Bitcoin’s Primer payment adoption is huge for its MoE credential; Why?

Saif Naqvi
Source: Pixabay

Bitcoin is increasingly gaining prominence as a medium of exchange(MoE) alternative despite some voices raised against its environmental impact. On Tuesday, Primer Payments, an automated payments infrastructure platform, partnered with OpenNode to enable one-click Bitcoin payments to merchants around the globe.

The deal enhances payment options accessible to Primer merchants operating in 30 countries worldwide, who would now be able to accept Bitcoin as legal tender through a one-click checkout option.

Meanwhile, Josh Held, Head of Strategy at OpenNode – a Bitcoin payments infrastructure provider with its foothold in 126 countries, said,

Our partnership with Primer will enable diverse businesses, from large multinationals to sole proprietors, to integrate bitcoin payments for their customers...OpenNode has believed in the promise of Bitcoin and Lightning-powered payments for a long time, and demand is now growing exponentially.”

Coinbase x Primer

On the same day, Coinbase Commerce also partnered with Primer to make it simpler for mid-market and enterprise merchants to accept crypto payments with Coinbase.

The popular crypto platform had said that 40% of consumers surveyed globally planned on using cryptocurrency to make a payment within the next year and said that the deal would help Coinbase merchants meet this demand by creating a smooth cryptocurrency checkout experience.

Bitcoin as payment – Forces on either side

Bitcoin’s growing popularity has prompted several firms to test the waters with crypto payments. Several advantages are at hand as consumers mull over reducing their dependency on physical banknotes and moving to a more cashless society.

The same also presents opportunities for e-commerce platforms to expand their payment options for users. Last year, David Marcus left his position as Facebook’s crypto chief to launch Bitcoin payment startup, Lightspark. Venture capitalists Andreessen Horowitz (a16z) and Paradigm were some of the notable investors in the new venture.

Although Bitcoin’s utility is spreading like wildfire, some remain skeptical of its future success as a payment method. Sam Bankman-Fried, CEO of the fast-growing crypto exchange FTX, had reportedly said that Bitcoin isn’t a suitable payments network due to the network’s proof-of-work algorithm which generates high energy costs.

Instead, the FTX chief argued that proof-of-stake crypto networks offer the low costs and high transaction speeds needed for a payments system. However, he did clarify that Bitcoin would still have potential as a store of value.