The severe environmental impact of Bitcoin mining has impeded popularizing digital currencies for making payments. Bitcoin mining relies on the Proof of Work (POW) protocol to secure any digital transaction on blockchain by using high-end computers and consuming enormous electricity. The costly process resulted in substantial carbon emissions that raised alarms and genuine concern about the adverse environmental impact. A new protocol known as proof of stake (POS) is now emerging as an alternative to POW. It’s a greener technology for crypto mining that uses minimal energy to reduce environmental impact significantly. Although Bitcoin is out of its purview as POS is applicable for Ethereum 2.0 and some other cryptocurrencies, it raises hopes of popularizing crypto payments on a larger scale.
Who accepts Bitcoin as payment will become clear from this article.
According to a 2020 survey by HSB, Bitcoin is an accepted currency for 36% of small and medium businesses in the US. The bigger tech companies were already accepting cryptocurrency payments and the addition of small and medium businesses shows the broader acceptance of cryptos in business transactions. Here is the list of who accepts Bitcoin as payment in the US.
Who accepts Bitcoin as payment – Names of Companies
Since 2014, Microsoft has been accepting Bitcoin payments apps, games, and other content. Initially, Bitcoin was in the nascent stage, and only a few people knew what is bitcoin. Today, only a handful of companies accept Bitcoin.
PayPal – PayPal, the payment company that contributed handsomely in popularizing digital payments, was the first to accept Bitcoin in September 2014, followed by Microsoft in December. The concept of cryptocurrencies was so unfamiliar that even media giant CNN described it as an independent currency that did not have any government backing. PayPal accepted Bitcoin mainly to attract businesses to the platform because the transaction fees for Bitcoin transactions are extremely low than the 2%-3% charged on credit card transactions.
Whole Foods – The collaboration between Flexa, a payments startup, and Gemini, a digital currency, was a game-changer in the digital currency landscape. The platform allowed big retailers to integrate Flexa into their existing digital scanners. It facilitated accepting bitcoin as payment through phone-based systems such as Apple Pay. For seamless transactions, the technology converted Bitcoins into dollars. Amazon-owned Whole Foods was the first large business to implement the technology and accept Bitcoins.
Overstock – The heavy investments made by the company in blockchain in 2018 made it appear as if the company was transiting to become a cryptocurrency company which was only speculation. However, the reputed online retailer in the US is a pioneer in accepting Bitcoin as payment as it started the process even before PayPal and Microsoft. Of late, Overstock is partnering with Coinbase to facilitate accepting many different cryptocurrencies in addition to Bitcoin. It is an aggressive step to widen the net and attract more customers due to the low transaction fees of cryptocurrencies.
AT & T – The major phone service provider in the US is accepting cryptocurrency payments from its customers through BitPay, a third-party crypto payment processing platform that acts as a payment gateway. When paying bills, consumers who want to make payments by using some cryptocurrency can direct the payments through BitPay.
Starbucks – Although Starbucks does not accept cryptocurrency payments from its customers directly for purchases made from the shop, it encourages the use of cryptocurrencies by customers differently. Although Starbucks should not figure in the list of companies that accept bitcoin as payment, it can claim to play the role of a facilitator. Customers who have access to Bakkt, a digital wallet, can pay in cryptocurrencies which instantly convert into dollars when reaching Starbucks’s account.
It can be seen from the above discussion that there are many companies and businesses that accept Bitcoin as a payment. You just need to find a company as per your need.
