Companies that accept payments in cryptocurrencies

Cryptocurrencies were born to facilitate digital payments and e-commerce seems to believe in them more and more and aim for the adoption of cryptocurrencies. Blockchain technology is revolutionizing the way we all pay and transfer money.

According to bitpaymore than 100,000 merchants worldwide accept cryptocurrencies.

In this article, we’ll look at the various aspects of paying with cryptocurrencies, delving into the benefits of using cryptocurrencies as a payment method, and taking a look at the most popular companies that have already adopted it.

The year 2022 was a revolutionary year for the crypto payments industry, making it clear that crypto payments are not something that will be about the future, but are already present.

The benefits of using cryptocurrencies as a payment method

Decentralized ledger has it all blockchain-based payment (therefore obtained through cryptocurrencies in their most common form).

So this means that every single monetary transaction that takes place between two different accounts (public addresses or wallets) is recorded on the ledger which transmits each transaction to the blockchain network which will only have to confirm the validity of the transaction.

Transactions need to go through just two simple steps to be considered as such by the blockchain:

  1. Authorization: The user (the consumer) is responsible for authorizing the payment. This puts the consumer responsible for: setting the correct amount, providing the correct address, authorizing the payment and transmitting it to the network;
  2. Confirmation: The consumer needs to pay a certain amount of commission and wait for a period of validity of the transaction.

The advantage that cryptocurrency offers is really better than the traditional payments we are used to: funds can be transferred anywhere in the world in a few minutes and in total security.

As far as transaction fees are concerned, we are talking about significantly lower fees than with the usual payment methods (normally even on transactions of thousands of dollars, the fee does not exceed $5).

Transactions through cryptoand therefore blockchain cannot be deleted, this eliminates the risk of chargebacks and puts those who adopt the method in total safety.

Given that today there are many countries that allow purchases using cryptocurrencies, the interest in them is constantly increasing, and consequently there are more and more websites and services that offer people the possibility of paying in cryptocurrencies.

In Europe, Swiss it is the first country to allow people to use BTC for business and tax purposes. While the United States of America is the country that allows the largest number of payments in cryptocurrencies. Many other countries have started to allow the ability to accept payments in cryptocurrencies, for example Brazil, Mexico, Argentina, Japan, El Salvadorand many others.

What are the most popular companies that accept cryptocurrency payments?

While not fully regulated in many nations, crypto payments are an evolving phenomenon in many countries. That is why many companies and multinationals have innovated to the point of pushing for cryptocurrency payments.

Here are the most popular brands and services that accept cryptocurrencies as a payment method:

MasterCard

Already in October 2022, MasterCard has made great strides in the blockchain world. First by throwing his prime NFTs credit card, aimed at making payments in cryptocurrencies easier.

Then with the launch of Crypto Secure, the technological solution that aims to give greater security to digital economic transactions by combining CipherTrace technology with proprietary information to support issuers by enabling them to keep up with the changing regulatory landscape of digital assets.

Amazonia

The online shopping giant is working hard to include crypto as a payment method, directly on its e-commerce, it has even hired several blockchain experts for this big step.

Meanwhile, cryptocurrencies can be converted into Amazonia voucher or Amazon coin, also virtual currency but which does not use blockchain. We hope for faster future solutions for cryptocurrency purchases.

Lush

Lush bets on virtual strategies. The British cosmetics company has started accepting Bitcoin payments in its stores across the Channel. This is a pioneering move in the retail world, especially in the beauty industry, where few companies are open to this innovative payment system. With this move, the ethical brand of fresh and handmade cosmetics is approaching the cryptocurrency enthusiast audience, which promotes digital currencies that use cryptography to secure transactions.

Starbucks

More than a year ago, Starbucks President and CEO Kevin Johnson announced that the coffee giant has deepened its digital relationship through its payments partnership with PayPal and Bakkt.

The partnership allows customers to top up their Starbucks card with a range of cryptocurrencies including bitcoins, Ethereum and others, by converting digital currency into physical currency.

He also talked about using blockchain technology to enhance digital services, enable customers to exchange value between brands, engage in more personalized experiences, and exchange more loyalty points for Starbucks stars.

Coca Cola

More than 2,000 vending machines in Australia and New Zealand will allow customers to buy at Coca Cola with Bitcoins. Coca-Cola Amatil, the Asia-Pacific bottling giant, has partnered with digital asset platform Centrapay to integrate Bitcoin as a payment option from its vending machines in Australia and New Zealand.

This means that more than 2,000 smart vending machines now accept cryptocurrencies.


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