More and more businesses have started to accept cryptocurrency as 2021 has shattered the walls between crypto and mainstream businesses.
Crypto has often been criticized as volatile, and not fit for use by traditional businesses.
However, this stereotype is wavering, and many companies, like Microsoft, PayPal, and Pizza Hut Venezuela are will now accept cryptocurrency such as Bitcoin for their transactions.
We have compiled the most up-to-date list of companies that are now using crypto.
Major businesses that now accept crypto
1. Microsoft
Microsoft has been early on the scene. It has accepted cryptocurrency as payment for games, apps, etc. on Xbox and Windows phone since 2014.
Apart from using crypto for transaction, Microsoft has also launched the ION Decentralised Identifier (DID) network, used to authenticate identity online.
Currently the company is also looking into the use of Ethereum blockchain to combat digital piracy using a system named Argus.
2. Venmo
Owned by PayPal, Venmo has announced a “Cashback to Crypto” feature. Venmo Credit card users can now purchase crypto using the cashback earned from their card purchases. Currently, there are four cryptocurrencies to choose from – Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
3. Pizza Hut (Venezuela)
All Pizza Hut Venezuela restaurants are now accepting payment in Bitcoin, dash, and with payments partner CryptoBuyer’s own token XPT.
4. Starbucks
Customers can now load their Starbucks cards with Bitcoin via the Bakkt platform and Starbucks app. While it is not a method to pay directly, it does make crypto payment more accessible.
5. Sotheby’s
In an innovative turn, Sotheby’s, a fine art auction house will accept cryptocurrency such as Bitcoin and Ethereum as payment for Banksy’s Love is in the Air, through a collaboration with Coinbase.
6. Coca-Cola Amatil
Approximately 2000 vending machines accept payment in crypto in Australia and New Zealand. This is with the help of a partnership of the company with Centrapay.
7. Whole Foods
Flexa, a payments start-up, joined forces with Gemini, a digital currency company in 2019. This allowed for instantaneous conversion of Bitcoins into dollars. Whole Foods was one of the first big retailers to adopt this technology into their digital scanners, which were already being used to accept phone-based payments.
8. Home Depot
The largest hardware store chain in the United States, also uses the Flexa system to accept payments in crypto.
9. Etsy
Etsy does not have a direct automated processing system for accepting Bitcoins. However, it provides an option for buyers to directly contact the seller. Many of these sellers accept direct payments made with Bitcoin on their Bitcoin Payment Address. Etsy has the option for users to “add” payment options to their settings so that cryptocurrency payments can be included.
10. NewEgg
An online electronics giant, Newegg lets you pay with Bitcoin outright, without requiring any conversion. It also sells cryptocurrency mining starter kits.
11. Rakuten
Rakuten is a Japanese Cashback/Shopping site. It allows Bitcoin payments by integrating the Bitnet payment processing platform into its own marketplaces. Rakuten Wallet also supports altcoins, like Bitcoin Cash.
12. Twitch
Twitch also joined the crypto scene in 2014. Users can pay in Bitcoin, and altcoins such as Bitcoin Cash, Ethereum, BUSD, PAX, GUSD, USDC and XRP.
13. KFC (Canada)
KFC Canada accepted payment through BitPay for a “Bitcoin Bucket” that would be delivered straight to the home of the customer.
14. Overstock
Overstock is an American retailer that sells items at a lower price due to overstocking, primarily furniture. Partnering with Coinbase, a Bitcoin platform, Overstock offers Bitcoin payments for its online orders.
15. Wikimedia
Wikimedia (parent company that operates Wikipedia) has been accepting donations in Bitcoin since 2014 via Bitpay.
16. Tesla
Tesla had already done a pilot run with cryptocurrency. But due to environmental concerns over the current method of mining, it was ceased.
However, the pause is only until crypto mining goes green. Therefore, it is expected that Tesla will be joining the list of companies that accept cryptocurrency very soon.
Determining the Value of Cryptocurrency
The number of users of cryptocurrencies has grown by 66 million between 2018 and the last quarter of 2020.
While crypto lacks intrinsic value, it has value in:
- Making transactions without involvement from a third party.
- As a replacement for base layer settlement.
- People with no access to traditional banks can enter the financial system with the help of cryptocurrencies.
- Storage, due to their limited quantity much like a digital form of gold.
The Future of Crypto
Many see the DeFi (Decentralised Finance) system as one that offers better transactional security and more transparency as compared to the traditional system.
While the former system allows for anonymity, financial transactions can still be traced for proof. Transactions made using this system cannot be changed or forged.
In the future, an increase in its use case is expected, as there is more ease in making cross-border transactions with cryptocurrency.
Raising capital would be more transparent, as a check of the blockchain would make all transactions open to the public.
As it has a finite supply, it encourages exponential growth in its value, making it more valuable in the long run.
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