South Africa continues to adopt Bitcoin as Pick n Pay begins acceptance.
In what is called one of the largest wins for Bitcoin in the country, the Pick n Pay in Cape Town will accept the cryptocurrency for payments starting today.
The payment system is being powered by Electrum, a software platform created to process payments in different currencies. Jason Peisl, IS executive at Pick n Pay, said:
“At Pick n Pay one of our key values is to embrace change and encourage innovation and leadership. Cryptocurrency and Bitcoin are still relatively new payment concepts, yet we have been able to effectively demonstrate how we are able to accept such alternative payments.”
As the growth in payment methodologies continues, the overall currency value of Bitcoin continues to grow as well. This is a critical aspect of increasing mainstream acceptance, and increasing liquidity as well.
Liquidity and mainstream acceptance produce greater levels of awareness, and therefore greater levels of use. This process has been referred to as a ‘virtuous satoshi cycle.’ Despite substantial negative news, acceptance appears to be growing for Bitcoin.