Paying with Crypto: List of Companies that Accept Crypto as Payment
Bitcoin is the most popular cryptocurrency in the world. It’s also a good investment opportunity for those who are looking to diversify their portfolio. Bitcoin has grown exponentially over the past few months, and as it continues to grow, more people are starting to use it as currency.
But while there are many ways of obtaining Bitcoin, how do you spend it? Paying with bitcoin is becoming increasingly popular thanks to companies like Microsoft and Overstock and others that accept crypto for payment!
Cryptocurrencies are always in the headlines. If it’s not news that Bitcoin reached a new record high of $60,000, it’s news that Tesla founder Elon Musk is investing billions in it.
Despite the growing popularity of cryptocurrencies like Bitcoin and Ethereum, and others. the opportunities to spend virtual assets are difficult because of their volatility.
There are, however, a growing number of companies across a number of industries that are embracing cryptocurrencies as a means of payment. allowing customers to use them as an official method of payment To Pay for their goods and services.
Below are some of the biggest and most well-known companies that accept cryptocurrency,
|image source Google – techcrunch.com
Microsoft is one of the biggest companies in the world, but it has made a huge step towards mainstreaming cryptocurrencies by accepting Bitcoin payments. This goes some way to instill confidence for crypto users as they can now use their BTCs to pay bills and top up user accounts on things like Xbox Live or Skype.
Microsoft isn’t just interested in crypto technology for payments. In late March, it launched ION, a two-layered authentication platform on the Bitcoin network that creates digital IDs to authenticate online identities instead of facilitating transactions.
Elon Musk, CEO of Tesla electric carmaker has a rather fickle relationship with Bitcoin. He initially announced in February this year that the company would accept cryptocurrency payments for vehicle purchases – but now he says they’ll wait until at least 50 percent are mined using renewable energy sources before resuming transactions.
|image source Google – Investopedia
Visa, a credit card company that deals with transactions on its payment network is piloting the acceptance of cryptocurrency. The specific coins being used are USDC which have been pegged to the value of USD and will be accepted by Visa for payments in their platform.
|image source Google – newsbox.pk
Amazon is quietly positioning itself to become a major player in the cryptocurrency market, even though it doesn’t directly accept cryptos yet. Earlier this year Amazon joined Facebook and other tech giants laying the groundwork for its own exclusive cryptocurrency. However, you can buy vouchers from crypto-only company Bitrefill which allows people who only use cryptocurrencies to live more easily by converting Bitcoin into gift cards, phone refills, etc
|image source Google – ecommerce-nation.com
In October of last year, PayPal announced that users in the US were now able to buy and hold select cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Through their app, you will also be able to track these cryptos. There is only one drawback: money cannot be transferred out of your digital wallet with PayPal.
In August, the PayPal company announced that users in the UK can now also trade Ether (Ethereum), Litecoin, and Bitcoin Cash on PayPal’s website and mobile app.
PayPal is still being mysterious about whether it plans to expand the service into other countries,
|image source Google – bbc.com
Now, Starbucks customers can pay for their coffee with converted Bitcoin through a new Bakkt app. According to the Bakkt CEO, 500k people have signed up to test the digital wallet as a method of payment and they expect that number will increase over time.
Amatil, the giant drinks distributor in the Asia-Pacific region has partnered with the CentraPay platform to enable cryptocurrency as a form of payment. As 2020 approaches, there will be over 2 thousand vending machines in Australia and New Zealand that accept cryptos for payments.
As of April 1st, the insurance broker behemoth will allow customers in Switzerland to use Bitcoin as a payment option for their bills. The company has been planning on this decision since market research conducted by them found that 30% of respondents aged 18-55 had already invested in cryptocurrencies or were interested in doing so.
Customers will now have a reference code printed on bills for non-life insurance policies in order to pay their premiums through Bitcoin Suisse, which is an exchange that converts crypto into Swiss Francs.
The travel industry is beginning to embrace the benefits of cryptocurrency. Expedia, one of the biggest names in online booking systems has partnered with Travala and now accepts payment for 700,000 hotels through 30 different cryptos including Bitcoin.
LOT Polish Airlines
LOT Polish Airlines was one of the first European airlines to accept cryptocurrency as a payment method for flights. This decision came in 2015, six years after airBaltic became the world’s first airline that accepted Bitcoin payments. LOT remains one of the only European airlines to allow cryptocurrency as a payment option.
Lush, a global cosmetics company was one of the first to adapt to cryptocurrencies when it partnered with Bitpay in 2017. This allowed customers on Lush’s website to purchase products via Bitcoin payment
Renowned auction house Sotheby’s first began accepting cryptocurrency as payment in late June and has since firmly embraced both cryptocurrencies and non-fungible tokens.
In July, the most valuable item ever bought with cryptocurrency at an auction was sold for $12.3 million (€10.4 million) when a rare 101-carat diamond was purchased in Bitcoin since it was announced that is now accepted as payment.
The auction house will accept payment in the form of Bitcoin and Ether through approved exchange wallets, – Coinbase. They have restrictions so that they only receive payments from certain sources.
In 2014, Latvian airline airBaltic became the first aviation company in the world to accept Bitcoin as payment for fares. Seven years later and it has processed over 1,000 transactions with this option since launch. It was soon followed by one of its eastern European counterparts – LOT Polish Airlines- which started accepting cryptocurrency payments back in 2015.
Pavilion Hotels & Resorts
The Pavilion Hotels & Resorts group has become the first international hotel chain to embrace virtual currency payments.
The group, which owns properties in Amsterdam, Madrid, Lisbon, and Rome as well as Bali and Phuket will accept bookings using 40 different tokens including Bitcoin & Ethereum starting July through their partnership with payment platform Coindirect.