaction fees, when compared to banks.

• Crypto transactions are quicker than the normal bank transactions.

• Many cryptocurrencies, like Bitcoin, have inflation protection in the sense that there's a supply cap on the number of coins that will be issued to all lifetime holders.

• Crypto makes international transactions easy.

• Crypto is very safe.

• Crypto is also a form of an investment.

• etc

The businesses that have been reported to have been accepting bitcoin as a medium of exchange are:

• Pick-n-Pay: In 2022 Pick-n-Pay was reported to be accepting bitcoin as payment.

• Takealot: This was one of the first SA stores to ever accept Bitcoin as payment, reports of this dating to as early as 2014, making them a true pioneer of this payment system(However, they seem to no longer be taking it).

• RunwaySale

• Custom Candies

• The Tea Merchant

• RC King

As revolutionary as this might have been, I think the average South African can also agree that the subject of not paying for items using fiat money when you shop, is still a foreign idea. Cryptocurrency is still not a common medium of exchange in stores as it should be.

However, there have been reports of a growing usage of crypto around the country, especially in places like Cape Town, and perhaps there is hope that in the next few years, South African businesses will finally be embracing crypto payments to their fullest extent, giving their customers the opportunity to finally put some of their best investments to good use. Thank you for reading and I'll see you next week Thursday!