Companies That Accept Cryptocurrency Payments

In 2022, if your business has the guts to go against the grain and accept cryptocurrency payments, it’ll hold you in the highest esteem. Many companies have benefited from being early adopters, either for marketing reasons or to keep up with the times.

Nowadays, you’ll find many crypto holders asking you the question, “does your company accept cryptocurrency payments.” There has been a rise in cryptocurrency investment for a long time now.

However, you’ll be fascinated that many sportsmen get paid in crypto. This article will find some of the top companies that accept crypto payments.

Related: Is Cryptocurrency a Good Investment for Beginners?

Steps to Perform Cryptocurrency Payments

The ability to do anonymous transactions is a driving force behind the creation of cryptocurrencies. It is essential to keep this in mind, as media outlets and the financial sector tend to ignore it to cover the ups and downs of prices.

Because bitcoin is becoming increasingly mainstream, it is increasingly vital to be familiar with how to make purchases with it. Despite the complexities of cryptocurrency, spending it is a breeze. Here are several methods and locations accepting cryptocurrency payments.

It used to be the case that sending cryptocurrencies required entering a command line prompt on a computer and programming a transaction. In the past, transferring and receiving cryptocurrency was complicated, but now it’s as easy as using a banking app. Here are the steps that you need to perform to pay with crypto:

• Step#1: Own a Crypto
• Step#2: Choose a Crypto Wallet
• Step#3: Doing Transactions with your Wallet

Related: Cryptocurrencies Wallet: Best Wallets to go for Investors

Top Companies that Accept Cryptocurrency Payments

Although cryptocurrency is in its infancy, more and more businesses are beginning to accept it as payment. The vast majority of merchants use cryptocurrency payment gateways to accept cryptocurrency payments.

Third-party payment service providers provide these gateways that ensure the conversion of cryptocurrency to fiat currency at the time of the transaction.

Below are some examples of well-known companies that either directly accepts cryptocurrency, allow you to incorporate it into an app for payment, or work with a third party to do so:

1. PayPal

PayPal users in the US can trade cryptocurrencies and make purchases with them. You can choose to pay using Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), or Bitcoin Cash (BCH) by clicking the Checkout with Crypto and paying as cryptocurrency payments. As a result, any 30 million retailers who use PayPal can accept cryptocurrency payments.

2. Overstock

When it comes to online retail with cryptocurrencies, Overstock is now in pole position. Overstock goes beyond simply accepting bitcoins by accepting several other cryptocurrencies as well.

Bitcoin is accepted and held by Overstock. These are the kinds of businesses that do the finest work for the Bitcoin community. They are not just utilizing Bitcoin as a gimmick and are committed to the project for the long run. You can select Bitcoin as your payment option at checkout.

3. Microsoft

In 2014, Microsoft was an early adopter of bitcoin by allowing customers to purchase games, applications, and other digital material in the Microsoft Store with bitcoin. It included content for Windows Phone and Xbox.

In 2014, few people had heard of Bitcoin, and of those who had, many exposed it through negative media coverage. Mt. Gox, the largest bitcoin exchange in the world, went bankrupt this year after a series of frauds, hacks, and mishaps caused it to lose bitcoins worth hundreds of millions of dollars.

At the time, only two big enterprises in New York City accepted bitcoin, though a bar and a few cab services and restaurants did.

4. Starbucks

Starbucks has partnered with the third-party payment software Bakkt so that customers can now pay using cryptocurrency. Several Bakkt partners, like Starbucks, accept Bitcoin as payment, and you can buy, sell, and trade cryptocurrencies with the Bakkt App.

Wyndham Hotels & Resorts, Cantaloupe, and, most recently, Quiznos are just a few businesses that have partnered with Bakkt to accept Bitcoin, loyalty points, and airline rewards.

5. Etsy

Although Etsy does not provide a system for accepting bitcoin payments on the whole site, the individual sellers who use the service are free to implement such a system in their stores if they so wish. The merchant’s responsibility is to provide an “other” payment option for customers.

When a buyer selects this option, they can send the seller a message specifying how they would want to be paid, in this example, bitcoin. The seller will provide an address to send the bitcoins to finalize the deal.

Tutorials on advertising that you take bitcoin and how to make the process run smoothly are available on a dedicated page in the Etsy Community forum. Etsy’s “Bitcoin Accepted” tab helps customers quickly locate sellers who accept the cryptocurrency.

Related: The Top Crypto Coins to Buy in 2022

Advantages of Cryptocurrency Payments

Advantages#1: Anonymous

Cryptocurrency is anonymous due to the distribution of its blockchain, and its users remain nameless. You can go about your business dealings with money without worrying about the prying eyes of government agencies or other nosy people.

Nonetheless, many believe cryptocurrencies are not genuinely anonymous because you can use your wallet address to trace your identity if you choose to make it public.

Advantages#2: P2P Transactions

The protocol’s design facilitates peer-to-peer transactions between users of a cryptocurrency network. You can transfer or receive funds from anyone without the need for additional services.

Advantages#3: Low Fees

Many payment processing firms will charge you or the store you’re buying from a fee to process your payment conveniently. Due to its decentralized and peer-to-peer structure, cryptocurrency transactions have reduced costs, benefiting buyers and sellers.

Advantages#4: Geologically Unrestricted Payments

In essence, if you have access to the internet, you may use cryptocurrency to send or receive payments from anywhere in the world.

Advantages#5: Easily Accessible

Financial institutions, such as banks and lending programs, might be inconveniently located for many people. Nonetheless, most people these days have access to the web via their mobile devices.

It paves the way for global access to financial services, including sending and receiving money and providing loans.

Related: Relationship between Cryptocurrency and Blockchain

FAQs

1. Can I Pay Using Crypto Wallet?

Many places, both online and off, accept bitcoin as a form of payment.

2. How to Perform Cryptocurrency Payments?

Using a wallet, which supports the vast majority of major cryptocurrencies, is the most convenient and straightforward method of making a purchase using crypto.

3. Which Establishments take Cryptocurrency Payments?

Through payment gateways and providers, many online merchants and even some brick-and-mortar ones accept crypto payments. Online stores like Newegg, Overstock, Starbucks, and Twitch are pretty successful.

4. Does Amazon Accept Cryptocurrency Payments?

No. Amazon does not accept Bitcoin at this time. On the other hand, utilizing a third-party service like Purse.io, you can use Bitcoin to make indirect purchases from Amazon.

5. Is Microsoft Still Accepting Cryptocurrency Payments?

Yes. According to their new terms of service, Microsoft still accepts Bitcoin as payment, albeit the fine print is vital to read.

6. Can You Pay with Bitcoin at Hotels?

Typically, lodging establishments will not accept Bitcoin. Expedia had accepted Bitcoin as payment for hotel stays and airline tickets, but they discontinued this service in June of 2018.

7. What Can I Buy With Bitcoin?

Bitcoin debit cards have made it easy to utilize Bitcoin for practically all purchases today. Visa and Mastercard both issue cards that accept Bitcoin as a funding option.

Conclusion

Even though just a small percentage of merchants currently accept Bitcoin as payment, the trend toward using Bitcoin is undeniable.

So, while there is still a long way to go until all businesses accept Bitcoin directly rather than through payment processors or Bitcoin debit cards, you can discover major names like Microsoft, AT&T, and Overstock that have already taken a step in the right direction.

Here we conclude our article on “Companies That Accept Cryptocurrency Payments.” You can visit our cryptocurrency category page or stay tuned for more informative articles!