Cryptocurrency is paper money that is based on blockchain technology. It is decentralized and is gaining traction on Wall Street. More and more options are becoming available. Currently, there are more than 19,000 cryptocurrencies available on the market.
Cryptocurrency is used to buy things and investors are treating it as a long-term investment. Even though cryptocurrency has high volatility, several top cryptocurrencies are proving to be investment-worthy. You can learn about the variety of cryptocurrencies and how they differ on ZenGo X. You also need to learn how Dogecoin payment works or how to choose a wallet.
Microsoft store added cryptocurrency as a payment alternative. Customers could buy apps, games, and other digital content for the Xbox, Smartphone, and Windows using Bitcoin. In 2014, BTC was less known and the ones who knew had heard something wrong about it. At that time, few car services, restaurants, and a bar in NYC accepted Bitcoin. In terms of large companies only two – Microsoft and Paypal.
Three months after Microsoft started accepting BTC, Paypal got on the bandwagon for contemporary digital payment. At that time Bitcoin was traded as XBT and not BTC. PayPal’s goal was to attract business to its platform and not consumers. The attraction was transaction fees of BTC were extremely low than the 2% to 3% businesses paid on credit card transactions.
Overstock.com was the first large retail company that started accepting Bitcoin via a partnership with Coinbase. Cryptocurrency users started visiting their websites and buying goods to appreciate the transition.
A couple of days after they went live with bitcoin payment the online retail outlet sold a few hundred thousand goods. From the bitcoins received as payment from their eCommerce shop 50% is kept as BTC and the other half is converted into dollars.
Flexa launched its network and app to allow cryptocurrency payments instantly at selected retail stores. The first retailer it chose was Whole Foods. It allowed the retailers to easily accept crypto payments including Bitcoin Cash, Ether, Bitcoin, and Gemini Dollar from customers having installed the SPEDN mobile wallet software available on the App store.
Flexa offers a real-time network for transaction clearance, while Gemini deals with the back end. Flexa even accepts Ethereum payment via their app and merchant scanner.
Amazon owns Whole Food but does not accept bitcoin payments directly. You have to buy Amazon Gift Card using your crypto wallet.
Etsy platform does not accept crypto as payment but independent sellers on its platform accept it in their individual stores. The seller adds a crypto method option during checkout. If the buyers want to pay crypto then they send their wallet address to conclude the transaction.
Starbucks joined the bitcoin revolution in 2020. You can pay directly with BTC via the digital wallet Bakkt. Crypto balances can be converted on PayPal to fiat before reloading the Starbucks app.
Home Depot, Twitch, AT &T, AMC Theatres, etc. are all accepting cryptocurrency as an alternative payment mode.