Cryptocurrencies are digital assets designed to serve the purpose of online transactions. Decentralisation is the hallmark of cryptocurrency, a class Bitcoin belongs to. Hence no regulatory body is required in its dealings.
Apart from being the oldest and most expensive cryptocurrency, Bitcoin has been able to gain significant traction in the public interest since the inception of its use in 2009. The highlight of Bitcoin’s momentous trajectory was in 2020, when it garnered unprecedented interest that enabled the proper positioning of the coin in the crypto market.
Bitcoin had the first breakthrough in 2020, with a price surge. For most of its existence, Bitcoin has formerly been worth less than $1,000, but the price steadily rose in 2017. According to coindesk, 1 Bitcoin was traded at about $1,000 at the beginning of 2017 but ended the year with a market value of about $15,000. Today, Bitcoin is worth over $40,000.
Although volatility is a critical metric for anything that has transactional qualities, including currencies, there is optimism that surrounds Bitcoin as the best replacement for fiat currencies in the future. But today, Bitcoins serve investment purposes in the top gear for the future that would avail it for more transactional purposes.
However, some companies are accepting Bitcoin for payment purposes.
In this article, we will be taking a good look at some of these companies.
1. Tesla
As interesting as it may sound, Tesla made a whopping $1.5 billion Bitcoin investment in February 2021 and, as such, started accepting Bitcoin in exchange for its different products. Tesla CEO Elon Musk, also the World’s richest man, is an outspoken advocate of a promising cryptocurrency future.
Contrary to this remarkable poise to cryptocurrency support, Elon Musk, in May 2021, announced the decision of the company to put the acceptance of Bitcoin to a halt, stating environmental concerns to that effect.
2. AT&T
AT&T, reputed as the biggest telecommunication company in the world, became the first telecom provider to accept cryptocurrency as a method of payment. It started accepting Bitcoin as a means of payment for its services in 2019.
3. Microsoft
Starting the acceptance of Bitcoin as a mode of payment in 2014, Microsoft sits as one of the first companies to adopt Bitcoin as their payment tool. The company accepts Bitcoin for games, applications, and windows content that work on Xbox Music, Windows Phone, Xbox Shops, Xbox Games, etc.
4. BMW
United Kingdom-based BMW dealerships have adopted Bitcoin as a payment method for brand-new BMW products. Also, Stephen Enfield BMW, a London car dealership, has partnered with BitPay, to enhance the smooth use of Bitcoin for payments.
5. PayPal
Notable as one of the largest and fast-pacing evolving fintech companies in the world, Paypal provides an online payment system across the globe. In October 2020, the company announced that its users could buy, sell, and hold some selected cryptocurrencies via their Cash or Cash Plus accounts from 2021.
6. Coca-Cola
Coca-Cola Amatil, a Coca-Cola franchise, has revealed its partnership with Centrepay to adopt Bitcoin as a mode of payment in the Asia-Pacific region.
7. Home Depot
Home Depot is the largest home repair store in the United States. Today, Home Depot accepts Bitcoin payments after collaborating with Flexa, a mobile wallet service that built payment software in their store checkout.
8. Yum Brands
Yum Brands is one of the largest food conglomerates in the world, and they are composed of KFC, Taco Bell, Pizza Hut, and The Habit Burger Grill. In 2020, Pizza Hut Venezuela started accepting Bitcoin, which KFC Canada also supported for some time.
9. Expedia
Expedia is known as one of the most used travel agencies in the world. It started the acceptance of Bitcoin in 2014 after partnering with Coinbase.
10. Restaurant Brand International
Popular as the parent company to Burger King, Popeyes, and Tim Hortons, Restaurant Brands International is the world’s fifth-largest restaurant operator. It widely adopted Bitcoin as a mode of payment in 2020.
Conclusion
As Bitcoin has been famously accepted as a payment method by the above companies, its acceptance traverses companies in the IT, financial, tourism, and FMCG sectors. Other companies that accept Bitcoin include Etsy, Starbucks, Sotheby, Twitch, etc.
