Charles H. Miller
Bitcoin is getting more popular with the day, with users now being able to spend their cryptocurrency at more than 100,000 retailers. And now we have one of the “Big Four” auditing and accountancy firms, PricewaterhouseCoopers (PwC), accepting its first ever Bitcoin payment. In case you wonder, the other “members” of the “Big Four” group include Deloitte, Ernst & Young (EY) and KPMG.
According to a report by The Wall Street Journal, PwC’s Hong Kong office accepted the Bitcoin payment for its work with local companies working in the cryptocurrency and blockchain space.
The move demonstrates how PwC is “embracing new technology,” with PwC Asia-Pacific chairman Raymund Chao adding: “It is also an indication that bitcoin and other established cryptocurrencies have now developed into more broadly accepted forms of settlement.”
PwC was one of the first companies to recognize the potential of decentralized computing, and is running its own blockchain research laboratory in Belfast.
PwC investigated blockchain’s potential in wholesale insurance
It was back in June 2016, when PwC launched a research project to investigate the potential of blockchain in the wholesale insurance industry through a survey and proof-of-concept prototype.
The study was conducted in partnership with the Z/Yen think tank’s Long Finance initiative in an effort to create “a common view of the potential benefits that blockchain could bring.” The goal was to identify “priority business use cases” and develop a roadmap for future blockchain developments.
“With a new technology like blockchain it’s fundamental that you work in an agile way to prove that the technologies not only work, but provide the right solutions to specific business problems,” PwC partner Steve Webb said at the time. “Businesses need to build, learn from mistakes refine and improve.”
PwC sees Bitcoin being used for content purchases
Even before that, PwC published a report to identify which industries could benefit the most from cryptocurrencies.
Titled “Digital Disruptor: How Bitcoin is Driving Digital Innovation in Entertainment, Media and Communications,” the report looked at both good and bad sides of cryptocurrencies. The former included low transaction fees, daily cash outs, pseudo-anonymity for users, no payment reversals and the availability of merchant tools. On the other hand, volatility and the lack of regulations were mentioned in the “cons” part, though today we know that volatility is what makes people investing in crypto assets rich. And in that sense, a few mind the lack of regulations.
PwC added that free publicity is a special benefit for businesses who start accepting cryptocurrency payments. Looking at the Overstock example, we couldn’t agree more — would they really get all the media love without their decision to allow users to pay with 40 different tokens? I don’t think so.
PwC thinks that cryptocurrency can be used to monetize all sorts of content, from blog posts to multimillion dollar films, as well as for downloads, gaming and gambling.
“Bitcoin presents an opportunity for filmmakers, musicians, artists, authors, and other content creators to more easily sell their work directly to fans worldwide, bypassing a byzantine maze of country-based currencies, payment networks, gateways and distribution platforms. Given its no-chargeback model, bitcoin makes global direct selling more attractive as a hedge against credit card fraud,” the report concluded.
So what’s next?
We must add that just because PwC’s Hong Kong office has accepted payment in bitcoin from one client doesn’t mean all of the company’s branches are willing to do so. Nonetheless, it is an important move towards the wider cryptocurrency adoption, and we wouldn’t be surprised to see PwC starting to accept such payments all around the world. Similarly, we are waiting for the day when other professional services firms will follow suit to ultimately bring Bitcoin and other cryptocurrencies to the new heights.
Good days ahead… That’s if you own some crypto assets, of course.
