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Why Do Companies Accept Crypto Assets and How Do They Work?

Bitcoin (BTC) is out and away from the foremost fashionable crypto coin of all. More and more individuals are investing in digital assets, and it’s speedily changing into a wide settlement fored payment method. The payment technology is developing and corporations are setting out to accept Bitcoin.

But, are you able to use Bitcoin as a technique of payment? Although altcoins are increasing their growth, BTC is the most-used payment method for companies and small and mid-sized merchants. This article we will walk you through the businesses that accept Bitcoin as an accepted payment method along with information on where to buy them from.

Crypto in the World of Business- Benefits for Businesses and Consumers

First, we’re about to take a glance at businesses that settle for Bitcoin. These businesses are  therefore dubbed early adopters, however, most of them recently began to accept payment of this digital asset. Let’s see who these companies are:

Microsoft

Microsoft, an early adopter of BTC, started accepting Bitcoin payments in 2014. Users could buy games and apps with digital assets, but digital assets were far from mainstream at the time, so Microsoft stopped accepting BTC in 2016 and then once again  in 2018 due to high volatility. We are eight years into the future and it is now much more common and reliable to pay with digital assets like Bitcoin.

Home Depot

Among the stores that accept Bitcoin is one of the biggest hardware chains in the USA, Home Depot. Consumers of Home Depot can pay in the most popular crypto, but the crypto is immediately converted to US dollars since Home Depot only wants USD in their balance. This means that you, the customer, can build and remodel your entire house while only spending BTC.

Twitch

Video streaming platform Twitch also started accepting Bitcoin payments in 2014 but subtly stopped doing so in 2019. While there are many benefits to using BTC as a payment method, it is not stable enough for everyone. Besides Bitcoin, this platform also accepts Ether (ETH) and less popular digital assets like PAX, USDP, and Binance USD (BUSD).

Read About: Benefits & Drawbacks of Cryptos

Whole Foods

Supermarket giant Whole Foods allowed customers to pay with Bitcoin, as did Home Depot. The technology behind the store concept converts digital assets directly into USD and uses the same technology as the other Amazon companies. Whole Foods not only accepts BTC as a payment method in its store but has also switched to the Spedn app, allowing users to buy groceries with Bitcoin and Litecoin (LTC), among others.

Gyft

Gift Card Company Gyft enables users to buy, send and redeem their gift cards online for retailers and platforms such as Starbucks, Amazon, and Sony Playstation. As a user, you can carry out all transactions with Bitcoin without additional costs. Once you’re on the site, it’s as easy as it sounds. You select the gift card you want, select BTC as your preferred payment method, and then use your crypto wallet to send the payment.

Benfica

Popular sports club Benfica, formally Sport Lisbon e Benfica, accepts Bitcoin payments from their consumers. Customers can purchase everything from merchandise to tickets for games and pay with their crypto assets. Fans can purchase their favourite merchandise with Bitcoin, Eth, and also the UTRUST token. By welcoming crypto as a payment method, they attract tech-savvy supporters and create it simple for them to shop for sports equipment from abroad.

Save the Children

The world’s first and largest children’s international NGO, Save the Children has been one of the first to accept donations in BTC as well as other crypto-assets back in 2013. The organisation started a campaign with the slogan “HOLDhope” they were supporting the teenagers’ right of being healthy, educated, and protected.

Virgin Airlines

Richard Branson, the founder of Virgin Airlines, has always been an innovator, so it’s no surprise, his companies Virgin Airlines and Virgin Mobile allow users to pay with Bitcoin. Moreover, users could even use this crypto to pay for space travel. Bitcoin and other digital assets are often referred to as the finances of the future. Working together with the future of travel seems only logical. For 16 BTC, you can buy a ride from Virgin Galactic that will take you more than 50 miles high into the atmosphere.

Wikimedia

Another jump starter is Wikimedia, the company behind the famous open-source encyclopaedia Wikipedia. They also started accepting Bitcoin in 2014 to allow people to pay for donations. This would have been number two on this list, but after May 2022 they will no longer accept crypto donations. 

Wikimedia has several arguments such as concern for the environment, the risk of fraud, and the fact that only 0.08% of the total amount of donations was received in crypto. The company announced that it is halting the crypto donation option for now, but will be closely monitoring developments. With increasing security and stability, there is a chance that BTC will become an accepted means of payment again. 

Overstock

Finally, Overstock is one of the Bitcoin providers that accept digital assets as a payment option and has BTC. Overstock is a technology-driven online retailer that envisions dream homes for everyone. It’s the fifth year in a row that this major e-commerce player accepts not only Bitcoin but all crypto assets including Ether, Litecoin, Dash (DASH), and Bitcoin Cash (BCH).

Conclusion

Crypto assets are inherently decentralised. This means you cannot buy them from a traditional bank or investment firm. It’s part of the upcoming regulatory plan to make this possible, but users will have to buy digital coins on a crypto exchange for now. And it is available on Zebpay too where you can trade BTC against USDT, BUSD & INR. If you’re looking to exchange your INR for a crypto like Bitcoin, there are a few things you need to know. 

Always think about your security on the internet. Before you can buy, sell, or hold crypto assets, you must set up an account with us with some easy steps. Most of the time you will need to provide some personal information like your passport and bank account. After that, you can top up your wallet.

Now that you’ve bought some crypto asset, it’s time to find out if your favourite store, restaurant, or business is a place that accepts Bitcoin. In the list above, you can already find some popular places to spend your digital money in the list above. Bitcoin spending is getting easier as global merchants accept it as a payment method. 

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided concerning the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in crypto assets viz. Bitcoin, Bitcoin Cash, Ethereum, etc are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

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