As digital currencies are growing in popularity, Bitcoin has dominated the market and is considered the most well-known digital currency today. Bitcoin has now emerged as a payment option for a range of different applications and platforms and is becoming increasingly mainstream. As Bitcoin continues its rise in popularity, we are seeing the number of large companies who accept Bitcoin as a legitimate source of funds steadily grow.
How Do You Make Payments With Bitcoin?
Generally, the easiest way to buy anything with bitcoin is to use a crypto debit card. Customers are only able to make payments as a direct transaction or alternatively with a gift card. Crypto debit cards are preloaded with the respective cryptocurrency and the retailer receives fiat money as payment. The payment is processed by a third-party crypto currency payment processor to ensure the transactions are carried out seamlessly. For payments with well-known brands such as Amazon and Walmart, gift cards will typically be used for payments, as this is currently the only formal accepted option.
In this post, we will explore some examples of industries and services that currently accept bitcoin payments.
Paying Your Bills With Bitcoin
Many utility companies are now starting to accept Bitcoin as a formal direct payment method. The benefit of paying directly is so you can eliminate paying a service or a conversion fee. For example, AT&T allows customers to pay online with Bitcoin through BitPay. In the US, states such as Arizona have passed a bill to accept cryptocurrencies as a valid payment method for state and local taxes, with other states considering following suit. Most major phone companies are not yet accepting cryptocurrency as a payment option, although Apple has indicated they may embrace cryptocurrencies in the near future.
Booking Your Travel With Bitcoin
As the travel industry continues into its recovery, travel brands are looking to innovative ways to attract new customers. The number of travel companies embracing crypto is growing, with those such as Cheap Air, Bitcoin Travel, Travala and Expedia allowing customers to use cryptocurrencies as an accepted payment method.
The UK’s largest provider of travel insurance has also launched the world’s first bitcoin holiday tool, ‘My Bitcoin Holiday.’ The tool was created after an increase in enquiries related to cryptocurrency at Staysure in the past year. This is another example of national brands paying attention to traveler’s increased appetite for cryptocurrency payments – a demand which looks set to grow over the next decade.
Technology & E-Commerce
Consumer demand for crypto payments is growing, meaning many E-commerce companies are now adding Bitcoin payment options to their websites.
Among some of the most significant companies accepting crypto payments are Newegg, AT&T, Microsoft, Amazon and Dell, and this list is continuing to grow. Ebay has also considered embracing cryptocurrency payments on its platform, but is yet to commit to whether it will approve cryptocurrency-based transactions.
While widespread adoption of Bitcoin as an official payment method is still in its infancy, it’s clear that the number of places accepting Bitcoin directly is continuing to grow. With big brands such as Microsoft, AT & T and Overstock already making steps in the right direction, we’re likely to see the number of businesses embracing cryptocurrencies increase with each year.
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