While institutions praise Bitcoin for its store of value capacity, the truth is that many companies accept BTC as a means of payment.
With Bitcoin’s steady rise in price and popularity, mass adoption of the asset has skyrocketed in recent months. Along with the prominent names who bought BTC as a store of value, numerous large and small companies have initiated Bitcoin payments for their products as an alternative to fiat money.
Tesla Made The Way
Bitcoin has had a frantic year as institutional investors, banks, and fund managers continue to back up the cryptocurrency in any form or form.
But for some, long before BTC became a store of value, it was intended to serve as an electronic peer-to-peer cash system. This narrative has been questioned over time as much as avoiding using BTC as a form of payment.
However, the tides are turning and many companies around the world have already enabled bitcoin payments.
Arguably the biggest name on this growing list is Elon Musk’s Tesla. The electric vehicle giant bought $ 1.5 billion of Bitcoin in January this year, but that’s not all. Just a few months later, Tesla announced that it would start accepting BTC payments for its cars, and perhaps more importantly, it would store the funds in Bitcoin rather than cash it.
From Travel Companies to Apple
The severe consequences of COVID-19 were disastrous for touristic companies. Expedia, one of the world’s leading online travel agencies, joined the BTC caravan a long time ago .
Recently, the company announced a partnership with Coinbase, where it started allowing Bitcoin payments. Some experts believe the move will bring more flexibility to the company and guide it through the difficult months to follow.
Technology giant Apple reported that users can spend Bitcoin through Apple Pay. BitPay cards can now be added to Apple Wallet, according to the company. BitPay CEO Stephen Pair explained the innovation:
“We have thousands of BitPay Wallet app customers using BitPay Card. Adding Apple Pay and soon Google and Samsung Pay makes BitPay Card easy and convenient to use in more places. “
Another world-famous company on this list is PayPal. The American agency stated that users in the country will be able to buy, sell, and hold several cryptocurrencies directly through their accounts beginning this year.
Rakuten, headquartered in Tokyo, Japan, is an e-commerce and online retail company. It remained a strong supporter of Bitcoin and the potential of cryptocurrency, and was one of the first major companies to adopt it as a form of payment.
Coca-Cola announced a partnership with digital asset platform Centrapay to allow Bitcoin to be used as a payment option. The popular beverage brand has around 2,000 vending machines that accept BTC.
The current COVID-19 outbreak has also positively affected some companies. An example of this is the American e-commerce site Etsy. The firm is popular with customers interested in handmade or vintage products and handcrafted materials.
Although Etsy currently does not have an automated system for accepting Bitcoin, sellers can indicate the acceptance of cryptocurrency in their ads to attract spending.
BTC Coming to NBA and Premier League
Adult website Pornhub announced that it is accepting Bitcoin and crypto for its premium membership. The digital asset replaced Visa and Mastercard, which stopped supporting Pornhub.
Another report reported that Luzboa, a Portugal-based electricity retailer, has adopted Bitcoin as a form of payment. This innovation will allow Portuguese residents to pay their electricity bills using the leading cryptocurrency.
The bitcoin craze even reached England’s Football Premier league. Professional team Southampton announced that they will give their players BTC bonuses instead of fiat money.
Another sports team that pays its players in Bitcoin is the NBA giants Sacramento Kings, while the Dallas Mavericks will soon begin accepting cryptocurrencies to pay for season tickets.