Over the course of its existence, Bitcoin has steadily risen to become the unrivaled frontrunner in the crowded cryptocurrency market place, capturing global attention and reshaping our understanding of digital assets.
As the undisputed vanguard of digital currency, Bitcoin has not only earned a place at the table, but it has also been widely recognized as a legitimate method of transaction by countless businesses.
For instance, the possibility of topping up your Microsoft account using Bitcoin or other cryptocurrencies is now a well-established reality.
But the embrace of Bitcoin extends beyond just Microsoft. Indeed, the acceptance of cryptocurrency as a viable method of payment has been proliferating at an unprecedented rate.
A recent survey by the Hartford Steam Boiler Inspection and Insurance Company revealed that approximately one-third of small and medium-sized businesses in the United States, or about 36%, now accept Bitcoin as a form of payment for their products and services.
In its ascendance, Bitcoin has radically transformed the landscape of digital transactions, providing an alternative means of transferring funds to those who lack access to traditional banking systems.
The following sections will delve into the specifics of which companies accept Bitcoin as payment and which cryptocurrencies enjoy the most widespread popularity as of today.
Who Accepts Bitcoin and Other Cryptocurrencies?
As innovative and potentially transformative as blockchain technology is, it remains a complex and confusing concept for a significant portion of the population.
Despite this, numerous large corporations in the United States are capitalizing on the possibilities it offers.
Bitcoin has evolved from an obscure virtual coin, favored by a niche group, to a widely adopted mode of payment. Millions now view Bitcoin and other cryptocurrencies as the monetary systems of the future.
Highlighted below are key players who are at the forefront of adopting cryptocurrency as a payment method:
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Microsoft
Beyond merely enabling customers to top up their Microsoft accounts using Bitcoin, the multinational technology company has expanded the scope of their cryptocurrency acceptance.
Bitcoin can now be utilized to purchase a wide array of Microsoft services, from Xbox Live memberships to Microsoft apps, games, and other digital content.
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Wikipedia
Wikipedia, the world’s largest open-source encyclopedia, also supports the Bitcoin movement by accepting donations and financial contributions via this cryptocurrency.
The non-profit organization that manages Wikipedia, Wikimedia Foundation, utilizes BitPay as their payment platform to facilitate these transactions.
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Paypal
Paypal, a renowned financial platform, offers a broad spectrum of services related to cryptocurrency.
Beyond the buying and selling of cryptocurrency, Paypal customers residing in the United States can also use their digital currency holdings at various merchants who are open to accepting Paypal payments.
The list of accepted cryptocurrencies includes Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.
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Starbucks
Starbucks, the international coffeehouse chain famous for its delectable selection of beverages, may not yet accept Bitcoin directly at the register, but it provides an alternative method. Through the coffee company’s app, Bitcoin owners can deposit funds for future purchases.
The implementation is made possible by Bakkt, a third-party digital wallet application, which can swiftly convert Bitcoin into dollars for use at its affiliated partners, including Starbucks, thereby integrating digital assets into daily caffeine routines.
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AT&T
Heralded as a trendsetter in its field, AT&T, a leading telecommunications provider in the United States, has broken ground by offering a crypto payment option for its customers.
Through BitPay, a trusted third-party payment gateway, AT&T provides an avenue for consumers eager to use Bitcoin or other cryptocurrencies to settle their accounts. This digital leap allows customers to select BitPay as their preferred payment method when finalizing transactions.
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Overstock
Long recognized as a well-established online retailer in the United States, Overstock marked a significant milestone by becoming the first major retailer to accept cryptocurrency.
This leap into the digital future was made possible through a strategic partnership with Coinbase, a digital currency exchange.
This bold move placed Overstock significantly ahead of the curve, even before industry heavyweights like Paypal and Microsoft began embracing cryptocurrency as a valid form of payment.
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Twitch
With a foresight for future trends, Twitch, a leading game streaming platform owned by Amazon, introduced cryptocurrency to its payment options as early as 2014.
Accepting Bitcoin, Ether, Bitcoin Cash, XRP, USD Coin, and a handful of lesser-known currencies such as PAX, BUSD, and GUSD, Twitch has broadened the payment landscape for its globally diverse user base.
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Amazon
Amazon, the e-commerce behemoth, is yet to integrate cryptocurrency into its direct payment methods.
However, if users are keen on spending their Bitcoin, they can turn to the services of Purse.io. This platform facilitates the use of Bitcoin for purchases on Amazon, thereby providing an innovative solution for cryptocurrency holders.
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Home Depot
Home Depot, the leading home improvement retailer, integrates Bitcoin payments via the Flexa digital payment system.
With this system, they can accept Bitcoin without necessitating the purchase of additional hardware or software. This move reflects Home Depot’s effort to embrace innovative technologies and cater to a wide range of customer payment preferences.
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Whole Foods
Whole Foods, a renowned grocery chain, also utilizes the Flexa platform for its transactions. Flexa is designed to convert cryptocurrency into dollars instantly, which lets customers experience the ease of payments using Bitcoin.
By embracing this cutting-edge technology, Whole Foods has demonstrated its commitment to consumer convenience, aligning with the ongoing shift towards digitalization and the acceptance of cryptocurrencies.
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CheapAir
An online travel agency known as CheapAir made a significant move by initially accepting crypto payments via Coinbase. However, they later transitioned to using BTCPayServer, another reliable crypto payment gateway.
They now accept an array of stablecoins and digital currencies as payment for their services. These currencies include BTC, ETH, USDC, GUSD, and DOGE, opening up new avenues for crypto enthusiasts who travel frequently.
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Newegg
Newegg provides a remarkably simple method for customers to utilize their Bitcoin for purchases. Unlike some companies, they do not require a separate app to convert Bitcoin into cash.
Instead, they offer an option to “Pay With Bitcoin” at checkout. This straightforward approach can be a game-changer for Bitcoin users looking for an easy way to spend their digital currency.
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Namecheap
Ever since 2013, Namecheap has been a forerunner in accepting Bitcoin as a form of payment.
Offering services such as web hosting and domain name registration, Namecheap has continued to embrace Bitcoin, evidencing their dedication to digital advancement and the diversification of payment methods.
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Rakuten
Rakuten, with its versatile wallet, allows users to load Rakuten Cash using cryptocurrency. It also accepts other digital currencies such as Ethereum and Bitcoin Cash, broadening its reach among crypto users and making itself a more accessible platform for those immersed in the digital economy.
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Fast Food Restaurants
Several fast-food chains around the world have joined the crypto bandwagon. Outlets like Pizza Hut and Burger King in Venezuela, KFC in Canada, Quiznos in the Denver airport, and various Subway branches accept cryptocurrency.
By doing so, they cater to a broad customer base and set a precedent for other restaurants to follow.
Beyond these companies, a slew of others including AMC, Travala, Norwegian Air, Virgin Galactic, JC Penney, GameStop, Gap, Shopify, Dallas Mavericks, Miami Dolphins, Gyft, Pirate Bay, The Internet Archive, and select Etsy vendors have also begun accepting cryptocurrencies, further endorsing its growing legitimacy in the marketplace.
Most Popular Cryptocurrencies
So what are the most popular cryptocurrencies today? According to CoinDesk, the crypto topping the charts right now are the following:
- Bitcoin (BTC): Originally designed as a digital payment system, BTC is still the most popular cryptocurrency – highly valued despite periodic dips throughout its history.
- Ethereum (ETH): Ether’s value has increased dramatically since its inception, but it still falls short compared to Bitcoin’s current value.
- Solana (SOL): By attracting users with its fast transaction speeds and low costs, Solana rapidly gained traction in selling non-fungible tokens (NFTs).
- XRP: The crypto of Ripple’s digital payment network, XRP is faster and more effective in powering global transactions.
- Tether (USDT): One of the first cryptocurrencies to link its value to a paper monetary system (US Dollar), Tether is today’s most valuable stablecoin.
- Cardano (ADA): Cardano is a more scalable and secure method of maintaining decentralization that employs Ouroboros, a peer-reviewed blockchain framework.
- USD Coin (USDC): Tied to the US Dollar, USDC is more stable than other cryptocurrencies – making it ideal for digital payments.
- Stellar (XLM): Created as an open network for moving and storing currency, XLM allows easy digital money trading.
- Polkadot (DOT): Polkadot’s mission is to enable various blockchains to swap data and complete transactions with each other.
- Polygon (MATIC): Its rebrand this year expanded its use case – resulting in a significant gain in value, rising from its January 1 price of $0.01 to its present value of $2.16.
| Cryptocurrency | Overview |
|---|---|
| Bitcoin (BTC) | Originally designed as a digital payment system, Bitcoin is currently the most popular cryptocurrency. Its value has remained high despite experiencing periodic dips throughout its history. |
| Ethereum (ETH) | Since its inception, Ethereum's value has seen a dramatic increase. However, when compared to Bitcoin's current value, it falls short. |
| Solana (SOL) | Solana has quickly gained traction in selling non-fungible tokens (NFTs) due to its fast transaction speeds and low costs. |
| XRP | As the cryptocurrency for Ripple's digital payment network, XRP stands out for its speed and effectiveness in powering global transactions. |
| Tether (USDT) | Tether, one of the earliest cryptocurrencies to link its value to a traditional currency (the US Dollar), is currently the most valuable stablecoin. |
| Cardano (ADA) | Cardano offers a more scalable and secure method of maintaining decentralization. It uses Ouroboros, a peer-reviewed blockchain framework. |
| USD Coin (USDC) | Tied to the US Dollar, USD Coin is more stable than other cryptocurrencies, making it a favorable choice for digital payments. |
| Stellar (XLM) | Stellar was created as an open network for moving and storing currency, making the trading of digital money easier. |
| Polkadot (DOT) | Polkadot's primary aim is to facilitate different blockchains in exchanging data and completing transactions with each other. |
| Polygon (MATIC) | Polygon saw a significant increase in value following its rebranding this year, with its price jumping from $0.01 on January 1 to its current value of $2.16. |
Start Using Cryptocurrency and Improve Your Business
These notable brands have already initiated progress towards a superior digital payment system by embracing Bitcoin.
While the universal direct acceptance of Bitcoin remains a distant goal, the trend of its escalating use is clear and unstoppable. For businesses aiming to stay ahead of the curve, adapting to accept cryptocurrency could bring significant benefits.
It’s not merely about riding the trend; instead, it signifies their willingness to adopt new technologies, meet customer expectations, and future-proof their operations in an increasingly digital world.
Image: Depositphotos
This article, "Who Accepts Bitcoin as Payment?" was first published on Small Business Trends