9 Global Companies Embracing Cryptocurrency Payments

In recent years, cryptocurrencies have become a hot topic of discussion, not only among financial experts and crypto enthusiasts but also among ordinary individuals. While tens of thousands of people have invested in digital currencies, it was primarily for trading purposes.

Nowadays, a vast number of companies worldwide have adopted cryptocurrencies as a form of payment for goods and services. Coinmap, a special service for finding crypto-friendly stores, exists to facilitate this search. While there are only a few such places in Eastern Europe, they abound in Europe, the United States, and Latin America. Even major global companies have started accepting digital currencies. Let's explore 9 shining examples.

Overstock

In 2014, this online retailer became the first to offer the option of purchasing goods with cryptocurrencies. Initially, Bitcoin was the only payment method. However, a few years later, the company partnered with ShapeShift, enabling customers to use other cryptocurrencies like Dash and Monero for transactions.

To place an order, customers need to choose their preferred cryptocurrency and submit the order. Only then will the system prompt them to make the payment, similar to other digital wallet operations.

Notably, ShapeShift was not chosen randomly. The service is considered one of the fastest asset exchanges globally, converting currencies and processing transactions within seconds.

AirBaltic

The Latvian national carrier has shown its commitment to staying up-to-date with the times by accepting cryptocurrencies since 2014. Now, customers can purchase airline tickets with Bitcoin for destinations across the CIS, Europe, and the Middle East.

AirBaltic's CEO, Martin Gauss, stated that the company ranks among the top ten most innovative carriers globally, and rightfully so, as it follows the trend of accepting crypto payments.

To process BTC transactions, AirBaltic collaborates with Bitpay, converting the crypto into euros at the current exchange rate during ticket purchases.

Expedia

Following in AirBaltic's footsteps, the booking service Expedia also started offering the option to reserve flights and hotels with Bitcoin. However, the service itself does not receive or store cryptocurrencies. Like other companies, Expedia collaborates with the Bitcoin exchange Coinbase. All crypto payments received throughout the day are converted into US dollars by the system, and the currency is then credited to Expedia's accounts.

The service does caution that reservations paid with cryptocurrency cannot be cancelled. According to the company representatives, this is due to the blockchain's operational principles.

Subway

As one of the leaders in the fast-food industry, Subway not only allows payment with Bitcoin in some countries but also offers crypto supporters discounts of up to 15%. The majority of these payment points are in the United States.

In 2017, rumors circulated in the media that Subway would start accepting ETC and Tether. However, these rumors remained unconfirmed, as the company did not verify its plans.

KFC

The KFC brand needs no introduction. In 2018, the globally recognized chain started accepting BTC in Canada, making a significant step towards mass adoption of cryptocurrencies.

The Canadian KFC restaurants began accepting Bitcoin as payment for orders. The company introduced a limited-time marketing campaign, featuring only one product - the Bitcoin Bucket, the current price of which can be found on Facebook.

To participate in the campaign, customers need to order the Bitcoin Bucket for home delivery, adding a few extra dollars to the total cost. The payment is processed through the BitPay payment page.

Moreover, KFC prepared a special offer for the creator of Bitcoin, Satoshi Nakamoto. They promised to give him a free Bitcoin Bucket if he finally reveals his identity, which has yet to happen.

PayPal

The payment system PayPal was one of the first to recognize cryptocurrencies as a valid payment method. The company added support for cryptocurrencies to its wallets, and soon, the option for payments through the Venmo mobile app will be available.

Furthermore, PayPal plans to launch its own crypto trading system. The company has already partnered with the American blockchain startup Paxos. This means that the 325 million PayPal users will soon have the ability to buy, sell, store, and transfer cryptocurrencies.

Shopify

Like its competitor Overstock, Shopify also began accepting cryptocurrencies as a payment method. Now, anyone can not only create their own online store but also accept payment for goods in BTC. Currently, the service only works with Bitcoin, but other cryptocurrencies may be added to the list of payment methods in the future.

The website's administration warns that Bitcoin transactions take more time than regular transfers, but despite this, users have responded positively to the new feature.

Microsoft

In December 2014, Microsoft allowed Bitcoin payments in its digital content store, much to the delight of Xbox gamers. However, the company also faced controversies related to the possibility of buying content with cryptocurrencies.

In the same year, an unexpected announcement appeared on the company's website, stating that BTC usage in Microsoft accounts was being discontinued. After a few hours, the company's management apologized and removed the publication, stating that it was posted by mistake.

A similar situation occurred in January 2018 when the ability to make cryptocurrency payments was suspended for a few days, but it currently operates as usual. It seems that the volatility of Bitcoin makes the company wary, but the IT giant is not ready to completely abandon cryptocurrencies.

Starbucks

The Starbucks company also began accepting cryptocurrencies as payment in its coffee shops across the United States, made possible through the Spedn app. Customers can now pay for their orders with Bitcoin. The app's developers assure that it is protected against fraud during transactions and also helps reduce operational costs.

Additionally, it is expected that the app will allow payments with other cryptocurrencies in the future, such as ETC, Bitcoin Cash, or Gemini Dollar. The payment process is similar to existing systems like Apple Pay and Google Pay. The Spedn app generates a one-time QR code on the phone screen, which needs to be scanned at the cashier.

By the end of 2019, it is projected that around 100 stores across the United States will accept cryptocurrency payments through the Spedn app.

If such major companies have embraced cryptocurrencies, then why haven't others done the same?

One of the reasons is the instability of the cryptocurrency market. The value of crypto can sometimes change by thousands of dollars in a day, which can be detrimental to small and medium-sized businesses that are equally interested in cryptocurrencies. Additionally, there is an acute issue of recognizing virtual currencies at the level of individual states. Governments may easily deem crypto transactions illegal or subject them to substantial taxes.

However, it's not all bad news. The number of crypto-friendly countries is steadily increasing, and major international organizations are advocating for the support of Bitcoin and other coins. Therefore, it is safe to assume that in the near future, the number of companies accepting cryptocurrencies will significantly increase, making spending digital currency on real products and services much easier.

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