When Bitcoin was initially introduced 12 years ago, it pledged to be a payment revolution. Creating the ability to transmit money without the use of a bank as a middleman. It signified, among other things, that billions of unbanked individuals could be able to stop depending entirely on cash.
Since then, a lot has transpired. There are around 11,000 cryptocurrencies available, as well as over 400 cryptocurrency exchanges. Approximately 14% of American people possess bitcoin, with much more planning to get some. El Salvador has even taken it up a notch by declaring Bitcoin a legal currency.
Even though, a number of problems have arose, including environmental concerns, volatility, and transaction costs. All of which have impeded crypto’s growth as a payment method. Nevertheless, this hasn’t stopped several major corporations to accept cryptocurrencies. Read on to find out major corporations accept bitcoin as a currency.
Paypal is a digital payment network within itself, but after three months of Microsoft accepting Bitcoin, they followed suit. Unlike other conventional currencies, Bitcoin has been recognized by several media businesses to be an autonomous currency not regulated by any government. All of this occurred as a result of the 2014 Bitcoin controversy.
Despite all of this, a powerhouse like Paypal stepped up to take Bitcoin as payment. PayPal’s move aided the company’s efforts to gain new consumers. Seeing as Bitcoin transactions were less costly than those of other currencies. This was done to help the company develop while also saving money on taxes.
Starbucks is another well-known brand that accepts Bitcoin as payment. Who hasn’t heard of Starbucks? It’s a major enterprise with a large consumer base. This corporation in 2020 declared its intention to join the Bitcoin revolution.
Starbucks does not accept Bitcoins directly; alternatively, they employ a separate system that converts Bitcoin into other accepted money. This is an electronic payment software that allows you to make this payment and does not require much of your time.
You can easily pay for Starbucks with Bitcoin by adding Bitcoin to items such as gift card balances and frequent-flyer points. It indicates that Starbucks accepts Bitcoin but not in digital format.
The largest hardware store chain in the United States is Home Depot.
Home Depot’s adoption is significant since it means you can effectively build your own residence with Bitcoin.
Home Depot allows Bitcoin payments using the Flexa checkout systems that are integrated into their shops.
Because Gemini’s affiliation with Flexa has removed all of the friction usually associated with Bitcoin payments, it is now pretty simple to checkout using Bitcoin.
For more than two years, billionaire crypto enthusiast Mark Cuban’s NBA club has accepted cryptocurrency payments. Fans of the Mavericks may purchase tickets and goods in a variety of popular currencies, including:
- Bitcoin Cash
- USD Coin
- Gemini Dollar
- Binance USD
Dogecoin is the latest addition to their cryptocurrency portfolio. “Sometimes in business, you have to do things that are enjoyable, engaging, and ideally generate a lot of PR,” according to Cuban. BitPay is also used by the Mavericks to handle cryptocurrency payments.
Similar to PayPal, Microsoft accepted bitcoin as payment in 2014 after the scandal. This came as a surprise to some, but it became one of the most significant moves made by a corporation of this size.
Cryptocurrencies are accepted by the corporation for games and applications. As well as some digital content offered on platforms such as Windows Phone and Xbox. The move by Microsoft to accept Bitcoin as payment had a significant influence on the market. Many additional businesses have followed suit, accepting Bitcoin as payment.
Aside from these enterprises, there are many more large corporations, sectors, and organizations that invest in and trade in bitcoin. If you search long enough, you’ll discover that you can spend Bitcoin almost everywhere. If it’s not directly with the retailer, then through a third-party gift card purchaser.
We cannot deny that cryptocurrencies are gaining popularity and generating great investment returns. While some of these ways are a little out of the ordinary. They do help make Bitcoin more useful and simpler to embrace in the future.
Be on the lookout for monthly blogs on topics ranging from financial literacy, business, tech, and more. As always I’m Brennan Balzi signing off.