Bitcoin is definitely the largest and most popular cryptocurrency currently in use, it has taken the world by storm and how!
Aside from being a successful hedge against risks and inflation, this cryptocurrency is also slowly gaining momentum as a popular payment tool. A 2020 HSB Cyber Survey states that – a third of the US Small and Medium Enterprises accept cryptocurrency as payment against their goods and services. We have seen more and more companies starting to accept Bitcoin every year.
What’s Behind Bitcoin’s Rising Popularity as a Valid Payment Method with Consumers?
Bitcoin has more than just one quality that gives it a leg-up over traditional fiat currencies and even regular credit and debit cards that flood the market, which is why both merchants and consumers are generally of the opinion that using cryptos like Bitcoin is a better deal.
Bitcoin’s positives as a payment instrument:
- Anonymity – Bitcoin holds back consumer identity to a certain level at least. Every user ID that Bitcoin generates for a particular transaction is for one-time use only.
- Autonomous – Bitcoin payments do not involve any third party like banks or other financial institutions, and so it leads to the next obvious point of merit.
- Bitcoin Payments Involve Zero Banking Fees – Consumers don’t need to pay any transaction fees whatsoever for Bitcoin payments.
- Low International Transaction Charges – All international purchases through fiat currencies involve high exchange costs. However, due to the absence of financial intermediaries for cryptocurrencies, foreign transaction charges for Bitcoin are negligible. Bitcoin payments also cut down all the time lags that cross-border transactions usually require.
- Easy Accessibility – Unlike bank transfers, payment wallets, or credit cards, Bitcoin payments are super fast and hassle-free. Consumers can make a successful transaction with just computers or smartphones/tabs and strong internet connections.
What Businesses Must Have Before They Start Accepting Bitcoin
- Bitcoin Wallets – In order to start receiving Bitcoin payments, businesses need a Bitcoin wallet. This has a Bitcoin address that customers use to transfer all their future Bitcoin payments. All a user needs to do is enter the merchant’s Bitcoin address, scan its QR code from this address, feed the desired amount, and hit the send button.
- Payment Processors – Payment Processors are mostly useful for big businesses handling high volumes of transactions per day. In lieu of a nominal service charge, these processors help companies set up POS and send electronic invoices. Businesses also have the option of converting Bitcoin to fiat currency through payment processors.
- Publicity – All businesses, big or small, online or offline, must inform their customers as soon as they finalize their decision of accepting Bitcoin payments.
- Book-keeping Records – Before companies start accepting payments in Bitcoin, it’s always advisable to get in touch with accountants/accounting firms to help them better maintain their Bitcoin income records.
Here’s an exciting list of 100 companies that currently accept Bitcoin as payments.
Food and Beverages Companies That Accept Bitcoin
Major Movie Theaters Who Accept Bitcoin in 2021
Aviation Companies Accepting Payments in Bitcoin
Welfare Foundations That Acknowledge Bitcoin Payments
Travel Agencies and Holiday Packages That Accept Bitcoin
Group of Hotels
Retail Chains Who Accept Bitcoin Payment
Jewelers and Dealers in Precious Metals Accepting Bitcoin
Luxury Car Brands
Restaurants and Online Food Delivery Chains
Publishers and Newspapers
Furnishing and Interior Designers Accepting Cryptocurrency
Mobile, Cable Networks, Wireless, Electronics and Software Services
Web Hosting Portals and Servers
Renowned Sports Teams
Digital Payment Solutions
Virtual Private Network Solutions
Other popular Online Platforms
With the growing list of companies that accept Bitcoin payments, the pressure for others still on the fence about Bitcoin is on as it becomes increasingly clear that they may need to break their shackles of doubt if they wish to see themselves at the helm of success. Both tremendous growth opportunities as well as a universal acceptance of Bitcoin as a mainstream payment method are certainly underway in the years to come.