In a rapidly evolving digital age, the way we make payments is constantly changing. Traditionally, cash and card have been the go-to options for transactions, but now, businesses are starting to embrace cryptocurrencies as a new form of payment. One such business leading the way is Prevail Coffee, located on Montgomery’s Dexter Avenue.
Founder Wade Preston has recently introduced the option for customers to pay using cryptocurrencies at his coffee shop. Not only does this provide a more convenient payment method for customers, but it also benefits the overseas suppliers of Prevail Coffee. Preston explains, “People can pay with cryptocurrency. They pay with a stable coin, so it’s just like a U.S. dollar. And when they do, a portion of every sale goes to one of our coffee-growing partners in Costa Rica.”
To shed more light on this innovative payment method, Prevail Coffee hosted a panel discussion that featured Preston, an official from cryptocurrency platform Coinbase, and state representatives from both political parties. State Rep. Phillip Ensler, a Democrat, expressed bipartisan support for cryptocurrencies, stating, “The reason I think that there’s so much bipartisan support on this is that it economically can benefit so many people. If they are able to access this other kind of currency, if they’re able to access this other kind of technology, it can mean more money in their pockets.”
Republican state Rep. Mike Shaw, who has been involved in cryptocurrency for over a decade, shared his insights on the potential future of this technology. He mentioned, “It will be interesting one day if AI and crypto merge a little bit. You’ll see something like that at some point in the next few years.” Shaw emphasized that many state lawmakers are still in the process of educating themselves on cryptocurrencies, as the technology is relatively new.
The event also saw the presence of Republican U.S. House candidate Caroleene Dobson, who has owned cryptocurrency for six years and spoke positively about its benefits. With around 20% of Alabamians reported to own cryptocurrency, it is clear that this form of payment is gaining traction in the state.
As the adoption of cryptocurrencies continues to grow, the question arises of whether this new payment method will become a permanent fixture in businesses like Prevail Coffee. With ongoing discussions and education on the topic, it is evident that the future of payments may be more digital and decentralized than ever before.
In conclusion, the integration of cryptocurrencies into businesses like Prevail Coffee represents a significant shift in the way we think about payments. With bipartisan support and a growing number of users, it will be interesting to see how this technology shapes the future of commerce in Alabama and beyond. Stay informed on the latest local news and breaking alerts by signing up for the WSFA Newsletter.
