Over the years, Bitcoin has significantly dominated the cryptocurrency market and taken the world by storm. Currently the leading and most popular digital currency, Bitcoin has become widely accepted as a legitimate source of funds by many companies. For example, topping up your Microsoft account using crypto is now possible.
Yet, Microsoft isn’t the only one who accepts cryptocurrency nowadays. In a survey recently conducted by Hartford Steam Boiler, at least one-third or around 36% of small to medium-sized businesses in the United States now accept Bitcoin as payment for goods and services.
Bitcoin revolutionized the digital payment system and provided people who don’t have access to traditional banks with an alternative means of transferring funds. Read on to discover who accepts Bitcoin as payment and which cryptocurrencies are the most popular today.
Who Accepts Bitcoin and Other Cryptocurrencies?
While blockchain technology is still confusing for most people today, several large corporations in the United States are jumping on board. Bitcoin has progressed from an ambiguous virtual coin used by a minority of the population to a mode of payment and currency that millions of people assume to be the future monetary system.
The following are the top players who are accepting crypto as payment:
Apart from the possibility of using crypto to top up your Microsoft account, the software company also allows people to use the digital currency for other services. You can use Bitcoin to pay for Xbox Live, Microsoft apps, games, and other digital content.
The world’s most extensive and comprehensive open-source encyclopedia, Wikipedia, accepts donations and financial contributions in Bitcoin. Wikimedia, the company that runs it, uses BitPay as the payment platform.
Apart from buying and selling cryptocurrency, Paypal customers in the United States can also use the digital currency at merchants accepting Paypal payments. Cryptocurrencies accepted include Bitcoin, Bitcoin Cash, Litecoin, or Ethereum.
Although it’s still impossible to pay directly for your morning coffee at the register using Bitcoin, you can add funds via the coffee company’s app. The third-party digital wallet application, Bakkt, can help you instantly convert your Bitcoin to dollars for use in its merchant partners – including Starbucks.
AT&T is the first major mobile phone provider in the United States to offer customers a crypto payment option via BitPay, a third-party payment gateway. Consumers who want to pay using Bitcoin or other cryptocurrencies can choose BitPay when checking out.
This well-known online retailer in the United States is the first major retailer to accept cryptocurrency by partnering with Coinbase. Even before Paypal and Microsoft started accepting crypto as payment, Overstock was already way ahead of them.
In 2014, Twitch added crypto as one of its payment options. The leading game streaming video platform owned by Amazon accepts Bitcoin, Ether, Bitcoin Cash, XRP, USD Coin, and other lesser-known coins like PAX, BUSD, and GUSD.
It still doesn’t accept crypto payments directly, but you can use Purse.io if you wish to pay with Bitcoin.
9. Home Depot
The home improvement retailer uses the Flexa digital payment system to accept Bitcoin without purchasing additional hardware.
10. Whole Foods
Similar to Home Depot, Whole Foods also uses the Flexa platform. Flexa can instantly convert cryptocurrency to dollars, allowing consumers to experience seamless payments using Bitcoin.
The online travel agency first began accepting crypto payments through Coinbase but later switched to BTCPayServer. Stablecoins and digital currencies accepted as payment for flights or hotel reservations include BTC, ETH, USDC, GUSD, and DOGE.
With Newegg, you don’t need a separate app to convert Bitcoin to cash – it’s as simple as choosing “Pay With Bitcoin” at checkout.
Since 2013, Namecheap has continuously accepted Bitcoin as payment for web hosting and domain name registration.
Rakuten Wallet lets its users charge Rakuten Cash using cryptocurrency and accepts altcoins like Ethereum and Bitcoin Cash.
15. Fast Food Restaurants
Some of the fast-food chains that accept crypto include Pizza Hut and Burger King in Venezuela, KFC in Canada, Quiznos in Denver airport, and several branches of Subway.
Apart from the companies mentioned above, many more have started to accept cryptocurrency as payment for their goods and services, including AMC, Travala, Norwegian Air, Virgin Galactic, JC Penney, GameStop, Gap, Shopify, Dallas Mavericks, Miami Dolphins, Gyft, Pirate Bay, The Internet Archive, and several Etsy vendors.
Most Popular Cryptocurrencies
So what are the most popular cryptocurrencies today? According to CoinDesk, the crypto topping the charts right now are the following:
- Bitcoin (BTC): Originally designed as a digital payment system, BTC is still the most popular cryptocurrency – highly valued despite periodic dips throughout its history.
- Ethereum (ETH): Ether’s value has increased dramatically since its inception, but it still falls short compared to Bitcoin’s current value.
- Solana (SOL): By attracting users with its fast transaction speeds and low costs, Solana rapidly gained traction in selling non-fungible tokens (NFTs).
- XRP: The crypto of Ripple’s digital payment network, XRP is faster and more effective in powering global transactions.
- Tether (USDT): One of the first cryptocurrencies to link its value to a paper monetary system (US Dollar), Tether is today’s most valuable stablecoin.
- Cardano (ADA): Cardano is a more scalable and secure method of maintaining decentralization that employs Ouroboros, a peer-reviewed blockchain framework.
- USD Coin (USDC): Tied to the US Dollar, USDC is more stable than other cryptocurrencies – making it ideal for digital payments.
- Stellar (XLM): Created as an open network for moving and storing currency, XLM allows easy digital money trading.
- Polkadot (DOT): Polkadot’s mission is to enable various blockchains to swap data and complete transactions with each other.
- Polygon (MATIC): Its rebrand this year expanded its use case – resulting in a significant gain in value, rising from its January 1 price of $0.01 to its present value of $2.16.
Start Using Cryptocurrency and Improve Your Business
The major brands mentioned above have already taken a step towards a better digital payment system. While it’s still a long shot before all shops directly embrace Bitcoin, there seems to be no way to stop its growing use. Any business can benefit from this trend by adapting to accepting crypto as a mode of payment.
This article, “Who Accepts Bitcoin as Payment?” was first published on Small Business Trends