The growth of the cryptocurrency market is simply breath-taking. At the moment, there are over 19,000 cryptocurrencies and more than 500 cryptocurrency exchanges. The number of global crypto owners is expected to reach 1 billion by the end of 2022.The global crypto population has increased by +178% in 2021, rising from 106 million in January to 295 million in December.
Cryptocurrencies are now becoming more mainstream each day, and with great reason. With the broadening adoption of crypto as a form of payment and investments, it’s only a matter of time before digital money takes over the world by storm. On top of that, the global market for cryptocurrency is growing rapidly. The overall number of Bitcoin users has increased significantly over last year and the industry is growing at a fast pace.
As a digital currency, Bitcoin is becoming more widely accepted as payment. For example you can pay with BTC in Microsoft and other companies—and if your employer has agreed to allow this they may even let you withdraw your salary in BTC.
A number of major chain retail companies and online merchants accept Bitcoin for payment today, in 2022, and some of them have already been doing so for years now.
At the moment, there are over 19,000 cryptocurrencies and more than 500 cryptocurrency exchanges. The number of global crypto owners is expected to reach 1 billion by the end of 2022. The global crypto population has increased by +178% in 2021, rising from 106 million in January to 295 million in December. And yet, despite the fact that cryptocurrencies are becoming more and more popular, various factors — including environmental concerns, volatility, the lack of knowledge about crypto, and transaction fees — have hampered crypto’s adoption as a form of payment. Nonetheless, many large companies do accept cryptocurrencies, including some really big names. Here are some examples of companies that are not afraid to become pioneers on the market and already accept crypto as a form of payment:
Starbucks
Since March 2020, Starbucks customers have been able to purchase a cup of coffee with BTC by loading the cryptocurrency into their Starbucks app. The coffee shop accepts Bitcoin through a platform run by Bakkt, a digital asset custodian and exchange created by the same company that owns the New York Stock Exchange.
Microsoft – they were the first big brand that started accepting Bitcoin back in 2014, then in 2019 they removed it for a short time, but it’s back up. You can buy tuff from Microsoft with Bitcoin.
Burger King (VE)
In January 2020, the famous fast-food chain Burger King announced that it would start accepting cryptocurrency payments in select restaurants in Venezuela. The move was seen as a way to help the Venezuelan people who are struggling with hyperinflation.
AT&T
Similar to Microsoft, AT&T partnered with BitPay to become the first mobile carrier company to provide its customers with a cryptocurrency payment option in May 2019. AT&T customers can now use Bitcoin to pay their phone bills.
Overstock
Overstock.com became the world’s first major retail to accept Bitcoin, and they continue doing so ever since 2014. The company ships very real, high-end consumer electronics and home furniture right to shoppers’ doors. They partnered with Coinbase to offer customers Bitcoin payment solutions.
Whole Foods Market
To complete Bitcoin transactions on whole foods, you will use the Flexa platform, which converts Bitcoin into dollars immediately. In the end, the company allows customers to enjoy seamless payments using this virtual currency.
Twitch
Twitch fans can donate to support streamers using Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Some streamers are making way more money on Twitch from cryptocurrency donations alone than the average high-earning lawyers and doctors.
NameCheap
This is a web service that offers purchase of domain names and is a favourite in the cryptocurrency community for their willingness to accept bitcoin.
Home Depot
This is the largest Hardware Store Chain in the United States. You can essentially build you entire house by purchasing materials using Bitcoin.
Home Depot accepts Bitcoin payments via Flexa’s checkout systems.
Farfetch
The leading global platform for the luxury fashion industry, announced in late June that it will begin accepting cryptocurrency payments through Farfetch Marketplace later this year. Cryptocurrency payments will be available to Farfetch Private Clients purchasing on Farfetch in the coming months, and to all Farfetch customers in the United States, United Kingdom, and Europe beginning in late 2022, with additional countries to follow.
Some industry giants like Gucci have jumped on the bandwagon and started accepting cryptocurrency payments in some US stores, and their list of payment methods includes even lesser known crypto, such as ApeCoin.
Balenciaga will also begin accepting Bitcoin and Ethereum as cryptocurrency payments later this year, though the official payment solution provider has yet to be confirmed.
TAG Heuer, Off White, and many other companies have recently announced that they will soon start accepting cryptocurrency payments. According to experts, widespread adoption of cryptocurrency by luxury brands could have a domino effect, leading to cryptocurrency adoption in other sectors as well.
Other popular US brands: Newegg, AirBaltic, CheapAir
Finally, here’s one in France : Just Eat
If you are in France, JustEat now accepts Bitcoin when you order food through their service.
KFC Canada
They are one of the newest additions to the food companies that are accepting Bitcoin.
What about Tesla?
Okay, this has been widely reported, Tesla started accepting Bitcoin last year (2021) for a very brief moment and then they retracted. According to Elon Musk, Bitcoin’s high energy consumption is to blame for this and he left the door open, to possibly revisit this decision once the data points toward enough renewable energy sources being used in Bitcoin mining.
PayPal
Although not a retailer and not quite a payment method even, Paypal is a huge name that adds legitimacy and utility for Bitcoin.
Back in October 2020, PayPal (PYPL) announced that it would allow its customers to buy, hold and sell cryptocurrencies directly from their PayPal accounts. The move was seen as a way for PayPal to capitalize on the growing interest in cryptocurrencies.
Some companies can accept BTC if you pay for their services via third-party, for instance, a crypto platform or a large exchange, while others make it easy for their customers to pay them directly. A wide range of small businesses around the world have also started accepting Bitcoin. For instance, Arnhembitcoinstad lists a number of small companies where you can pay with crypto. These include coffee shops, restaurants, perfume and flower shops, supermarkets, hotels, museums, and shoemakers — all located in Amsterdam. In Australia, the range of businesses that are BTC-friendly, has grown: a lot of vendors — from New South Wales to Queensland and Victoria — now accept Bitcoin payments.
In addition to direct sales through online stores or social media platforms like Facebook or Twitter ads (which we’ll talk about later), you can use tools like BitPay and Coinbase Commerce to integrate cryptocurrency payments into your website or ecommerce store. Both services are free when using US dollars as a base currency but charge fees when using cryptocurrencies as payment method.
As you probably noticed, most of these examples are US based companies and brands. In the UK, so far no manufacturers seem to be offering Bitcoin buying options, however, you can buy cars with Bitcoin from some independent dealers in the UK.
All in all, we are moving (slowly) in the right direction. Bitcoin mass adoption my take a while, but at least, we are on the right track. We are doing way better than 5 years ago.
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The information contained in this article is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this video reflect solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.
All information is meant for public awareness and contains what is already in the public domain. Please take this information and do your own research.
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