Since its inception in 2009, Bitcoin's value has witnessed remarkable growth that has captured the attention of most movers and shakers in different industries. Despite the bear market that hit the crypto space last year, Bitcoin’s value has been consistently appreciating since May of 2019 and Bitcoin mining with ASIC miners has been consistent.
While we know that institutions have been heavily investing in the online currency with their various platforms, some smaller businesses have adopted it as an alternative form of payment to service more customers and avoid credit card transaction fees. From large companies to small retailers, everyone seems to want a piece of Bitcoin.
Bitcoin value aside, there are several advantages that come with Bitcoin adoption. From global accessibility with zero risks of inflation to quick payments, Bitcoin enables businesses to cut costs while reaching a bigger market.
Here is a list of some businesses that are already accepting Bitcoin as an alternative form of payment.
Overstock is an American internet retailer and blockchain incubator that was originally founded in 1997 and incorporated in 2002. The company offers a range of price competitive products. From furniture to housewares to health and beauty products to sporting goods, the company has it all.
In 2014, Overstock became the first major retailer to accept Bitcoins as a form of payment. The company partnered with Coinbase, a Bitcoin platform, to enable customers to pay with Bitcoin.
Now, customers with Bitcoin have the option of paying for everything on the platform using Bitcoin. From laptops and Television sets to ottomans and throw pillows using Bitcoin as a mode of payment is acceptable.
Through Overstock’s e-commerce checkout system shoppers in more than 100 countries can shop with Bitcoin through the company’s international website.
Besides believing in Bitcoin's value, Overstock is also known in the crypto-sphere for its tokenized securities exchange tZero and its active support of the Ravencoin cryptocurrency.
Microsoft is an American multinational technology company that was incorporated in 1993. Microsoft develops, licenses, and supports a range of software products, services, and products.
The company is known for its Microsoft Windows software product and Xbox Video Game consoles hardware product, among others.
In 2014, Microsoft started accepting Bitcoin's value and as a form of payment. Although the tech giant briefly stopped accepting Bitcoin as a form of payment due to its volatility in 2017, it didn't take long before the markets confirmed Bitcoin value is real and they jumped right back into the crypto wagon. Consumers can purchase movies, games, and apps in the Windows and Xbox online store using Bitcoin.
Namecheap is an ICANN-accredited domain registrar and technology company founded in 2002. The company offers domain name registration as well as web hosting services.
The company also offers for sale aftermarket domain names. With close to a decade of operation, the company prides itself with managing over 10 million domains.
In 2013, Namecheap adopted Bitcoin as an alternative form of payment for its services. According to the company, the move was after the company’s tech audience made the request. Surprisingly, the skyrocketing Bitcoin value during this period wasn’t the driving force in adopting Bitcoin as a form of payment.
Known for supporting several internet freedom initiatives like Fight for the future and Electronic Frontier Foundation, adopting Bitcoin as a form of payment was a logical step for the company.
Newegg is a leading online distributor of computer hardware and software, home appliances and beauty products. Founded in 2001, the company prides itself of close to 25 million registered users in the US, Canada, and China.
In 2014 the popular computer hardware and software retail giant started accepting bitcoin as a form of payment. The company partnered with Bitpay as its payment processor for Bitcoin transactions. Bitpay converts Bitcoin to cash for Newegg customers.
CheapAir is an American online travel agency that started in 1989. Through the platform, people can search, discover, and book for flight tickets and hotels. The platform enables not only easy access to affordable airline tickets but also expert travel advice.
In 2013, CheapAir realized Bitcoin value wasn’t a passing cloud and started accepting Bitcoin as an alternative form of payment for both flight and hotel bookings. The company first relied on Coinbase, its custodial merchant service, and then moved to BTCPayServer as a payment processor. Since 2013 the company has processed over $ 5,000,000 of crypto payments.
Dish Network is a US television provider incorporated on April 26, 1995, and founded in 1980. The holding company operates through pay-tv and broadband and Wireless segments. As of 2018, Dish Network had 12.32 million subscribers.
In 2014, Dish Network started accepting Bitcoin as a form of payment. The satellite television and Internet service provider became the first subscription-based TV provider to accept cryptocurrencies as a form of payment. Dish partnered with Coinbase for its Bitcoin transactions.
Shopify is a Canadian e-commerce company founded in 2004. The company provides a cloud-based, multi-channel commerce platform for small and medium-sized businesses. The company offers merchant and subscription solutions.
In 2013, Shopify accepted Bitcoin as an alternative form of payment. As of November 2013, all 75,000+ Shopify merchants had the option of accepting Bitcoin as a form of payment. This was of course, with the help of Bitpay.
eGifter is an American based gift card company that delivers gift registry services and mobile-based gifting solutions. Founded in 2011, the company allows its users to buy gift cards in over 250 brands, including Amazon, Gap, JCPenny, Sephora, and Walmart.
In 2013, eGifter partnered with Coinbase to enable the use of Bitcoin as an alternative form of payment. With eGifter shoppers with Bitcoin now have access to many big retailers without a cryptocurrency payments option.
Gyft is another American based digital gift Card Company founded in 2012, a year after eGifter. The company develops and provides a digital application that allows consumers to buy, send, manage and redeem gift cards. It basically enables users manage their gift cards.
In 2013 Gyft announced its partnership with Bitpay to enable Bitcoin as an alternative form of payment. Now users have the option of using Bitcoin to indirectly make purchases on platforms that do not currently allow cryptocurrencies. With a Coinbase wallet users can purchase cards with Bitcoin from over 200 retailers, including Sephora, and Target.
Etsy is an e-commerce website launched in 2005 and incorporated on February 14, 2006. The company provides a marketplace for people to connect both online and offline, selling, and buying goods. The company focuses on handmade and vintage items.
Etsy currently doesn’t have an automated system for accepting Bitcoins. However, buyers and sellers who want to transact with Bitcoin have the option of accepting bitcoin as payment on the website.
Bitcoin has come a long way from just an idea in Satoshi Nakamoto’s white paper and is much more than just how much can you make with an ASIC miner. As you can see in this article, many companies have started pushing its consumer adoption by accepting it as a form of payment.