Home News Crypto News AMC to Accept Payments in Ethereum and Litecoin alongside Bitcoin

AMC to Accept Payments in Ethereum and Litecoin alongside Bitcoin

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AMC Entertainment Holdings Inc. (AMC), a movie theatre chain, announced plans to introduce ethereum and Litecoin as a payment method alongside bitcoin. The CEO, Adam Aron, announced on 16th September on his Twitter account. Last month, they had announced plans to accept bitcoin payments before the end of the year. However, they are exploring other promising cryptocurrencies with lucrative business opportunities like Ether, Litecoin and Bitcoin Cash(BCH).

Moviegoers can use cryptocurrency to buy tickets online, snacks and concession payments. The CEO added that crypto payments provide customers with a reliable and secure method of payment. Besides, the increasing number of crypto users makes digital currency important for business and the step to accept crypto payments helps AMC prepare for the future. Adopting digital currencies can improve the financial outlook of AMC after escaping bankruptcy during the Covid-19 pandemic.

Should You Use Crypto to Pay for Movie Tickets?

Plans to introduce digital payments sparked positive reactions from crypto enthusiasts, with some demanding that Dogecoin should also be considered. However, is it a good idea to use crypto for concession payments?

Bitcoin, ethereum and Litecoin are easily found in cryptocurrency exchanges, making them easy to use in transactions. For instance, bitcoin cash and Litecoin were designed for digital payments since they are cheaper and faster versions of bitcoin. If you bought crypto for long-term investment, it might not be advisable to use it for movie tickets. While they were designed as methods of payments, you need to factor in volatility and transaction charges. Transacting with crypto in the USA attracts similar taxes as a property. Therefore, when you spend, the IRs will interpret it as a sale.

That doesn’t mean using bitcoin cash, Litecoin and ethereum don’t have their benefits. You can avoid credit card fees, and you don’t need a bank account to transact.