The growth of cryptocurrencies has piqued consumer curiosity recently, prompting queries on companies that accept Bitcoin payments. As the pioneer of digital currencies, Bitcoin has garnered widespread acceptance, with numerous global retailers now adopting the currency. This has unlocked a wealth of opportunities for seamless transactions.
Online retailers frequently recognize the advantages that Bitcoin can bring but are unsure how to accept it safely. Moreover, they want to ensure they can continue offering convenient features, such as one-click checkout, to their customers.
This article will provide you with insight into why accepting Bitcoin at your e-commerce store is a wise choice. Additionally, it will detail the various online retailers that currently accept Bitcoin in 2023. If you are considering following suit, then this is a must-read for you.
Brief Definition & Overview of the Advantages Of Bitcoin
Bitcoin is a digital currency that enables secure peer-to-peer transactions without the need for intermediary parties, such as banks or governments. These transactions are monitored and publicly viewable on a shared ledger known as the blockchain.
The blockchain is a communal ledger that stores data in blocks, forming an unbreakable data chain. Whereas banks use ledgers to record transactions, the blockchain disperses this information via a network of computers that validate the legitimacy of each transaction. The blockchain is an append-only system, indicating that data can only be added in sequential order.
Bitcoin was the first digital currency built utilizing blockchain technology, and its transactions have been visible to the public since 2009. The blockchain is locked cryptographically, making manipulating or modifying earlier transactions challenging. Each block on the chain documents the information of the present transaction (in the form of a cryptographic key) and the initial transaction in the previous block. This chain creates a continuous stream of data that, if tampered with, interrupts the succession and nullifies the transaction.
The Top 5 Businesses Accepting Bitcoin
We would like to highlight the five businesses that have recently begun accepting Bitcoin as payment. By examining their success, we aim to better understand the impact of this decision and encourage others to follow suit.
Microsoft
The world’s third-largest company with a whopping market cap of over $2.16 trillion, has actively embraced cryptocurrency over the past few years. Microsoft became one of the pioneering companies to accept crypto payments in 2014, setting an example for other US companies to follow. Today, shoppers can easily purchase specific products and services on the Microsoft Store using Bitcoin by adding funds to their Microsoft accounts. However, it’s important to note that crypto payments are only available on the Microsoft Store and not on Xbox Live. Furthermore, BitPay facilitates the payment process for items on the Microsoft Store, so shoppers must have a suitable crypto wallet to proceed.
Crypto Emporium
A high-end marketplace that exclusively accepts payments in popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and XRP. Established in 2018, its reach extends to over 125 countries globally. Their customer support team is available 24/7 and offers real-time email and SMS order tracking.
Crypto Emporium boasts a vast selection of products ranging from luxury watches, designer clothing, and even real estate. The purchasing process is seamless and requires a crypto wallet and funds. It also features a rewards program that enables customers to earn cashback through Rewards Points and a referral program allowing them to earn commissions when their friends or family shop using their unique link.
Ralph Lauren
Ralph Lauren, a prominent global fashion brand, provides a broad range of high-end products, such as designer clothes and home furnishings. Its website does not permit cryptocurrency payments; however, a new store in Miami has just opened to accept crypto transactions. The store lets shoppers purchase products in exchange for Bitcoin, Ethereum, and MATIC tokens. Moreover, in collaboration with Poolsuite, Ralph Lauren is launching an NFT collection to provide NFT holders exclusive access to an opulent three-day luxury retreat in Miami. This illustrates Ralph Lauren’s commitment to embracing Web3 technologies.
CheapAir
CheapAir is an online travel agency that provides affordable airfares and lodging reservations through its user-friendly website. In 2013, it started accepting Bitcoin and has since expanded to include support for various other alternative coins. To ensure smooth payment processing, CheapAir has forged a partnership with BitPay. Travelers must proceed to the payment section and select “Bitcoin or Altcoins” as their preferred funding method. CheapAir will issue the booking confirmation and provide relevant travel details upon successful payment.
Shopify
Shopify is an esteemed e-commerce platform that simplifies creating an online storefront for businesses. It encompasses various tools and services for efficient inventory management and shipping processes. With nine payment gateways available, including Coinbase Commerce, DePay, and Lunu, business owners can integrate cryptocurrencies of their choice as a payment option. However, it is essential to note that transaction fees will be charged on the merchant’s site.
Final Takeaways
Many significant businesses accept Bitcoin, including Wikipedia, AT&T, Burger King, KFC, Overstock, Subway, Twitch, and Pizza Hut. These companies offer a variety of payment options, from donations on BitPay to purchasing sandwiches with Bitcoin. Other businesses accepting Bitcoin include Dallas Mavericks, Virgin Galactic, Norwegian Air, Namecheap, Gyft, NewEgg, The Internet Archive, 4Chan, and Mega.nz, Amazon (through Purse.io), and more. With Bitcoin gaining popularity, paying with cryptocurrency has never been more accessible or more widespread.