5 Ways How The Alcohol Industry Is Embracing Crypto Payments

Ways How The Alcohol Industry Is Embracing Crypto Payments

In the past several years, the payment industry has transformed drastically. The world of international business is changing quicker than ever, from blockchain and finance to AI and cryptocurrency. While purchasing and selling cryptocurrencies is becoming more common, the possibilities to spend digital currencies are restricted owing to their volatility.

However, a growing number of businesses across a wide range of sectors, from major tech to airlines, embrace virtual currencies and enable consumers to pay for their products and services with currencies like bitcoin. One of such businesses is the alcohol industry. Brewers, distillers, and winemakers are progressively using innovative technology to improve both flavor and profitability. Cryptocurrencies and blockchain technology are the newest trends for these industrial giants.

But how are they implementing such methods for their payment? How far does it benefit the end-user? Well, many shops and alcohol industries have widened their scope of payment to facilitate the customers. Read on to know more about the places which have started accepting cryptocurrency as their payment method.

How did the alcohol industry embrace crypto?

Cryptocurrency provides a medium of exchange between two parties eliminating the need for physical money. Many businesses widely recognize this method around the globe. The alcohol industry is also embracing the new form of payment after years of sticking to their old ways. Here are some prominent examples of alcohol businesses adapting to the cryptocurrency market:

1. America’s oldest wine shop accepting crypto:

Acker is the world’s biggest rare and exquisite wine auction company, founded in 1820. It also hosts weekly online auctions in which collectors may sell rare and expensive wines and bourbons like crown royal reserve. It is one of the finest whiskeys one could get their hands on.

The business will now accept a variety of cryptocurrencies in both commercial and auction settings. Buyers may pay in Bitcoin, Bitcoin Cash, Eth, and Litecoin in addition to Bitcoin. Aside from that, it also takes specific stable coin cryptos that are linked to fiat money. The US dollar, as well as the PAX, Gemini Currency, and BUSD, are some of the examples.

Acker accepts bitcoin payments via BitPay, a cryptocurrency payment processor. BitPay will take cryptocurrency payments and convert them to fiat currency for merchants. In addition, Acker’s Markets management software now includes Bitcoin and Ethereum. This will analyze the wine auction market’s information from growers, bourbons, and locations to other capital markets.

Ways How The Alcohol Industry Is Embracing Crypto Payments

2. IronGate Wine accepting Bitcoin:

IronGate Wine, a prominent online retailer of unique, rare wine holdings, has recently announced that they have finished testing and will begin taking Bitcoin (BTC) or Bitcoin Cash (BCH) as financing options for their vast online stock of vintage wine as soon as possible. IronGate Wine will use BitPay’s processing infrastructure to enable customers from all around the globe to shop for fine wine from exclusive collectors’ cellars using this innovative form of payment.

Aside from simplicity, crypto’s fraud-proof characteristics will eradicate fraudulent transactions when compared to credit cards. Furthermore, accepting crypto payments reduces the processing costs significantly when compared to credit cards. IronGate Wine is usually one of the most affordable sources of excellent and rare wine in the United States. Still, they can be more economical by lowering our processing expenses by several basis points.

3. Pubs in the UK accepting bitcoin payments:

One of these pubs accepting crypto payments is the Pembury Tavern in Hackney. Along with its sibling pubs in Cambridge, Norwich, and Peterborough, it was among the first pubs in the UK to welcome Cryptocurrencies. The method is simple, quick, and easy to understand. You may order any mild, fruity, and delicious brew and tell the cashier you want to settle in bitcoins. He brings the cost into the checkout as usual, then presses the Bitcoin button, which displays a QR code on the screen.

You can use the Bitcoin software or blockchain for iOS to scan the QR code, and you’re good to go. It is quicker than paying with a credit card, and there was no risk of fraud. BTC 0.0492 for a swift and straightforward pint of ale.

4. MyBottleshop embracing bitcoin exchanges

MyBottleShop has become the first alcohol retailer in Australia to embrace cryptocurrency as a form of payment for alcoholic beverages.

Customers may purchase a 700ml bottle of Jack Daniel’s for 0.0035 Btc, with payments completed in seconds via MyBottleShop’s Bitcoin merchant, Bitpay. Bitcoins are conveniently bought and traded online in Australia via several exchanges, and there are ATMs, with one being installed late last year at the Imperial Hotel in Sydney.

Bitpay will complete the payment, and the client will get validation from their wallet and delivery order from MyBottleShop within a few minutes.

5. Australian pubs catching up with cryptocurrency:

The Old Fitzroy put its first cryptocurrency transaction to the test some time ago. After their successful run, they began dealing with bitcoin as an approved mode of payment. The Old Fitzroy is a slick, modern, and trendy place and is as character-filled as they come, and it’s now Australia’s first confirmed pub to take bitcoin.

The pub is rich in history and functions as a guest house, and has a decent theatre out the backyard. It is located in the middle of the old working-class district of Woolloomooloo. The move by the Old Fitzroy is only one of many significant developments in Sydney’s growing bitcoin industry. This is a historic move in terms of cryptocurrency exchanges as many other local pubs started accepting the new technology in their bars after looking upon the success of Old Fitzroy Pub.

Because of the large number of individuals residing in Australia with relatives living abroad, people need to use innovative, low-cost methods to communicate with them. There hasn’t been an affordable method to transfer money till now. From that standpoint, one can say that Australians are welcoming virtual currency.

Ways How The Alcohol Industry Is Embracing Crypto Payments

In conclusion

As a consequence of conscious customers’ interest in choosing products based on quality, integrity, and sustainability, brand authenticity is valued highly. Individuals want to make educated choices which generate a need for accessible information transmission between companies and customers. Consumers gain confidence in a business as a result of this openness, which leads to increased loyalty. The points mentioned above are some of the ways which benefit the consumer in purchasing their liquor from their favorite shops.