In the year 2010, two pizzas were bought from Papa John’s for 10000 Bitcoins, making it the first-ever transaction involving Cryptocurrency. Ever since then numerous businesses have had their fair share of deals with bitcoin and other cryptocurrencies like Ethereum, Ripple, Litecoin and others. However, Cryptocurrency faces a huge hurdle in the form of uncertainty over its value. A Cryptocurrency that is worth thousands of dollars can plummet to the bottom in a matter of days. This hurdle plays a huge role in stopping businesses from adapting cryptocurrencies as an alternate form of payment. This article will talk about how to overcome this hurdle and also about businesses that are accepting Cryptocurrency as a form of payment.
The ideal solution for businesses to accept Cryptocurrency payment:
A crypto payment gateway enables merchants to Accept Cryptocurrency Payments. Most payment processors now promote the purchase and sale of a variety of cryptocurrencies. Payment processors enable the instant conversion of cryptocurrencies into fiat currency. The payment gateway automates the payments. They also offer a wide range of tools and reports to make the entire process simple. They also ensure that the transactions are processed quickly and securely. Following are some of the benefits of using Cryptocurrency Payment Gateways:
* Instant crypto-to-fiat conversion
* Provide the most advanced and efficient technology available.
* Maintain complete transparency
* PoS (Point-of-Sale) terminal for quick and simple in-person transactions, with simple setup, lower transaction fees, and customer privacy
* User adoption can be increased by integrating with other solutions.
Businesses accepting Cryptocurrency as payment:
The list of businesses accepting Cryptocurrency as a form of payment is increasing every day, thanks to Crypto Payment Gateways. Here is a list of top businesses that are already into accepting blockchain-based virtual payment:
Customers in the United States who use PayPal can not only buy and sell cryptocurrency but also use it to make payments. You can select Checkout with Crypto and pay with Bitcoin, Ethereum, Litecoin (LTC), or Bitcoin Cash as long as you have enough cryptocurrency in your wallet (BCH). This means that crypto payments can be made at any of PayPal’s 30 million merchants.
2. Home Depot:
Home Depot is also utilising the Winklevoss/Flexa system, which enabled Whole Foods to accept Bitcoin using its own digital scanners without investing in new hardware. Retailers must submit balance sheets in dollars regardless of the form of payment they accept, which has long been a major stumbling block for businesses that want to accept Bitcoin but don’t know-how. Flexa instantly converts Bitcoin to dollars, giving both parties what they want. Home Depot receives the green dollars when the customer spends their Cryptocurrency on paint and Ryobi tools.
This Cashback/shopping website based in Japan began accepting Bitcoin as a payment method in 2015. The company began with Rakuten.com in the United States as part of a global Bitcoin rollout before expanding the new service to its counterparts in Germany and Austria. The company has managed to incorporate Bitnet payment processing platform into its own marketplaces. The company has also developed Rakuten Wallet which supports Bitcoin Cash and Ethereum. Users can now use crypto assets to charge their Rakuten Cash balance.
AT&T became the first mobile carrier to Accept Cryptocurrency Payments in 2019. It accomplishes this through BitPay, a third-party payment processor. Customers who use Bitcoin or other cryptocurrencies can choose BitPay when they check out.
Microsoft was an early adopter of Bitcoin, beginning to accept the cryptocurrency as payment for games, apps, and other digital content for platforms such as Windows Phone and Xbox in 2014.
Starbucks’ partnership with third-party payment app Bakkt allows you to buy your morning coffee with cryptocurrency. The App allows the user to buy, sell, and trade cryptocurrency, and it can be used at several Bakkt partners. Bakkt has also partnered with Cantaloupe, Wyndham Hotels & Resorts, and, most recently, Quiznos to allow customers to pay with Bitcoin, loyalty points, or airline miles.
Since 2013, CheapAir.com has accepted cryptocurrency payments and accepts a wide variety of coins. A variety of digital currencies and stablecoins, including Bitcoin, Ethereum, Dogecoin, Gemini Dollar (GUSD), and USD Coin, can be used to pay for your flight or hotel reservation (USDC).
Cardano (ADA), Bitcoin, Ethereum (ETH), Dogecoin (DOGE), and other cryptocurrencies are accepted by online travel companies. It has also collaborated with Binance Pay and Crypto.com. Customers can use the exchanges’ apps to pay for their hotel stays. Travala.com even has its own cryptocurrency, AVA, whose value has nearly doubled since mid-July.
9. Dallas Mavericks:
For more than two years, billionaire crypto enthusiast Mark Cuban’s NBA team has accepted cryptocurrency payments. The Mavericks fans can purchase tickets and other merchandise with Bitcoin, Bitcoin Cash, Ethereum, USD Coin and Dogecoin.
Overstock.com was an early adopter, accepting Bitcoin as early as 2014. It is currently working with Coinbase to accept Bitcoin payments on its website. The online retailer has also established Medici Ventures, a blockchain-focused investment firm.
While the number of people who are dealing with cryptocurrencies is on the rise, on one hand, the rate at which technology and companies that let them use these coins are also increasing proportionally. Thereby making it easy for businesses around the world to consider them as a form of payment. With Governments around the world having also started loosening upon the regulations associated with cryptocurrencies, we can witness a massive growth in companies Accepting Crypto Payments.