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Why Bitcoin adoption as a payments is good for the industry

Why Bitcoin adoption as a payments is good for the industry

Bitcoin has become widely accepted across the world as a digital asset that can be hedged against inflation. More than just an investment, Bitcoin has become a vehicle for payments, offering customers an alternative method to make payments.

More and more businesses are accepting Bitcoin as a payments option, with an increase in payment gateways that can automatically exchange Bitcoin and cryptocurrencies to the relevant fiat currency. Currently, there are more than 15,000 companies that accept Bitcoin as a payment method, with leading corporations accepting the token.

Major businesses that accept Bitcoin

Microsoft – Global

One of the world’s leading tech companies, Microsoft accepts Bitcoin as a way for customers to pay for their accounts. The business had halted Bitcoin payments, but has since resumed the option for customers.

Wikipedia – Global

Donations are accepted by Wikimedia, the organisation that runs Wikipedia. People across the world can make donations in Bitcoin, facilitated by BitPay which is used for payment.

Virgin Active and Galactic – Global

Virgin customers can use Bitcoin to pay for travel through the enterprise owned by Richard Branson, This heavy hitting organisation includes both space and international travel.

Namecheap – United States & Global

Namecheap is one the leading companies that offers domain name registration for websites. It was one of the earliest businesses to accept Bitcoin, adopting the cryptocurrency back in 2013.

CheapAir – United States

The American online travel firm started accepting Bitcoin through Coinbase and later switched to BTCPayServer as their payment processor. The travel company allows customers to buy travel tickets through Bitcoin and cryptocurrency.

Gyft – United States

Gyft is a popular company that sells online gift cards for online and brick-and-mortar companies like Amazon and Starbuck. It accepts Bitcoin as payment with no additional transaction fees involved for customers.

AT&T – United States

A major mobile network in the United States, AT&T accepts Bitcoin payments. Customers can pay for their lines, and make regular payments to keep their accounts operating with Bitcoin and other leading cryptocurrencies.

Twitch – United States

One of the most popular game streaming platforms, Twitch, accepts Bitcoin and Bitcoin Cash for premium accounts and to make donations to creators on the platform.

Burger King – Venezuela

Burger King customers in Venezuelacan pay for their fast food using Bitcoin, Ethereum, Dash, Litecoin, and Tether. This comes along with the partnership with Cryptobuyer to facilitate crypto payments.

Burger King in Germany had also accepted Bitcoin as part of its payment options, but has since suspended this. However, German Burger King customers can use the Lieferservice delivery to order their food and pay in Bitcoin and Bitcoin Cash.

Papa John’s – Venezuela

Papa John’s customers in Venezuela can use Bitcoin to pay for their food. Venezuelan cryptocurrency adoption has increased since the company was subjected to economic sanctions.

Norway Air – Norway

Norwegian Air is the third largest airline in Europe catering to budget domestic travel within Europe. The Air Shuttle service offers Bitcoin as a way for customers to buy their airfare.

Making purchases using Ethereum

It’s  not only Bitcoin that can be used to make payments. Ethereum’s native token, Ether, is also a popular digital asset that companies have started to accept for payments

Online and physical retailers that accept Ethereum include:

  • Overstock;
  • Gipsy Bee;
  • Shopify;
  • Whole Foods;
  • Bed Bath and Beyond;
  • Home Depot;
  • CheapAir;
  • Tripio;
  • Travala, and Trippki.

Is it important for companies to accept Bitcoin?

While Bitcoin has become an investment vehicle, it was initially launched as a peer-to-peer (P2P) asset for transactions between users without the need for an intermediary. Companies, especially leading and innovative corporations, that accept Bitcoin will help the overall adoption of the cryptocurrency industry.

According to Bitsoft 360 CEO,

“Bitcoin adoption goes beyond trading volume. For the ecosystem to truly thrive, it needs the acceptance of companies that can move the industry. This means getting leading companies across the world accepting cryptocurrency.”

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