The impact of cryptocurrency on various markets has been the subject of debate in different circles. There no doubt that more and more people are adopting cryptocurrencies across the globe. For businesses, increased adoption has forced marketplaces to welcome the idea of digital currencies. With the adoption of cryptocurrencies, it seems to open new growth opportunities in addition to more clientele.
Alexander Winston, Managing Director of PPC Protect, explains:
“I think it’s important to always be open to new technology. If a customer wants to pay you in crypto, why should you turn them down? Originally, we only accepted payments in dollars through processors such as Stripe and PayPal. But with the vast increase in the number of cryptos available over the past few years, we’ve had quite a few customers request to pay in crypto.”
With large organizations such as Microsoft and Wikipedia accepting Bitcoin and other cryptocurrency-form payments, businesses have begun releasing the power of cryptocurrencies. A recent 202 survey by HSB showed that 36% of small businesses in the United States accept Bitcoin.
Also, the rise of decentralized financial (DeFi) projects has helped support crypto adoption. Some DeFi projects like Alchemy, help companies make the transition to accepting cryptocurrency payments.
Benefits Of Accepting Cryptocurrency
Crypto enables cheap and borderless near-instantaneous transactions for businesses.
According to Dibu Paul, of Alchetron:
“Especially for large payment amounts, which have historically taken extra time to clear, crypto transactions are nearly instantaneous.”
Since a specific country’s exchange rate does not bound cryptocurrencies, they are universally recognized. This makes them more attractive for many businesses, especially international e-commerce companies.
Transactional benefits aside, Josh Reif of Reif Ventures, LLC, adds:
“Accepting cryptocurrency can help you attract a younger demographic of people who prefer the simplicity and anonymity of crypto transactions.”
Using cryptocurrency as payment is also the right choice for high-risk businesses. Crypto also makes it easy for many people to contribute to a single purchase because everything goes to a smart public ledger, which can be trusted.
Here are some businesses that accept Bitcoin and other cryptocurrencies in their systems.
Food
Craving pizza and all you have is Bitcoin? Well, there are a few places that could help you out. Although the number of vendors and stores accepting Bitcoin is increasing by the day, many businesses are still not accepting crypto for payments.
For California residents, Pizzaforcoins is the place to go. This platform allows customers to buy pizza from a major pizza chain, such as Pizza Hut or Papa John’s, using cryptocurrencies. Using the platform, the customer enters their location, selects a pizza place near them, and places an order. The platform then relays the order to the restaurant once you make the payment in crypto.
In the United Kingdom, OrderTakeaways is one of the few places that you can pay for your pizza with crypto and have it delivered to your doorstep. The company has been accepting Bitcoin payments for online takeout orders since 2018. Another company in the region is Lieferando, a German-based service and 11,000 subsidiaries in several other countries. The service allows customers to pay using cryptocurrencies through Bitpay to process their transactions. Other similar services include the Korean platform Shuttledelivery as well.
Bitrefill is a platform that will enable you to purchase vouchers from top food chains in the US, such as Chipotle, Dunkin Donuts, Cheesecake Factory, Burger King, and more, using Bitcoin.
As early as 2013, several Subway branches started accepting Bitcoin as payment. Now, customers can use their Bitcoin for the famous foot-long sandwiches.
Traveling & Tourism
If you like traveling, you can use Bitcoin to pay for your trips. Here are a few places you can use your crypto:
Expedia, one of the most massive travel booking agencies, accepts Bitcoin payments as a form of payment for online hotel bookings you may make through their website. Their payment channel is powered by Coinbase and accepts Bitcoin currently at the moment.
TravelbyBit, a flight and hotel booking service, allows customers to pay with cryptocurrencies, such as Bitcoin, Litecoin, and Binance Coin. Others include CheapAir and Virgin Galactic.
If you find yourself in Zurich, Switzerland you can use crypto to pay for a stay in one of the five-star hotels in the area. You can use either Bitcoin or Ether to make payments in Dodler Grand. The hotel has a partnership with Inacta and Bitpay to facilitate the transactions.
Gaming & Entertainment
For significant gamers, the Microsoft Xbox Store and the Windows Store allow you to buy games, movies, and more using cryptocurrencies. One can also purchase games and redeemable gift cards from platforms such as BitPlaza, Nitrogen Sports, Betcoin, Zynga, and Coinmall.
You can also purchase a movie ticket with crypto at the AMC Theaters, Cinne Multi, Major Cineplex, London Theatre Direct, and Lionsgate Films.
Dish, a satellite TV and internet service provider allow their customer to pay using Bitcoin. The company began accepting Bitcoin early in 2014.
Banks & Payment Services
While many in the financial industry have vehemently opposed crypto, some banks and payment services have added crypto to their systems. These include Goldman Sachs, Royal Bank of Canada, Fidor Bank, Worldcore, Bankera, Paypal, Bylls, Living room of Satoshi, and Bitcoin Real Estate.
Jewelry & Fashion
Reeds Jewelers, a jewelry store in America, added Bitcoin in its payment systems for both its online and physical store. Other jewelry stores accepting Bitcoin include Blue Nile Jewelry, Coaex Jewelry, and Stephen Silver Fine Jewelry. In 2018, Silver Fine Jewelry reported a 20% growth in crypto transactions.
Gyft and BitPlaza allow you to purchase anything from personal accessories to groceries and gift cards and pay with Bitcoins on your checkout. OTHER fashion stores include Lanieri, Excellion, Hipptee, WearsMyLiberty, YYBazaar, Loala-Lingerie, Shirtwascash, BitcoinShift, Queen Bee of Beverly Hills, and Storage Hunted, to mention a few.
Others
You can donate to some charities such as the Binance Charity Foundation and Treehouse, an educational platform. You can also use your crypto to buy gold and silver from APMEX and JM or buy and sell real estate properties.
