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Bitcoin adoption increases with African retailer Pick n Pay

Customers of Pick n Pay in South Africa can now shop for everyday goods and food with Bitcoin as a form of payment.

Despite the ongoing bear market, one of the largest African retail stores has just accepted Bitcoin payments. Bitcoin’s price is down by approximately 70% from its peak, but that doesn’t stop merchants or huge asset managers from adopting cryptocurrencies. This time, it’s Pick n Pay. 

Pick n Pay accepts Bitcoin

One of the biggest merchants in South Africa, Pick n Pay, has begun accepting Bitcoin payments in its stores. The store expanded a test program that started with 10 locations five months ago, to 39 overall. 

Related article: This is how crypto “Uptober” actually went

In the upcoming months, Pick n Pay said it intends to make the payment option available at all of its locations. It’s important to note that the company has almost 2,000 locations that could potentially adopt Bitcoin payments as well. 

Customers can now use Lightning wallets to make even the smallest payments through Pick n Pay’s BTC-enabled payment gateway. This will allow the transfer of even the tiniest payments possible. 

Lightning Network uses a minimum of transaction costs while guaranteeing quick payments, as was widely demonstrated by El Salvador’s adoption of Bitcoin last year. Reportedly, the payment is as easy and safe as a regular payment with a credit or debit card. 

Pick n Pay charges a small fee for the possibility of a payment in crypto. The cost is about four cents from a US dollar. For now, mainly crypto enthusiasts and under-served people by the traditional banking system will be keen on using this payment method.

Also read: Will crypto become a part of retirement portfolios?

Pick n Pay accepting Bitcoin payments is just one piece of the puzzle as worldwide adoption continues to increase regularly. If this trend of acceptance continues, it could support another notable bull run in a year or two. 

I got into financial markets by accident in 2012 and started with Forex trading. Later in 2017, I started investing in stocks in cryptocurrencies and began writing articles profess...


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