Nick Chong · 4 days ago · 2 min read · Insights via Grayscale Investments
A new trending hashtag #PayWithCrypto is picking up speed. A simple message to large corporate giants about what many of us want — to be able to pay with crypto.
— Bitcoin (@Bitcoin_Chain) January 26, 2018
Started by Reddit user OskiG, it is a demand for large vendors like Amazon and Walmart to give us all the option to buy their goods via cryptocurrency.
After this week’s CoinCheck hack, FUD (fear, uncertainty and doubt) has spread within the cryptocurrency community. But #PayWithCrypto reminds us that one of the main purposes of cryptocurrency is to be able to buy goods from around the globe, with a currency that has no borders.
Mainstream Embracing Crypto
With 50 Cent accidentally finding $8 million in Bitcoin, to Katy Perry’s crypto-nails, now is a good time for a hashtag like #PayWithCrypto to trend and give a gentle push to society for mainstream adoption.
Whether or not this hashtag catches on, it is inevitable that retailers will begin accepting cryptocurrencies as a means of payment. The biggest target of the hashtag is retail behemoth, Amazon. Its competitor, Overstock.com, is already accepting over 40 cryptocurrencies in addition to building an ICO platform for capital markets.
After all, Amazon does already own multiple cryptocurrency domains like amazonethereum.com, amazoncryptocurrency.com, and amazoncryptocurrencies.com.
Inevitably, the more retailers that accept crypto, the less volatility there will be. If more vendors accepted, there wouldn’t be as much of a reason to convert back into fiat. Many people cash out of crypto because they can’t buy things like houses with it yet, but once we are able to buy and sell goods over the internet using money made for the internet, that’s when we will really begin to see the crypto revolution.
Of course, many of the earliest investors will continue to hold until this very moment happens — not to cash out for fiat, but when they can purchase goods and services with their cryptocurrency holdings. In the mean time, the more that the general public and popular culture embrace cryptocurrencies, the sooner this will become the reality.