Many have heard of Bitcoin being used as a means of payment in the past. A lot of people know that Bitcoin can be used to pay for hotel rooms, cars, and event tickets.
Most people even know that Bitcoin can be used to purchase food and groceries nowadays. It is no longer news that some countries like El-Salvador, Denmark, France, and Japan have now legalized bitcoin.
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Since everything that we know is out of the way, we should focus on the things not many people know. For example, at present, there are over 10,000 offline retailers that accept Bitcoin as a means of payment all over the world. This doesn’t include the numerous online vendors and private p2p merchants who conduct crypto transactions every second.
In this guide, we cover the classes of cryptocurrencies and why Bitcoin is so popular among them. We list seven companies that have now begun accepting Bitcoin as a means of payment and a few tips on how to buy some Bitcoin in case you intend to jump on the cryptocurrency bandwagon.
Is Bitcoin That Popular?
Despite the existence of hundreds of other altcoins (or alternative coins), bitcoin is by far the most popular. This is because bitcoin came first, before all others. It is currently the largest and most dominant crypto on the market.
In general, the cryptocurrency market is a segmented one. This means that all coins are grouped according to their use cases. So far, we have:
Utility tokens are used for purchasing the rights to a particular service. Examples include Binance Coin (BNB), ChainLink (LINK), Zilliqa (ZIL), and Basic Attention Token (BAT).
Security tokens like other cryptocurrencies, are used for purchasing goods and services. The difference is that they are used for more secure/anonymous transactions. Examples include ZCash and Monero.
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Stablecoins, as their name implies, are cryptocurrencies with relatively stable value. They are used by individuals and corporations to preserve the value of their assets from the market’s volatility. Examples include Tether and USD-Coin.
Bitcoin falls under this category. Payment coins are by far the most used kind of cryptocurrency, as they are used exclusively for purchasing goods or services.
Although altcoins have experienced explosive growth over the years, the fact remains that bitcoin is and has always been the number one cryptocurrency. Especially now that people, companies, and even countries have begun to accept it as a valid means of payment.
Companies That Accept Bitcoin As a Means Of Payment
Bitcoin has been referred to time and again as digital gold. It is no surprise that many billion-dollar companies have begun to accept it as a valid means of payment.
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There were some early birds, but more corporations have jumped in over the years in a bid to get in on the action. Most of these companies are ones you know. Below are some of them.
Microsoft was one of the earliest adopters of cryptocurrency as a means of payment. The tech giant has been accepting bitcoin for use in its online X-Box store since 2014. Microsoft halted their bitcoin acceptance for a while in the past due to its volatility but soon resumed. Now, anyone can pay for X-Box store credits using bitcoin.
Twitch is a game streaming platform under Amazon’s umbrella. Although Amazon itself does not accept cryptocurrency, twitch is the exception. Its users can now use bitcoin or bitcoin cash to pay for services on the platform or accept donations from their viewers.
Like Microsoft, Twitch discontinued accepting bitcoin in March 2019 but then continued three months later in June.
Many people believe that bitcoin is all hype and nothing more. Sir Richard Branson, CEO of the commercial space flight venture, Virgin Galactic, isn’t one of them.
It only makes sense that his aviation company accepts bitcoin as a means of payment. Just recently, Branson broke the news on the country’s acceptance of bitcoin in one of the company’s blog posts. He added that a flight attendant from Hawaii was the first to purchase a Virgin Galactic ticket using bitcoin.
In late 2020, as a result of the pizza franchise’s collaboration with Cryptobuyer, the company began to accept bitcoin payments from its Venezuelan customers.
The mobile-carrier giant is one of the first of its kind to begin accepting bitcoin as payment. Its customers can now pay their mobile bills using bitcoin. Although AT&T does not accept bitcoin directly, they do so through BitPay as a third-party payment platform.
The virtual private network company seems to value privacy above all else. It accepts just about any kind of payment option, including bitcoin. Like AT&T however, Express VPN accepts bitcoin either via BitPay as a third-party payment platform or via several other electronic hardware/software wallets.
Sporting giants aren’t left out of this arrangement either. Benfica is a Portuguese soccer corporation. Benfica like all the others on this list, has begun accepting bitcoin and other cryptocurrencies. The company partnered with Utrust, a cryptocurrency payment platform, becoming one of the first clubs in the European league to begin accepting crypto.
Benfica fans can now purchase match tickets and merch using cryptocurrency on the official Benfica online store.
Bitcoin is on its way to becoming a universal payment system at this point. If you’re wondering how to get in on the action and buy some bitcoin, here are a few tips that may be helpful.
Exchanges Are The Way To Go
You can choose to buy some bitcoin via an exchange. On exchanges, you get connected to other customers willing to exchange their coins for dollars.
Choose The Right Exchange
There are numerous exchanges out there, but it is best to opt for relatively secure ones with low fees.
Safety is key in the crypto market. It is essential to avoid paying for crypto over the internet with your credit card. It is safer to buy cryptocurrencies using cash or other cryptos you own.
Do Your Research
The cryptocurrency market is a highly volatile one and is subject to a lot of risks. You should conduct proper research on the coins you intend to buy and never invest money you can’t afford to lose.