December 10, 2018 | AtoZ Markets - According to a recent research carried out by Larry Cermak, "Enthusiastic professional with an expertise in blockchain, digital assets, cryptocurrencies" as he identifies himself on his LinkedIn account, there are over 13,000 places around the world that accept Bitcoin payment, of which Hungry.dk, a Danish online takeaway-food company, is one.
Over 13000 Venues Already Accept BTC payments
The recent Larry Cermak research showed that there are over 13,000 places around the world that accept BTC payments. The blockchain analyst states that the the largest number of venues that take Bitcoin are general shopping stores (35.1%). In second place are ATMs - as 13.5% of them globally take BTC. Meanwhile, in third place are accommodation services, with 9.7% of them worldwide. Cermak research showed that many merchants did not start taking bitcoin until 2017 and 2018.
In his analysis, the blockchain expert outlined, that "the strong correlation between increasing BTC acceptance rates and positive price movements indicates that as BTC value increases, more retailers will start accepting it."
The analysis of the geographical distribution of the places accepting cryptocurrency showed that the U.S. accounts for around 27% of all BTC-accepting places. Other countries that have a relatively large number of retailers accepting BTC include Brazil, Spain, Germany, Canada, and Italy. Looking at the numbers in terms of the population shows that the U.S. is on the 21st place as there are only 8.7 venues per million people in the country that take BTC. The two leading countries in bitcoin-accepting venues are Slovenia at 41.6 per million and Czech Republic at 32.6 per million.
Benefits of Bitcoin Payments in the Food Sector
Hungry.dk was launched in 2013 by Henrik Østergaard, a co-founder of another online takeaway service JUST EAT. According to the company which handles orders from over 1,500 restaurants in Denmark, they managed to resolve issue of the too long cryptocurrency transaction processing time they faced after launching Bitcoin payment in 2014. By working with Bitcoin provider, Coinify, Hungry.dk enabled its customers to order food using their Bitcoins with the same legitimacy as by credit card, PayPal or debit card. AtoZ Markets has contacted the Hungry.dk portal representatives which confirmed that they accept payments in Bitcoin. Meanwhile the only Hungry.dk competitor JustEat.dk available for Danish consumers has not yet integrated Bitcoin into their service.
Prior to Hungry.dk’s incorporation of Bitcoin payment option, the currency had been mostly used in Denmark to purchase digital services, books, and electronics. Rune Risom, one of the Hungry.dk co-founders believes in a wide range of benefits which Bitcoin payment integration will bring to the company. “Bitcoin has the distinct advantage that it is not possible to cheat, unlike as it is with credit cards. This means that we needn’t be concerned about scams using stolen cards, but can be sure of receiving money for the food which has been ordered.” he said.
Among other pros, Risom mentioned that using Bitcoin for payment allows the consumer to minimize the transaction fees and eliminate the chance of charge-backs. Such move could be considered quite progressive as there are many countries that have either outright banned cryptocurrency, are unsure how to regulate it, or do not have many merchants that consider cryptocurrency worth adopting or incorporating in their business.
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