Cryptocurrencies are now being used not only as an investment tool but also as a payment method for shopping. Bitcoin, which pioneered cryptocurrencies, managed to be the first in this field. It is available at companies that accept payments with coins such as Ethereum, Ripple. However, the most popular choice, for now, is Bitcoin.
Since the market volatility of cryptocurrencies is high, many companies at first hesitated to use it as a payment option, thinking that this could harm them. In the following periods, factors such as the prevalence and reliability of cryptocurrencies paved the way for this option. Leading companies from all over the world accept cryptocurrencies, especially Bitcoin, as payment.
The Benefits for Companies
Paying very low costs for paying with Bitcoin is important for the company or users to reduce costs.
Since Bitcoin does not have a physical structure, it can be sent from one end of the world to the other in a very short time. Problems such as being blocked during shipping, waiting 3–5 working days, and limiting are not encountered.
Accepting payments with Bitcoin is also a good option to attract new customers. Bitcoin is a cryptocurrency with users all over the world. Companies are aware of this situation and take the necessary steps.
Bitcoin is transparent by nature. All transactions can be monitored by any user. The fact that the income and expense payments of the companies are made with Bitcoin without revealing their private information will be traceable by the user, which will increase the user’s confidence in the company.
The credit card payment method is the most used. Naturally, fraudsters are also working on this method, which is the most used. Since the Bitcoin network cannot be changed retrospectively, it can be said that it is impossible to commit fraud, as it would be too burdensome in terms of cost and time.
Some Companies Accepting Payments with Bitcoin
PayPal: It is one of the most critical developments in this regard. PayPal is used as an online payment system operating over the Internet. It enables secure online shopping or sending money using just an email address. The introduction of this service allowed customers to transact cryptocurrencies in the PayPal environment they know and trust. The fact that companies give confidence in this regard and that they are one of the well-known large companies is a factor that increases user satisfaction and number.
Customers can use Pay with Crypto, which allows them to use cryptocurrency alongside other payment methods in their PayPal wallet to make purchases. They only pay transaction fees and currency conversion fees for buying and selling valid cryptocurrencies, without any fees for holding cryptocurrencies in a PayPal account. The company currently offers this service only in the USA and the UK.
Mastercard: The company, which has the world’s leading banking network, has started working on the network where its users can store and transact cryptocurrencies. At the same time, users who choose the cryptocurrency option when making a payment are given cryptocurrency instead of points as a reward.
Microsoft: The software giant company accepts Bitcoin payments for credit uploads for Skype and Xbox Live, which are active within the company. At the same time, the company, which has developed its payment network, draws attention with its support for cryptocurrencies.
Tesla: Tesla bought $1.5 billion worth of Bitcoin last year. With this investment, he announced that they would accept payment in Bitcoin for electric vehicle sales. However, Elon Musk suspended this decision when they learned that Bitcoin was causing too much energy consumption. The project is expected to continue if it is produced with renewable energy.
Pavilion Hotels & Resorts: Hong Kong-based hotel chain owns hotels in major cities around the world. With their decision, they became the first hotel business to accept payments as cryptocurrency.
AXA Insurance: Switzerland-based insurance company, which has branches all over the world, decided to receive payments in cryptocurrency as a result of its research.
Coca-Cola: The leading company in the beverage industry accepts payment with cryptocurrencies at beverage vending machines. The practice that started in Austria is spreading to the rest of the world.
Companies in technology, airlines, software, insurance, food, beverage, cosmetics, accommodation, and many other fields now accept payments using the convenience and reliability of paying with cryptocurrencies.