Alcohol and Crypto Now Go Hand in Hand

The financial world has become increasingly more receptive to cryptocurrencies. A 2020 study conducted by HSB, a cyber insurance and inspection company, concluded that more than 36% of small and medium businesses accept cryptocurrency payment. Large financial organizations, such as Morgan Stanley, also offer its wealthy clients access to Bitcoin funds. Owners of Visa debit cards can use crypto rewards cards for their everyday purchases. PayPal customers are allowed to pay for money transactions with crypto, and Starbucks coffee has long been sold for digital coins. As more and more organizations begin to look kindly on cryptocurrencies, reasons to buy BCH or other altcoins become stronger. For lovers of booze, the main reason to purchase crypto stems from the alcohol industry’s enthusiastic embracement of crypto payments. If you're looking to trade crypto, look no further than Bitsgap.

Indeed, brewers, distillers, and winemakers have been progressively using innovative technology to improve their profitability. The newest trend for the alcohol industry is blockchain technology and cryptocurrencies. Many alcohol producers and sellers have recently widened their scope of payments to attract more customers to their beverages.

Acker, the world’s most exquisite wine auction company, has started accepting a variety of payments in both auction and commercial settings, allowing wine connoisseurs to pay in Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. StillFire Brewing, which has been brewing award-winning craft beers since 2019, now welcomes drinkers of beers to pay in Bitcoin in the taproom.  IronGate Wine, a prominent retailer of rare wine holdings, too, now takes Bitcoin and BCH as financing options for their large online stock of vintage wine.

The USA is not the only country where alcohol and cryptocurrencies now go hand in hand. The spirit of cryptocurrencies has also swept over the alcohol industry in Europe.  Last year, French wine distributor, Vin Malin, announced that it would receive cryptocurrency payments, mainly in Bitcoin and Ethereum. Other French wine merchants have upheld the new tendency so enthusiastically that they have transferred their payments entirely to crypto.  BTC Wine, run by Lasserre & Papillon, is a Bordeaux-based company that sells wine solely in Bitcoin.

In Ireland, alcohol and crypto have joined forces with even more gusto. In April 2021, Irish whiskey company Kinsale Spirits announced its plans to hold an NFT auction for rare aged spirits. One of the company’s offerings was 20-year old single malt, with opening bids starting at $10,000. Although the malt seemed pricey, arbiters of whiskey taste assured bidders that it was one of very few left in circulation. The rare malt was meant to draw the attention of whiskey lovers. But what made Kinsale Spirits’ auction truly groundbreaking is that it brought NFTs into the mix.

England has proved to be more democratic than its neighbor when it started to invite regular pub-goers, rather than rich gourmets, to pay for drinks in cryptocurrencies. Pubs across the UK, in Cambridge, Norwich, Peterborough, and Hackney, have recently begun to welcome cryptocurrencies. The payment method they use is quick and easy to understand. When people order their brew, they just need to tell the cashier that they want to pay in Bitcoin. The cashier then brings the cost into the checkout as usual and presses the Bitcoin button, which displays a QR code on the screen. Customers can use the Bitcoin software or blockchain for iOS to scan the QR code. This payment method is quicker than paying by a credit card and is equally secure.

Australian pubs have followed suit after the Old Fitzroy Pub had performed its first cryptocurrency transaction. Now the pub takes Bitcoin regularly as an approved mode of payment, thereby attracting customers who enjoy the idea of combining seasoned drinks with leading-edge technology. Impressed by the Old Fitzroy Pub’s growing popularity, many other local pubs have started accepting cryptocurrencies in their bars. In addition to using QR code for their payments, Australian pub-goers can also use Bitcoin ATMs mushrooming across the main cities and connecting them to their Bitcoin wallets or exchanges.

The endorsement of cryptocurrencies by the alcohol industry points to a general trend happening in the world. As we become more responsive to the idea of digital money, other sectors will soon turn to cryptocurrency, welcoming it with open arms.