New Orleans Bitcoin Trends
One of the most iconic cryptocurrencies, Bitcoin is spreading across the nation to major cities like wildfire, and New Orleans Bitcoin trends are no exception. In recent years, Bitcoin has exploded into popularity, and as the world moves toward becoming more equipped to handle these electronic cryptocurrency payments, demand will continue to rise in conjunction. Luckily, with Pelicoin’s wide network of Bitcoin ATMs, you can be sure that you’re able to keep up with this constantly changing market. Read on for everything you need to know about New Orleans Bitcoin trends.
New Orleans Bitcoin Trends: Past, Present, and Future
EARLY ADOPTERS
Across the country, Bitcoin is becoming an increasingly popular method of payment. Places in New Orleans are following suit, with many taking this step to accept cryptocurrency as long ago as 2014. David’s Antiques was one of the first small French Quarter businesses to accept the novel currency in 2014, but it was certainly not the last. There was a certain irony to this antique store, which sells relics from long past, accepting one of the newest forms of payment, but the move also allowed them to sell novelty Bitcoin items, like doubloons and money clips. Another early adopter of the currency was Booty’s Street Food, located in the Bywater. Queork, a store selling goods made of cork, also adopted the payment method back in 2014. These businesses may have faced speculation that this adoption was a mistake, but seeing how much Bitcoin has continued to grow, it’s easy to see that they were simply ahead of the game. Businesses like these saw Bitcoin's potential in bringing in more customers.
Bitcoin was created during the aftermath of the 2008 Great Recession due to a distrust in banks. Typically, transactions can be reversed or tampered with by third parties, causing transaction fees to add up. Bitcoin was invented to remove the need for a third party and create a currency that could be used directly between two parties. In 2009, the first blockchain was launched where the first Bitcoin transaction took place. Over a year later, Bitcoin gained its first economic transaction, which occurred when a man negotiated to have two pizzas for $25 in exchange for 10,000 BTC. Today, this transaction of Bitcoin has a value of almost $400 million.
FUTURE SPECULATION
Since its inception in 2009, Bitcoin has been the subject of endless debate. Economists are constantly discussing whether it is stable, has longevity, or will even become a valid alternative to fiat currencies. Bitcoin has already been around much longer than anyone initially anticipated, and it will likely be sticking around. Billionaire Tim Draper has made bold claims about the future of the cryptocurrency, saying it will reach $250,000 by the end of 2022 or the beginning of 2023. This may seem outrageous, but it’s not the first time that Draper has (correctly) predicted a surge of the currency, leading many to have faith in his speculation. Many things impact cryptocurrency value, and the market can be a bit volatile, but there’s no question that it will be sticking around for years to come. Bitcoin opens up the door for much easier transactions between individuals from all over the world. As more and more businesses adopt cryptocurrency as an accepted payment method, Bitcoin will become a mainstream form of payment.
Why New Orleans Businesses Should Adopt Bitcoin
Bitcoin has been around for over a decade and most likely won’t be leaving anytime soon. With that in mind, businesses need to move along with the New Orleans Bitcoin trends so they can stay on top of the game. According to an estimate from late 2020, over 2,300 businesses in the US accept Bitcoin, and this number has only continued to grow. There are several reasons that companies located in New Orleans should begin shifting toward the adoption of Bitcoin as a method of payment, and here are just a few of them.
REDUCED OPERATING COSTS
One of the most common reasons for small businesses to adopt cryptocurrency usage is to eliminate credit card fees. Credit card transactions are “pull transactions,” which means they authorize you to take the money from their account. You need secure pieces of the customer’s identity, machines that can read credit cards, and you’ll have to pay a fee to Visa, Discover, AmericanExpress, or Mastercard. Additionally, there are fees required by the credit card processing companies to verify and process the payments before you can receive any of the money.
While Bitcoin is a “push transaction,” customers actively give you the money rather than just authorizing you to take it. There are some transaction fees associated with Bitcoin, but these are the consumer's responsibility. These transactions can happen almost instantaneously and can’t be disputed. As a result, businesses can see lowered operating costs by switching to Bitcoin transactions.
BITCOIN IS UNIVERSAL
In a city like New Orleans, countless people are circulating from all over the world at any given moment. New Orleans is a major tourist destination, and that is certainly not limited to tourists from within the United States; international tourists are just as likely. Currency exchange can be a huge hassle and usually costs the person who needs the exchange. By adopting Bitcoin as a payment method, businesses can signal international customers that they are the more accessible, more practical option. These consumers can save both time and money by paying in Bitcoin, which means they are more likely to choose your business over one where they have to go through complicated currency exchanges.
IT’S EASY
As the world becomes more open to cryptocurrencies, it’s becoming much more accessible for businesses to opt-in. Several businesses in New Orleans already accept Bitcoin as a payment method, and that number is only increasing. This type of currency is not going anywhere soon, and lately, it’s only becoming more popular.
OPPORTUNITY
Bitcoin can open the door for businesses to reach more customers. One study found that 40 percent of customers who pay with crypto are new customers of a company and often spend more than customers who used a different payment method. Additionally, because Bitcoin is a universal currency, accepting Bitcoin can open up a business to international customers. Making a business more accessible to everyone can significantly benefit a company’s success. Accepting Bitcoin can position a company as an innovative, adaptable business that can cater to everyone’s needs. Bitcoin enables simple and secure money transfers for customers and companies.
Additionally, the cryptocurrency can serve as an alternative to cash, which could lose value over time due to inflation. While nothing is ever certain, it is a great business opportunity to add Bitcoin to your company’s accepted forms of payment. Not only will it open your company to more customers, but it will benefit your company’s finances as well.
Pelicoin ATMs are Available Across the City
Pelicoin offers several ATMs across the greater New Orleans area, making it easy for consumers to invest in Bitcoin. Our machines are straightforward because our mission is to make cryptocurrency more accessible for more people. Using one of our ATMs is as easy as using a traditional bank ATM. Whether you are an experienced crypto user or a beginner, we will make the process as easy as possible. Our machines can be used to buy or sell cryptocurrencies and have the option to make a paper wallet.
Our transactions take little time to complete and keep your private information secure from other users. Using Bitcoin over cash is much easier and faster. Bitcoin transactions can be processed within minutes, saving the customer and business time and money. We want Bitcoin to be not only accessible to everyone but a safe and secure payment method for users. With over 30 locations throughout Louisiana, Mississippi, Alabama, Tennessee, and Texas, our ATMs are conveniently located in stores that you may already be visiting weekly, enabling you to complete your Bitcoin transactions during your routine.
As our machines spread even further across the city, more and more people will begin to take advantage of them, leading to even more consumers looking to use their newly-acquired currency. Many New Orleans Bitcoin ATMs are open 24 hours, and our other New Orleans locations make it convenient for you to buy or sell Bitcoin no matter where in the city you’re located. Join the community of crypto users today and begin taking steps toward success for your business and convenience for your customers.