Retailers worldwide are cashing in on Bitcoin

Bitcoin is often labeled as "digital gold"—a long-term store of value rather than a practical medium of exchange. But a new report challenges that perception, arguing that Bitcoin was designed for payments, not just for hoarding.

Danny Stagg, co-author of the report Bitcoin Payments: From Digital Gold to Everyday Currency, told The Crypto Radio how Bitcoin is already being used for daily transactions worldwide. He discussed how technological improvements, particularly the Lightning Network, have made Bitcoin payments faster and more practical, opening up new opportunities for businesses and consumers alike.

“I think to most people, they'll be surprised that it's used every day as an everyday currency,” Stagg said. “Trillions of payments (fiat)… are used in the payment system globally today, Bitcoins, not even a fraction of a percent today of that. But the opportunity is massive, so it's exciting.”

The report examines various sectors where Bitcoin adoption is taking off, from large retailers in South Africa to remittance services in Nigeria. It also explores the role of businesses like Mercari in Japan, which have successfully introduced Bitcoin payments to millions of users.

Global adoption is already happening

Despite the perception that Bitcoin is primarily an investment asset, many businesses worldwide are already accepting it for daily transactions. Stagg pointed to South African retailer Pick n Pay as an example of how Bitcoin is being used for groceries and other essentials.

“Pick n Pay is one of the largest retailers in South Africa, and folks there can buy any grocery or good, and they're doing so with Bitcoin on a daily basis,” he said.

Other businesses, from Italian furniture retailers to global service providers like Proton Mail, have also embraced Bitcoin payments. The report highlights Nigeria’s Bitnob, a remittance service that allows users to send cross-border payments at a fraction of traditional costs.

“What Bitcoin unlocks is that folks can remit money now at smaller denominations,” he said. “Traditionally, [people needed] to accumulate some money to make it worthwhile, because they (banks and traditional services) take away anywhere from 5% to 20% of your money.”

Beyond businesses, Bitcoin is also being used in unexpected ways, from online micropayments to innovative financial services that were previously impossible under traditional banking systems.

The Lightning Network is a game changer

Bitcoin’s early attempts at adoption were hindered by slow transactions and high fees, but the Lightning Network has significantly changed the landscape. The layer-2 solution allows Bitcoin transactions to be processed faster and more affordably, making real-world payments viable.

“(A) lot of companies saw Bitcoin early on and integrated Bitcoin, kind of the main chain transactions,” Stagg said. “What they then saw was that it was slow, it could be expensive, and it didn't work the way that I just mentioned about value information in real time.”

By enabling instant, low-cost transactions, Lightning has fueled a new wave of adoption. Companies like Stagg’s own—Breez—are providing “Lightning as a service” to help businesses seamlessly integrate Bitcoin payments.

“What we do is we help companies integrate Bitcoin payments into the app or service… people can just drag and drop into their app and then they can send payments wherever they want,” Stagg explained. “What we're creating is the best user experience, so you can then send and receive effortlessly.”

Adoption of Bitcoin payments isn’t just driven by ideology—it’s also about financial incentives. Businesses are beginning to recognize that accepting Bitcoin can help reduce transaction fees and attract new customers.

Stagg cited Mercari, Japan’s largest online marketplace, as a case study in how businesses can benefit. Initially offering Bitcoin as a trading service, Mercari quickly saw 2 million of its 23 million users engage with it within a year. Encouraged by the response, the company integrated Bitcoin payments into its platform, leading to 100,000 transactions in the first month.

With major platforms like Coinbase, Binance, and Kraken integrating Lightning, the ecosystem is growing rapidly. The report estimates that 650 million people now have access to the Lightning Network, creating a substantial user base for Bitcoin payments.

Beyond payments and other utilities

Another case study highlighted in the report is THNDR, a Bitcoin gaming company that allows users to earn small amounts of Bitcoin through gameplay. 

“In three and a half years, they get 289 million Satoshis in payments to the users, which is wild,” Stagg said. “They are also now integrating into various applications too.”

Bitcoin is also making its mark in culture. PUBKEY, a Bitcoin bar in New York, made headlines when incumbent US President Donald Trump used Bitcoin to buy a burger.

“That, for me, tells me we're at the tipping point culturally,” Stagg added. “We have these exciting use cases, we have these kind of seminal moments. I think that's a really good platform for us.”

While challenges remain—such as regulatory hurdles like capital gains taxes—Stagg remains optimistic about the future of Bitcoin payments.

With the Lightning Network making transactions seamless and major companies embracing Bitcoin, the barriers to mainstream adoption are gradually fading. Stagg believes that Bitcoin is poised for significant growth as a payments network, not just as an investment asset.

“You’re kind of at the start of the rocket launch, I guess,” he said.

Bitcoin may have started as digital gold, but its evolution into a functional, global payment system is already well underway.

 

Listen to the whole interview on The Crypto Radio's live player or in Guardians of Bitcoin podcast.