Digital currency, or cryptocurrency, is becoming more talked about and well known to the general public as time passes. In addition, increasing numbers of companies are accepting this blockchain technology as a form of payment for goods and services every day.
There are several different kinds of cryptocurrency that businesses may accept as payment for goods and services. Although not all do at the present, there are more than 7 companies that accept cryptocurrency.
In August 2017, Overstock.com announced their acceptance of cryptocurrencies as a form of payment for goods they sell. They will take not only Bitcoin, but Ethereum, Litecoin, Dash, and Monero as well.
They utilize a digital asset exchange company called ShapeShift to complete transactions. It converts currencies through blockchain in seconds without having to set up an account.
Expedia is another of the major companies that accept cryptocurrency in the form of Bitcoin. However, buyer beware. Once you begin a transaction with Expedia using Bitcoin you can’t cancel it.
Subway is another major company that is now accepting cryptocurrency
They have followed suit by allowing bitcoins to be traded for meal items. Whether or not they will begin accepting Ethereum, Tether, or any other form of cryptocurrency is not yet known.
Bitcoin is accepted by PayPal as a form of payment. It’s run through payment processors such as GoCoin, Coinbase, and BitPay. They are one of the first companies to begin accepting cryptocurrencies as payment for transactions completed through them.
In the future they are also considering the use of Ethereum, as well as other cryptocurrencies.
You can set up your own online shop through Shopify much like you could through other platforms like eBay or Etsy. As early as 2013, Shopify became one of the well-known companies that accept cryptocurrency.
The form of cryptocurrency they are accepting right now is Bitcoin. It is possible they may accept others in the future.
It appears that Microsoft first began accepting Bitcoin cryptocurrency back in December of 2014. In the last couple of weeks they announced they would stop accepting it but reversed the decision just days later.
This may not be the first time they have made the statement that they will no longer accept Bitcoin. In 2016 a similar declaration was made. But, it was overturned as well. Time will tell whether or not Microsoft will continue accepting any form of cryptocurrency for its products.
Pizzaforcoins is one of the early companies that accept cryptocurrency. In fact, they accept over 50 different kinds of cryptocurrency.
They started taking it in early 2013. They are so enthusiastic about cryptocurrency that it’s the only form of payment they accept. Of course, they are not available for everyone because not every city or town has a pizza restaurant connected to them.
Why Don’t Other Companies Accept Cryptocurrency?
You may wonder why other businesses and large companies don’t accept cryptocurrency. The companies listed above are not only accepting digital currencies as payment, they are doing it successfully. If they weren’t successful, it stands to reason they would have stopped taking cryptocurrency long ago.
It’s possible the reason masses of other companies don’t currently accept it is due to the volatility of their values. Wild swings in cryptocurrency values make it more difficult for smaller retailers and merchants to absorb losses.
In addition, there are also tax implications to consider. Furthermore, there is a possibility that the government may decide to start regulating it in the future. All of these reasons could make the acceptance of cryptocurrency seem riskier.
Obviously, there are other companies that accept cryptocurrency and are not included on this list. It would be an impossible task to include them all. The companies that are may be reaping the benefits of accepting multiple currencies. However, the listed companies that accept cryptocurrency are a few of the major ones most people have heard about. It’s possible more will join them in the future.