Finance Investment 

Why Are more Companies Accepting Payment in Bitcoin

The list of companies that accepts bitcoin as an official form of payment is continuing to expand. For those of you who don’t know, bitcoin is a type of cryptocurrency. A cryptocurrency is a form of digital money that people use to buy goods and services. It is a decentralized currency which means that no one person or government has control over it like they do with the dollar or the yen.

A bitcoin is basically a digital file that is stored in a digital wallet, it can be transferred in the same way as normal money and each transaction is recorded digitally. Bitcoin is the most popular and most well-known type of cryptocurrency as it was the first blockchain type of cryptocurrency created back in 2009. After bitcoin became well known many investors invested a lot of money into it making the value of bitcoin spike. The spikes and falls of the value of bitcoin have confused investors as the trends are almost unexplainable, however, even now in 2021, the value of bitcoin is still rising. Bitcoin is now valued at above $20,00 and is increasing in popularity, read on to find out what companies accept payment in bitcoin and why more companies are beginning to accept it.

 

Why it’s good for a company to accept payment in bitcoin.

Generally speaking for any company, the more different forms of payment the more customers they begin to attract as people with have different payment preferences so it’s best to accommodate for as many as possible. The most common payment forms that most companies offer include Visa, Mastercard, and Paypal. It’s good for a company to accept bitcoin as payment as the other methods have higher transaction fees. Mastercard, for example, charges anywhere between 1.55% to 2.6% per transaction and all other credit cards will have similar fees. Cryptocurrencies allow customers to avoid many of the transaction fees that all consumers hate such as overdraft fees and foreign transaction fees. While bitcoin does incur a fee, the fee is considerably lower, usually around 0.5% of any transaction. This is more appealing to consumers so by offering bitcoin as a way of paying a company will gain a competitive advantage over companies similar to them which will help their business to thrive.

 

What companies are accepting bitcoin.

Over the last 6 years, the amount of companies accepting bitcoin has payment has massively increased. The latest survey took place in 2020 and the results showed that 36% of US businesses had started to accept bitcoin as a form of payment. Some major companies that accept bitcoin include Wikipedia, Wikipedia are responsible for the largest ever open-source encyclopedia, they rely on donations to operate and have begun to accept donations in the form of bitcoin via BitPay. Microsoft is another major company that allows its users to pay with bitcoin, they allow you to top up your Microsoft account with bitcoin.

As well as major companies many multinational stores also are starting to accept bitcoin as payment. These include places such as Burger King who in their Venezuelan stores and their German stores accept bitcoin when ordering online for delivery. Also fast-food chain KFC marketed a ‘Bitcoin Bucket’ in their Canada stores and accepted Bitcoin as payment for this. Other companies include Overstock, Subway, Norwegian Air, Miami Dolphins, 4Chan, and Amazon. If you’ve invested in bitcoin and haven’t been spending it, well now you know that you can use it to buy anything from your weekly takeaway to airline tickets you can findbitcoinatm and start spending.

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