After the collapse of the world’s financial markets back in 2008, an alternative form of currency was needed that would be free from any form of control from governments or other central body regulations.
Bitcoin was created to be the next generation currency, and slowly, the cryptocurrency is taking over financial transactions across the globe. Many of my colleagues ask me one of two questions: “Who accepts Bitcoins?” or “Where can I use Bitcoins?” My answer to either of these questions is basically what I have set out to explain in this post.
It is hard to ignore the rise of Bitcoin as it is gaining acceptance from both the mainstream mega-companies and smaller businesses across the globe.
Who accepts Bitcoin?
Most of us view Bitcoin as a commodity rather than a currency. We adopt this wrong notion because many of us don’t know the companies and businesses that accept Bitcoin as a means of payment for products bought or services rendered.
However, that notion is wrong as there are several large companies that accept Bitcoins as a legitimate form of currency. More businesses across the world are allowing their online or offline products to be bought with Bitcoins.
If you have ever asked yourself, “Are there stores that accept Bitcoins?” Then this post is for you. Let us have a look at some of the major companies that accept Bitcoin.
This is the first large online company that started accepting Bitcoin as a means of payment. The online retailer began accepting Bitcoin back in January 2014.
Overstock allows their customers to purchase products such as laptops, television sets and other electronic goods using Bitcoin.
The online retailer has evolved over time and now accepts all the major cryptocurrencies, including:
This is one of the most popular gift card websites in the world. The company has a mobile app that allows its customers to purchase gift cards from other major companies such as Amazon, JCPenny, Sephora, Home Depot, Kohls and more. Their Bitcoin payment method is easy since they use Coinbase as their Bitcoin partner.
This company made travel booking very easy and it is now one of the leading online travel agencies in the world. The company started accepting Bitcoin from its customers back in June 2014. Customers can also pay for their hotel bookings using Bitcoins.
4. Shopify stores
This is perhaps the biggest name on the list. This giant e-commerce company is known for allowing merchants to set up their online shops to sell their products. Four years ago, Shopify made it possible for their merchants to start receiving Bitcoin payments using the popular BitPay
If you happen to be a gadget freak like me, then Newegg shouldn’t be foreign to you. The electronic retail giant is one of the biggest gadget retailers in the world, and they accept Bitcoin as a means of payment. The company uses BitPay as its Bitcoin payment processing partner.
Dish is one of the first media companies to start accepting Bitcoin. Dish, which is also an Internet service provider started accepting the currency back in August 2014 and partnered with Coinbase to process payments
Websites and companies that accept Bitcoins
Several companies and websites accept Bitcoin as a means of payment, and they include:
- WordPress.com – blog and website creator.
- Virgin Galactic
- Microsoft – Users can buy content with Bitcoin on Xbox and Windows store
- Namecheap – Domain name registrar
- Zynga– Mobile gaming
- EZTV– Torrents TV Series Downloader
- Seoclerks.com– provides SEO services
- BigFishGames.com – Games website for PC, Mac, and Smartphone
- MovieTickets.com – Movie ticket retailer.
You can purchase items from businesses or companies that display “Bitcoin Accepted” on their website or shops. Even though not all major companies have started accepting Bitcoin as a means of payment, the number of businesses and companies entering the fray keeps increasing every day.
It is safe to predict that virtually all major companies and businesses across the globe will start accepting Bitcoin payment in a few years.
Pros of Bitcoin transactions
- Bitcoin transaction protects your identity as a buyer, your personal information is perfectly safe.
- Transaction fees are low.
- No foreign or exchange rate fees attached for international payments.
- Very easy to set up.
Cons of Bitcoin transactions
- Transferred funds cannot be reversed.
- Its volatile nature can affect customer’s buying behavior.
What can you buy with Bitcoin?
This is a question that haunted my thoughts the most when I first nursed the idea of investing and using bitcoin. Incidentally, it is a question that every beginner is supposed to ask. Luckily for you, we have the answer to that right here.
2017 has been the year for Bitcoin, with the value of the currency now at more than 15 times higher than at the beginning of the year. This has led to Bitcoin getting more attention globally, and businesses and companies have started capitalizing on that.
Online and offline retail companies have started accepting Bitcoin in exchange for goods and services. This implies that you can buy virtually everything with Bitcoin.
Here is a list of products and services you can purchase with Bitcoins. I have severally bought coffee at Starbucks using Bitcoins and it is super easy. Buying these products will see your Bitcoins accepted.
What you can buy with Bitcoins
- Mobile phones, laptops, television sets and other gadgets.
- Clothes and other fashion accessories.
- SEO services.
- Book flights and hotel rooms.
- Subscribe to premium news from Bloomberg and others.
- Purchase premium games.
- Get your movie tickets.
- Online services such as domain name purchase.
- Gift cards.
Even though you know what to purchase with your Bitcoin, finding the merchant that accepts Bitcoin is a big task for some people. This is why it is best to use websites like CoinMap.org to aid you to find such businesses. CoinMap.org allows its users to locate Bitcoin-accepting stores in any geographical area.
How to use Bitcoin?
In this section, we will walk you through the process of using Bitcoin to purchase items on some sites.
- To purchase items on Overstock.com using Bitcoin, you will be presented with different currencies to complete your purchase. The website’s system will automatically convert the currency into Bitcoins and complete the purchase.
- A fast-rising method of Bitcoin payment for products and services is using the QR codes. Using a Smartphone and a Bitcoin wallet app, customers will scan a label and press a small ‘spend’ button to complete the transaction.
- It is worthy to note that websites that accept Bitcoin as a means of payment are only able to do that with the aid of companies that offer payment processing services such as Coinbase and BitPay. These payment processing platforms ensure that the transaction is smooth and fast.
How to accept Bitcoin?
Any business can decide to accept Bitcoin as a payment option. It is very important for online retailers that sell digital products and services as Bitcoin will reduce payment processing fees. There are two major ways to accept Bitcoin;
- Through payment processing services like Coinbase and BitPay
- Second is to accept it manually.
Let us have a look at them.
Payment processing services
This platform is one of the largest cryptocurrency exchange platforms in the world.
- By registering your business on Coinbase, you’ll be able to start accepting Bitcoin payments on your site.
- When customers make Bitcoin payment for product sold or service rendered, the currency will go directly into your Coinbase account.
- You can decide to use Coinbase to convert your Bitcoins and withdraw them into your local bank account, though a fee of 1% is attached.
- Can receive Bitcoin on your website for any product or service you sell.
- Direct withdrawal of your funds to your local bank account.
- 1% transaction fee for every withdrawal transaction.
BitPay has the same operating mechanism as Coinbase.
- It allows individuals and businesses to accept Bitcoin payment and transfer them into bank withdrawals for a 1% fee. The platform, unlike Coinbase, is solely focused on Bitcoin payment processing services.
- BitPay has become one of the most preferred Bitcoin payment platforms as it allows businesses to accept one-time payments, set up subscriptions, and even receive donations.
- If you also want additional services like taking care of your invoices and record-keeping, then BitPay is perfect for you.
- Accepts Bitcoin payment for your business and withdraw money to your local bank account.
- Offers other services for your websites such as one-time payments, recurring subscriptions, and donations.
- Take care of your invoicing and record keeping, though restricted to Bitcoin payments.
- 1% transaction fee for every withdrawal transaction.
Accepting bitcoin manually.
One of the best things about Bitcoin is that you don’t have to rely on third-party services. You can decide to accept Bitcoin payments on your websites without hiring the services of payment processing companies.
- To do this, you will have to generate a Bitcoin address for each transaction made on your website.
- You will follow that up by providing instructions for how much money people should send. Bitcoin will be transferred to your wallet, and you can confirm the transaction afterwards.
- There will be no 1% transaction fee on your transactions.
- You will be involved in every transaction.
- You will handle invoicing and record-keeping yourself.
- Only ideal for businesses that see small sales volumes.
To sum it up
Bitcoin is increasingly being accepted in financial transactions all over the world. More companies and businesses are allowing the use of Bitcoin for payments for goods and services. In a few years, Bitcoin will be among the dominant currencies in the world.
I am so glad you were able to take time to visit this page. I hope it has ignited your curiosity in Bitcoin use. Kindly take time to visit other pages on our site for more insights and expert reviews about cryptocurrency trends.