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Saturday, December 3, 2022

Bitcoin and Altcoins: How Many Companies Accept Them as a Payment Option?

Cryptocurrencies stubbornly resist leaving the headlines since their creation. More recently, we’ve been following Bitcoin’s rollercoaster ride, where we never seem to reach the bottom of the slope. Meanwhile, stablecoins fail to live up to their first name and begin shaking. Still, more companies – and even entire countries – accept cryptos in their daily transactions. Learn more about them here.

Virtually Everywhere

Giant companies of all trades keep jumping into the crypto wagon, and no one seems to believe cryptos could just vanish. There are over 4,000 different cryptos worldwide, and new ones keep being created, even if with infinitesimal market value. From a casino game to a coffee, from a megayacht to a work of art, it’s possible to use cryptos for pretty much any transaction these days. Check some major companies accepting them.

Visa

Visa has just recently begun to operate with cryptos, more precisely, the stablecoin USDC. A stablecoin is crypto pegged to a fiat currency value; in this case, the American dollar. A pilot project was released last year, but customers had already done over USD 2 billion in payments, only in the first trimester of 2022.

PayPal

PayPal is one of the first companies to operate with cryptos. This e-wallet currently works with Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. Unfortunately, most crypto-related services aren’t yet available for clients outside the United States or the United Kingdom. Users around the world are eagerly waiting for the expansion of those services.

Skrill

Skrill is another leading e-wallet for online transactions. It operates multiple fiat currencies and over 40 cryptocurrencies in more than 120 countries. In the e-wallet segment, it is one of PayPal’s main competitors. Still, it’s one of the best e-wallets for crypto transactions.

Sotheby

This traditional auction house decided to step into the future. Now, it operates not with cryptos but with NFTs too. Recently, a rare 101-carat diamond worth over EUR 10 million was paid in full with Bitcoins. The house imposes a few restrictions on crypto transactions, though. Only Bitcoin and Ethereum are accepted, provided they come from what they consider an “accredited source”, such as Coinbase.

AXA Insurance

In Switzerland, cryptocurrencies can also be used to pay monthly bills if you’re an AXA Insurance client. It works in partnership with Bitcoin Suisse, which converts cryptos into the national currency. The company opted to support this option due to its clientele’s age group: most aged between 18 and 55.

Microsoft

Here’s another sign that cryptos won’t disappear into thin air. Microsoft has entered the game and accepted payments in cryptos for a while. Services like Xbox Live and Skype were the first to support this kind of payment. Now, the company also has its blockchain-based system: ION. This system validates and creates digital IDs using two-layered authentication.

Cashing Out

Despite ups and downs, cryptos are making their way to small transactions in our daily lives. It’s possible to use bitcoins to pay for a coffee at a Starbucks, for instance, or even at a local convenience shop, in some countries. So, cryptos aren’t going anywhere.

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