A revolution in payment was promised by Bitcoin when it was launched. It made people believe that they can transfer their money without the bank acting as the intermediary. It also meant that many people who are unable to access conventional banking services can stop depending on cash completely.
However many things happened from then. More than 11,000 cryptocurrencies and over 400 exchanges are available these days. A lot of adults in the U.S. own cryptocurrency. Many are also planning to buy a few. Also, Bitcoin has been made a legal tender by El Salvador.
The cryptocurrency market is currently ruled by Bitcoin. Today, it is not only the most popular but also the largest digital currency. And if ever you were targeted by scammers and viruses, check how to get rid of crypto virus.
Although many factors like volatility, fees for transactions, and environmental concerns have delayed the acceptance of cryptocurrency as a payment method, some renowned companies are accepting payments with it.
1. Burger King:
- In 2020, Burger King in Venezuela declared that they will be embracing various cryptocurrencies such as Bitcoin.
- A startup named Crypto buyer that looks after cryptocurrencies conversion to fiat currency partnered with them.
- Burger King did so by accepting cryptocurrencies as a payment mode. They accept payments made in Bitcoin, Ethereum, Tether, Date, and Litecoin.
- Burger King’s German branch has also started to accept payments in Bitcoin on their mobile app and website. But this was a marketing strategy.
- It will not let you buy from an actual store.
- With Bitcoin, you can pay when you order online through a few delivery services like Liefer service that works well with different restaurants in the country.
2. PayPal:
- In October 2020, PayPal announced that starting from 2021, U.S. consumers will not only be able to buy or sell cryptocurrencies.
- But then can also use it for making payments. They can retain crypto in limited numbers from Cash Plus or Cash accounts directly.
- If you have sufficient crypto in the wallet, make payments with Bitcoin, Bitcoin Cash, Ethereum, and Litecoin after choosing checkout with cryptocurrency.
- It means that cryptocurrency payments are accessible at all those 30 million merchants accepted by PayPal.
3. Overstock:
- Overstock started to accept crypto payments in 2014.
- They made a partnership with Coinbase for accepting Bitcoin payment on their website for all online orders.
4. Dallas Mavericks:
- They have been accepting cryptocurrency payments for more than two years.
- Dallas Mavericks accept cryptocurrencies such as Bitcoin as a payment method for merchandise and game tickets.
- Fans can also use popular crypto such as Ethereum, Gemini Dollar, Dogecoin, Bitcoin Cash, and USD Coin while making payments.
- Recently Dogecoin got added to this payment list of cryptocurrencies.
- It was because they believed that a few times in a business you need to do fun things and keep your fans engaged.
- It also helped them in generating many PR.
- Every payment made using Bitcoin will be processed by BitPay via the website of the team.
5. Starbucks:
- Do you wish to buy a cup of coffee using cryptocurrency? Then visit Starbucks to fulfill your wish.
- They accept payments made with Bitcoin through the payment app named Bakkt, a third-party app.
- Through this app, you will be able to buy or sell and even trade cryptocurrency.
- You can make use of Bitcoin for paying at various Bakkt partners such as Starbucks.
- This payment app has partnered with Quiznos for allowing their customers to pay with Bitcoin, airline rewards, or loyalty points.
Conclusion:
According to a study in 2020, a lot of medium and small businesses allow payments through cryptocurrency. Other companies such as AMC Theatres also planned to accept this digital currency payment. There is speculation that Amazon may also allow cryptocurrency payments because they shared a job posting for product managers of digital currency. Walmart also did the same. Cryptocurrency enthusiasts can use cryptocurrency reward cards
such as Visa debit card that is connected to their crypto accounts to make daily purchases. It is clear that the acceptance of crypto as a payment mode is increasing every year. Still, it will take some more time for all companies to accept crypto payments directly and not via payment processors.But anyone who is thinking of making a payment with crypto must understand all potential implications of tax. Be alert and track all purchases made using it.