Companies Getting More Comfortable Accepting Bitcoin, Other Cryptocurrency

  Posted: Apr 26, 2021 2:43 PM CDT

by Alabama News Network employees

The cryptocurrency has been big with investors trading the digital currency, but has yet to break through with consumers as a common way of buying and selling goods. That could change as more companies are now using Bitcoin. When baseball recently welcomed spectators again, it was the beginning of something new in the home of Oakland A's, California. Fans watched from a season suite paid for with Bitcoin. This marked the first time cryptocurrency was used to buy a Major League Baseball ticket. "We thought starting with the suite sales, which is typically around $ 65,000 a year and Bitcoin is approaching 60,000. We said it was the perfect time to demonstrate this and see if it had some traction" says Dave Kaval, President of Oakland A. Given the team's location, Kaval says, it makes sense that they should be the first professional baseball team to try this out. “Our fans are all over the Bay Area in Silicon Valley. I think there is an opportunity down the line where even sponsors could theoretically pay with bitcoin and we could use other aspects of cryptocurrency in our business. " Other companies also welcome the change. Elon Musk recently announced that people can use Bitcoin to get away with a Tesla, and in Nashville, TN, the Bobby Hotel says it is now accepting cryptocurrency for weddings. With the Venmo payment app, customers can now also buy and sell cryptocurrency. San Francisco doctor Paul Abramson started accepting Bitcoin nine years ago, but he says it wasn't easy. "It's pretty difficult for us to convert it to dollars in an efficient way right now," he says, "and the tax ramifications are a little less clear these days, so we're really just trying to limit our exposure in some way." Bitcoin transactions at the moment. " The wild fluctuations in value of cryptocurrency keep many people from jumping on the bandwagon. It is therefore not clear whether the use of digital money will ever be as widespread as dollars and cents. continue Reading

https://thedailytradingnews.com/companies-getting-more-comfortable-accepting-bitcoin-other-cryptocurrency/

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