Major Learnings:
- To obtain a competitive advantage over their rivals, retailers are deciding to accept Bitcoin and other cryptocurrencies as alternative forms of payment.
- In this article, we examine the significant companies that have accepted cryptocurrency payments.
- Discover which businesses are utilizing Binance Pay to provide a better cryptocurrency payment experience.
Major companies have naturally begun adopting Bitcoin and other cryptocurrencies because of the many advantages they offer. Learn about some of the biggest businesses adopting Binance Pay to get a competitive advantage.
Major Companies That Have Adopted Bitcoin and Other Crypto
Some of the largest organizations have already adopted cryptocurrencies, even though the world is only now starting to warm up to Bitcoin and other cryptocurrencies. Here are a few of the cryptocurrency pioneers.
Overstock
E-commerce was maybe one of the first to use cryptocurrency. In January 2014, Overstock became the first significant shop to take Bitcoin.
PayPal
PayPal made a reputation for itself in the cryptocurrency space in September 2014 when it began facilitating Bitcoin transactions with industry-specific businesses.
Microsoft
Microsoft began accepting cryptocurrency as payment for applications, games, and other goods and services on Xbox and Windows marketplaces in 2014, similar to Overstock and PayPal.
AT&T
AT&T was the first significant mobile service to accept Bitcoin payments in 2019. Customers have the option of utilizing cryptocurrencies to pay their online invoices.
Starbucks
Since 2020, Starbucks has started accepting Bitcoin using its mobile app. To increase payment choices, customers can recharge their Starbucks cards with Bitcoin and other cryptocurrencies.
Travala
The 2017-founded, blockchain-based travel portal also accepts cryptocurrency in addition to conventional credit and debit cards. Customers can use cryptocurrency to pay for travel, tours, activities, and hotel reservations.
Why Companies Accept Bitcoin and Other Cryptocurrencies
More affordable
Less expensive Traditional payment systems incur additional charges that firms that accept cryptocurrency do not. Using blockchain technologies, which do not involve third parties, can minimize these costs, including administrative and operational costs. For instance, unlike fiat currencies, cryptocurrencies have no connection to their country of origin and as a result don’t have extra handling or foreign exchange expenses. Because of this, owners of businesses may have a higher profit margin and give clients the best value for their money, regardless of where they are.
Quicker
Global connections between businesses and customers are now possible thanks to developments in payment technology. Businesses that take Bitcoin and other cryptocurrencies can increase their global reach thanks to the cross-border payment solutions provided by crypto payment providers. Crypto eliminates these middlemen and allows transactions to be processed in a fraction of the time required by conventional transfer methods, which require more time.
Safer
Because cryptocurrency transactions are irreversible, unlike bank transactions, they shield companies from chargeback fraud. Chargebacks, which are frequently carried out by centralized entities with the authority to undo transactions, can be harmful when clients ask for refunds after having successfully received their goods or services. Unfortunately, chargeback fraud frequently targets small firms. Providers of cryptocurrency payment services like Binance Pay protect merchants and make sure they are not put in a bad situation when conducting business by preventing chargeback fraud.
Future Payment System Trends
Given that well-known companies like Paypal, Overstock, Twitch, and Amazon have accepted cryptocurrency as a payment option, additional businesses may have to follow suit to survive in the digital age. Cryptocurrencies are positioned to lead the new era of payments, even though the future of paper money is still questionable as more significant corporations adopt it.
FAQS:
Which well-known company takes Bitcoin?
Only five years after the cryptocurrency’s release to the market, in 2014, Microsoft, the world’s largest software manufacturer, began accepting Bitcoin payments.
