Many large transnational corporations from a wide range of industries have begun accepting cryptocurrencies as a mode of payment. Notable companies include software giant Microsoft, game streaming platform Twitch, and retailer Whole Foods.

Digital currencies have improved service efficiency by reducing transaction time and cost, as well as served as a mechanism for spreading financial services to under-banked regions of the world. Has Bitcoin and cryptocurrencies become the future of payments?

According to an HSB (a Munich Re company) survey, more than one-third of U.S. small and medium-sized businesses accept crypto as payment for goods and services, with younger companies up to twice as likely to trade in crypto. Compared to the legacy payment systems, cryptocurrency as a means of payment has a number of advantages.