The Businesses Using Bitcoin And Why
Bitcoin adoption has been picking up steam in recent years. Advancements like Bitcoin ATMs are increasing in numbers, while more businesses, including everything from small enterprises to massive companies and franchise chains, are starting to accept the digital currency. Below, we look at some of the big-name businesses and industries that accept Bitcoin, and what it can be used for.
Online Shopping and Gaming
It is arguably easier to spend Bitcoin online than in person. If you enjoy online shopping, some of the biggest eCommerce brands like Shopify and Newegg accept Bitcoin payments. As these platforms cater to a wide array of items that can be bought on them, it means Bitcoin can be used to purchase anything from electronics to groceries and basically anything you can find on these platforms.
On the other hand, if you’re into gaming, there is a wide range of options for you to use Bitcoin. For ordinary gaming and tech needs, the likes of Microsoft and Xbox allow Bitcoin holders to buy vouchers using their holdings and use them at physical stores. Meanwhile, for the ever-growing iGaming industry, InsideBitcoins Bitcoin casino top list highlights some of the many online casinos that accept Bitcoin payments and withdrawals. According to crypto writer Kane Pepi, crypto casinos typically offer improved transaction times and better transparency since they utilise provably fair technology.
AMC
AMC announced in 2021 that it would start accepting cryptocurrency payments for users who booked through their app. Initially, the company accepted Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Wanting to branch out, CEO Adam Aron launched a Twitter poll asking customers if they would use Dogecoin, and with around two-thirds of respondents saying they would, the first meme coin was added to the list of accepted cryptocurrencies. The strategy has certainly seemed to work. In the first quarter of 2022, more than a third of online bookings were paid for using cryptocurrency.
AT&T
AT&T is another company that accepts Bitcoin for bills that are paid online and began offering this service as far back as 2019. Once a payment is made, BitPay automatically converts the cryptocurrency to the merchant’s chosen fiat currency and forwards it to their bank account. This means the communications giant can accept cryptocurrency without needing to use crypto wallets directly or deal with the volatility that is common in these markets.
ExpressVPN
ExpressVPN is a name that often features high up on lists of the best VPN services around, and is one of the world’s largest and most popular VPN services. In 2014, the technology company behind it all started accepting cryptocurrency payments. They accept a variety of currencies including Bitcoin but also Ether, Ripple, and others.
Some ExpressVPN users prefer to keep their online activities and financial details private, and Bitcoin’s pseudonymous nature is perfectly aligned with this. As a result, ExpressVPN easily appeals to market bases that value privacy, a base that many crypto holders belong to.
MicroStrategy
MicroStrategy is worthy of mention for several reasons. The business analytics platform’s main use of Bitcoin was to diversify its asset holdings, rather than just as a means of accepting payment. CEO Michael Saylor claimed in 2013 that Bitcoin’s days were numbered.
Since then, Saylor has made public the fact that he personally holds more than 17,000 Bitcoins and that MicroStrategy holds more than 200,000 Bitcoins. At one stage, the company was buying $1,000 of Bitcoin every second. Saylor claims the move has enabled MicroStrategy to deliver up to 30x the performance of rivals.
Tesla
Tesla, and its CEO Elon Musk, have an interesting history with Bitcoin. The electric car manufacturer announced in 2020 that it held around $1.5 billion in Bitcoin before selling 10% of the holdings in 2021. In that same year, Tesla announced it would accept Bitcoin payments from customers, but just two months later, they stopped, citing the high mining costs of the cryptocurrency.
At the time, Musk said he still believed Bitcoin could change the world but that Tesla was investigating cryptocurrencies that used a fraction of the energy in mining. Most recently, Tesla has started accepting Dogecoin payments, although only for smaller-value merchandise.
Conclusion
Thanks to payment gateways like BitPay and advancements like Bitcoin ATMs, more companies than ever, including major tech companies, online shopping platforms, and some of the best online casinos and other gaming portals now accept Bitcoin. As the widespread adoption of cryptocurrencies grows, many businesses have been able to carve out loyal customer bases from Bitcoin holders, especially among younger, more tech-savvy customers.
