Cryptocurrency never seems to get out of the headlines these days. Further adoption of this new payment option is upon us, now, more than ever. The titles range from Bitcoin reaching a new all-time high of $63,000 to Elon Musk and Tesla pouring billions into the crypto space.
Currently, mining, buying, and selling crypto seems to be more of a mainstream rather than a trend; on the other hand, spending virtual coins of value appears to be an issue due to high market volatility.
Nonetheless, a growing number of companies implementing crypto as a viable payment option is proof that crypto spending is here to stay. Embracing cryptocurrency is the new trend on the block. Here are some well-known companies that give crypto as an official payment method for their goods and services.
Maybe the most well-known and largest companies on our list, Microsoft is paving the way for further Bitcoin payment acceptance and boosting overall confidence in utilizing crypto. In Microsoft, customers can use Bitcoin to pay for numerous services, including Skype and Xbox Live.
Microsoft and its newfound love of crypto and crypto technology don’t end there. The company launched a platform named ION. It serves as a two-step authentication platform placed on the Bitcoin network by using blockchain technology. Rather than accepting payments, the platform creates online IDs that authenticate digital identities.
Elon Musk and his on-again, off-again relationship with Bitcoin has been thoroughly documented in the press. Earlier this year, the company made headlines by saying that it will accept Bitcoin payments for vehicle purchases inside the U.S. Also, in February, the company invested as much as $1.5 billion into the coin.
However, there was a slight setback in the new purchase option plan. After rising environmental concerns and new regulation laws, Tesla will put Bitcoin transactions on hold until at least 50 percent of coins are mined using only renewable energy.
Confirmation took place at the end of March that the credit card company is getting ready to pilot a scheme platform via Crypto.com. The idea is to accept crypto for transactions on the payment Visa’s network. Visa will accept USD Coin (USDC), which is a stablecoin backed by the U.S. dollar.
After an extensive trial, Starbucks users received an invitation-only, early access program to test the new digital wallet as a payment method. Up to 500,000 people took up the invitation to the new Bakkt app and will soon be able to pay for drinks and goods with converted Bitcoin.
Amazon is one of the larger companies joining the ranks of tech giants like Facebook that are implementing crypto. It seems that the groundwork has been laid for Amazon’s cryptocurrency, which means that it doesn’t accept crypto directly just yet.
However, Amazon vouchers are available for purchase via a crypto-only company Bitrefill. The company’s main job is to convert Bitcoin into gift cards, refill phones, etc.
Allied Manufacturing and Trade Industries Limited, or Amatil, is the company’s bottler and distributor of the Asia-Pacific area. It has enabled crypto as a payment method through a partnership with Centrapay. The partnership resulted in more than 2,000 vending machines are in circulation all over Australia and New Zealand, which can accept crypto coins to pay for the company’s drinks.
More and more companies are joining the crypto acceptance route, making your purchase options broader and sometimes more efficient. Even though there are a few circumstances where using crypto as payment makes perfect sense, the practical answer is no for most people.
The crypto space and its high market volatility make the main argument for our negative stance on the issue. The price you pay for an item today might not be the item’s worth tomorrow. Also, all of these companies currently experimenting with crypto mainly use Bitcoin, which experts suggest is one of the worst choices.
Nevertheless, a rising interest in crypto is something that will likely change a no into a yes. Eventually. A little bit over 20 percent of U.S. adults says that they would purchase goods and services using this new payment method. When will this mass adoption of crypto coin payments take place? Well, only time will tell. Until then, you might want to experiment with crypto purchases. Just make sure not to go overboard, and keep it small.