Sep 29, 2022 at 01:15Contents
In a world where change is the only constant, not even gold can compete with the future. However, Bitcoin has taken the world by storm, and now companies are securing its future by making it the commerce currency of choice!
Image 1: The rise of Bitcoin over gold!
We were living in that people only 30 years ago could not have dreamed of in their wildest imagination. We went from the gold standard to 1s and 0s on a digital screen representing our entire net worth. As is the way of innovation, we are looking at fiat currency, the way people regard horse-drawn carriages. The world has watched cryptocurrency develop and increase in popularity over the last 13 years. Despite its current popularity, many people discounted it in the beginning. Others even regarded the technology as a joke. Nobody is laughing now because bitcoin is more valuable than physical gold.
Bitcoin is the unconquered king of the cryptocurrency world. It is currently leading the world into a fin-tech revolution. As blockchain technology has developed over the last few years, Bitcoin has continued to gain legitimacy all over the globe. As of November 2021, there are over 100 countries that have a financial policy in place that supports the ownership and use of Bitcoin. That is what we call a financial flex. On top of international approval, selective multination companies have turned the heat up for Bitcoin by allowing their customers to pay them in Bitcoin now.
This article will give you a shortlist of companies allowing you to use your digital currency to buy physical goods and services. In fact, with Microsoft on the side of innovation, you can now purchase your next Xbox gaming gift card with Bitcoin!
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Who accepts Bitcoin as payment?
The cryptocurrency phenomenon was considered a temporary craze that would go the way of 90% of start-ups during the dot.com bubble. Very few seemed to think that Bitcoin and other cryptocurrencies like Ethereum and Litecoin have been around since the late 2000s. Thankfully, those people have seen the light, and far more people have opened their very own crypto wallets. Some of those people happen to own multibillion-dollar companies.
An excellent example is Elon Musk, the founder and CEO of Tesla, who made a public purchase of Bitcoin for $1.5 billion. This moment made waves in the international news circles. It was the tech-moguls way of publicly accepting “the world’s most popular cryptocurrency as a payment for his vehicles.” This was a revolutionary moment in both the finance and automobile industry. Despite the hype only lasting for a little while, it managed to impact the public image of Bitcoin and other cryptocurrencies in the eyes of the business world. To think it only took a tiny investment of $1.5 billion to marry the worlds of commerce and cryptocurrency.
Look at the top 10 companies that have accepted the new world order and are the forerunners in the crypto-business merge.
Top 10 Companies Accepting Bitcoin
1. Wikipedia
This company is beloved by many students worldwide who want to prove their teachers wrong. Wikipedia is the world’s giant open-source encyclopedia. It is now also the first online encyclopedia to accept donations in the form of Bitcoin. The donations are accepted through BitPay. Finally, you can tell your teacher that Wikipedia is a good source of information. Perhaps leave out that the reference refers to cryptocurrency history.
2. Microsoft
Microsoft has been the original innovator since the introduction of Web 1.0. So it was no surprise to the world when the tech giant became an early adopter of bitcoin. They took the plunge in early 2014 as they allowed their users to pay for games, apps, and in-app content using Bitcoin. This effectively made the Microsoft Store, Windows phones, and Xbox a playground for crypto enthusiasts.
3. PayPal
PayPal started to accept Bitcoin (BTC) back when it was still trading as XBT. It was still relatively unpopular in mainstream society. This was an excellent market move on their part. It drew customers in from the business world to people making daily transactions. The best benefit of using BTC was that it carried dramatically lower transaction fees than most credit cards. To unlock this ability, app users need to click “checkout with crypto,” which will automatically convert the cryptocurrency to a fiat currency: less work and lower fees.
4. Twitch
There is one name that every gamer in the world knows and loves. Twitch is the unmistakable giant in the video game streaming world. Twitch is the daughter company of Amazon. Amazon’s other companies, i.e., Whole Foods, have made strides toward the crypto space. Twitch allows its players to transact on the platform using more than just Bitcoin. It even welcomes Ripple (XRP) and other altcoins, BUSD, PAX, GUSD, and the stablecoin, USDC.
5. Etsy
Etsy is an established digital platform that perfectly matches Web 3. Etsy agreed. It does not currency host a bitcoin payment portal on the site but houses the infrastructure to facilitate cryptocurrency transactions. This is all dependent on the individual sellers. The seller can add an “other” option for a payment method at checkout. This allows the buyer to select Bitcoin as their payment method of choice. The Etsy site even has a dedicated page for Bitcoin. This page has tutorials on cryptocurrency transactions and offers buyers a list of crypto-friendly merchants.
6. Starbucks
From the company that spelled your name with 2 L’s instead of 1, we also have a landmark moment for the coffee industry. In March 2020, the company announced that it would accept Bitcoin as a payment form. That is not to say that you will be able to buy your next Chai Latte with Bitcoin, but you can add it to your online tap. Their strategy mirrors that of Burger King and Etsy. Starbucks customers can save energy and hop on the crypto revolution from the comfort of their homes.
7. AT&T
Innovation paves the way for further innovation. This is the case for the mobile carrier and multination telecommunication company AT&T, which was the first of its kind to accept cryptocurrency as a form of payment. It officially partnered with BitPay to allow its users to pay their mobile bills with Bitcoin. White could not make a direct transaction using their digital crypto wallets; BitPay is the next best thing. The cherry on top is that you can pay your bills through their online app.
8. Burger King
Burger King’s crypto journey was an international one. While not available in the United States, Burger King’s Venezuela and German outlets announced that they were partnering up with Cryptobuyer. This was more related to the contemporary acceptance of cryptocurrency in these countries, but it also served as a great marketing gimmick for the country. As of 2019, their company launched a mobile app allowing Bitcoin and Bitcoin Cash payment methods. This option is, however, limited to online purchases and delivery in both Venezuela and Germany. Yet, it is still not possible to use Bitcoin at physical outlets. But it’s safe to say that the option might be viable shortly.
9. Virgin Airlines
The King of the Virgin empire, Richard Branson, is known for being an innovator. It is no surprise that he was quick to adopt cryptocurrency as a form of payment in all his companies. The most shocking aspect of the adoption is that users may even pay for flights with Bitcoin. The fact that a serial entrepreneur of the stature of Branson believes so much in the future of technology is an indicator of its longevity.
10. 4Chan
This imageboard website is a staple in the crypto community. Long-time crypto enthusiasts do not need an introduction to 4Chan, but they might need to forget embarrassing posts they made on the forum. The site is split into various sections, and each team of the board has its specific content and participation guidelines. It is not a subscription site and does not have a registration portal, but 4chan has some exciting features. The best part is that the site introduced a new “4Chan pass,” which can help users support the site while bypassing the reCAPTCHA verification process when they upload. This pass can be paid for in not only Bitcoin but also Ethereum and Litecoin, to other popular coins in the crypto space.
Pros and cons of accepting Bitcoin at a business
Nothing in this world is perfect. Before enjoying any technology, it is essential to understand precisely where that technology fails and how it succeeds.
| Pros | Cons |
| You don’t have chargeback fees to worry about, and you don’t have to comply with card companies. | You must keep up to date with changes in cryptocurrency technology and regulation. |
| It serves to attract crypto enthusiasts to your business. | The price of Bitcoin is highly volatile and could decrease overnight. |
| The fluctuation in Bitcoin price means that your profits could increase exponentially. | Tax implementation is still complex in crypto and can be troubling to navigate. |
Table 1: This is a list of Pros and Cons of accepting Bitcoin
What a Bitcoin or other crypto transaction looks like
To the average person, buying your next Starbucks order with Bitcoin might be mind-melting. Don’t worry; once you go through these steps, you’ll be able to order your next meal on your crypto dime. The first step is to know which platforms these transactions take place on.
- BitPay
- Coinbase
The next step is to know how to use these platforms when you enter a business. This is a step-by-step guide to completing a business transaction using cryptocurrency:
- You will receive a QR when you opt to pay with Bitcoin.
- The QR contains an address where your digital crypto wallet or app will send your Bitcoin. It’s like Zapper or any other digital banking app.
- You will need to verify your crypto transaction. This is where you draw up a two ft wall made of opaque windows to hide you while you enter your private key password.
- The Merchant then chooses whether they want to receive your payment in Bitcoin or convert it into dollars. (But that’s not your issue to ponder)
Congratulations! Follow these four simple steps and get your first crypto transaction under your belt.
Will more companies accept Bitcoin?
The world is changing faster than any of us can imagine. Unfortunately, this means that technology will not wait for us to catch up. Fin-tech is no exception to this rule of the universe. This is how the world moved from a Fiat currency system that was almost entirely physical, the beloved US dollar or bold red Yuan, to an almost wholly digital system housing the same currencies. This has been a slightly unorthodox migration of the monetary system. Still, now that the cryptocurrency has been introduced into the world, there is no putting it back in pandora’s box.
The verdict is that Bitcoin is here to stay!
If current trends are anything to go by, cryptocurrency will become more popular worldwide. Companies and countries have caught onto this and are rapidly adopting these currencies, majorly Bitcoin. This will only increase over time, but the world needs to implement legal and financial policies before this happens. Thankfully, this system is well on its way with the legalization of Bitcoin in over 100 countries and introduction of cryptocurrency as an alternative payment method. Cryptocurrency is no longer a simple investment asset. It has evolved, and now it’s time for the world to catch up.
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