The power of cryptocurrency is growing stronger, as France is introducing Bitcoin as an accepted payment within 30 brands across 25,000 stores by 2020.
In an agreement with the EasyWallet app, Global POS and Easy2Play, around 30 brands within France will be accepting Bitcoin payments by 2020. More than 25,000 stores will be taking this crypto payment, pushing the technology further into the mainstream.
“The usual operation of the banners will not be impacted since the exchange platforms will be in charge of the conversion of cryptocurrencies into the euro,” explained a spokesperson for EasyWallet.
According to a survey from 2018, between three and six per cent of French people uses cryptocurrencies. Despite this relatively low number within the French population, this technology is presented as ‘the leader in the dematerialisation of refunds of prepaid securities and digital payment’, said a statement by Global POS.
“This is an important symbolic step in the evolution of payment methods in France. However, more than a symbol, what we bring to 25,000 outlets is the ability to safely enter the world of Economy 3.0,” explained Stéphane Djiane, the CEO and Founder of Global POS.
Crypto: A Breakdown
Cryptocurrencies have been a trending theme for many years, but they’re still not entirely understood by most of the population. Of course, crypto would be nothing without the tech behind it: blockchain.
In Layman’s terms, blockchain is a form of currency, distributed across a database existing on multiple computers at the same time. As it grows, it adds new recordings, or ‘blocks’, which contain a timestamp and a link to the previous block, forming a chain.
A centralised bank or any particular body do not manage this chain. Instead, everyone involved in the network gets a copy of the entire database. The old blocks are forever preserved as newer blocks are added, making it irreversible. This makes it impossible to manipulate the cryptocurrency with false documents, transactions or any other information.
Which Stores Will Accept Bitcoin?
There will be 30 brands that are beginning to accept the crypto payment throughout France, of which some include Sephora, Boulanger, Foot Locker, Decathlon, Conforama, Maison du Monde, Intersport, Cultura, Norauto and many others.
It’s not just France that is starting to accept this digital currency – Bitcoin is also recognised throughout 30,000 stores in the United States, along with other cryptocurrencies (Ethereum, Bitcoin Cash and Gemini Dollar). Some of the retailers that accept digital currency payments include Whole Foods, GameStop, Office Depot, Lowes, Barnes & Noble and Starbucks.
“If, initially, the service we offer will only allow the use of bitcoins, our goal is to open our solution to other crypto-currencies in the future,” Stéphane Djiane explained.
“The acceptance of crypto-currencies is a real challenge for retailers (and) we are aware of the expectations of the public and the reach of the message we send to a whole community,” said Grégory Hervein, the Co-Founder of Moustaches, a pet retailer.
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