The world is changing, and so is its money. From barter systems to banknotes, we've come to cryptocurrency now. It won't be long before we buy our groceries in cryptocurrency. Yes, it is no more a dream because people have started recognising and appreciating cryptocurrency. It is now growing quite quickly.
Electric vehicle manufacturing company Tesla is one of the top companies that hold cryptocurrency. Also, companies like KFC, Burger King, Subway, Pizza Hut, etc., have decided to accept cryptocurrency at some of their outlets.
Now comes the question that ‘is cryptocurrency an opportunity for supermarkets to grow their business?' And how does it help in the growth of cryptocurrency? For this, we will have to dive into the world of cryptocurrency a little further.
The cryptocurrency is assuredly growing, but the retail businesses have not absorbed it yet. Even though the blockchain has been a matter of interest for food and drink businesses because it is transparent and assuring, the number of companies that take cryptocurrency as payment is not very much.
It doesn't mean that there aren't businesses that accept payments in cryptocurrency. Lush, a prominent cosmetic company, has been accepting payments in cryptocurrency for four years now. BrewDog, a multinational brewery, has also started investing in cryptocurrency and accepts it as payment at one of its bars in Canary Wharf. Starbucks has also decided to take payments in cryptocurrency through third-party apps. Whole Foods Market, a multinational supermarket chain, has also done the same. Since it is one of the influencers in the supermarket industry, this step might impact other supermarkets on the local level.
There was also news that Amazon will also start accepting payments in cryptocurrency, though it has not stated it anywhere yet. If Amazon enters the crypto game, it will change the entire scenario. The participation of Amazon in cryptocurrency dealing will provoke other companies like Walmart and Tesco to join in. The entry of such e-commerce giants will make way for the smaller ones, supermarkets, for instance. We cannot ignore that people are becoming curious and now wish to use cryptocurrency in real-life retail.
But, there are some problems in accepting the expenditure of cryptocurrencies at stores. The biggest issue is that cryptocurrencies are volatile because they are still developing. Some people have earned a lot, while some have lost through investing in cryptocurrency. It happens because of its volatile nature. Since its rates change rapidly, fixing the stock price for everyday items will be very tough for supermarkets. However, it won't be a problem if crypto debit cards or ATMs are introduced everywhere. Their task will be to transfer cryptocurrency into the local currency. It means that the supermarket owners will not have to worry about this.
But, the idea of dealing in cryptocurrency at supermarkets is very alluring to individuals. The reason is its speed and decentralized nature. Since its demand is increasing more and more, it will assuredly lead to the growth of cryptocurrency.
Now let us see why it is beneficial for supermarkets. When a customer pays in a foreign currency, the supermarket owner has to pay fees at various stages, once to accept the payment and then for currency conversion and finally to get it transferred to his local account. But when he deals in cryptocurrency, he has to pay a far less amount. Since it is speedy, it also helps the supermarket owners be instantaneous.
Since supermarkets are a part of the global food chain, they also have to face the complexity, the ineffectualness, and the inaccuracy of its system. There are times when companies are clueless about where their raw materials have come from. It is unacceptable in the case of edibles because they can affect lives. Using cryptocurrency will help in tracing the upsurges back to definite sources. It will help in ensuring customer safety and also checking financial loss.
All these facts make it undeniable that cryptocurrencies will prove very rewarding for supermarkets. And as its demands increase more than supply, it will grow. Hence, supermarkets will prove to be one of the essential factors in the growth of cryptocurrency. For more info visit the official site of crypto engine