The topics of cryptocurrency and digital payments are now spreading across the world.
Many people have already heard of ways to pay for goods and services in bitcoins, but not everyone fully understands this mechanism for paying for Internet services. In Russia, the topic is not as well understood as, for example, in the US, where bitcoins have already become a common payment system.
With the development of online services, an increasing number of offline shops and web markets are emerging that accept cryptocurrency. Firstly, using cryptocurrency to pay is very convenient and profitable. Secondly, cryptocurrency payments are automatically exchanged for local fiat (i.e., legalized by a country's ruling authorities) currency using payment processors. This ensures that the owners of retail outlets and online shops have a seamless turnover of their cash.
In this article, you can find out what bitcoin is, which online retailers accept it, and which purchases can be made using cryptocurrencies.
What is Bitcoin? Bitcoin (BTC), from bit and coin, is the very first and most popular digital currency, or cryptocurrency, that was originally restricted from being issued. Its creator is Satoshi Nakamoto, who founded the bitcoin technology in 2008.
Paying in bitcoins has the following advantages
Security: the difference between bitcoin and the money we are familiar with is that bitcoins cannot be debited from your account without the buyer's consent, saving users from fraud and e-commerce;
Low fees: there are exchangers (like Coinbase) whose fees are many times lower than the credit card or PayPal service we are used to, which directly reduces our cash flow;
Instant transaction: unlike credit cards, which require hours or even days of waiting, you can withdraw bitcoins and other cryptocurrencies in the "blink of an eye."
Expanded market: when you pay with bitcoins in Russia, you get access to the same cryptocurrency users, cooperation with whom will help increase the reach of your app or service, attract investors and increase the number of buyers of goods and services.
Given the benefits described above, for many large organizations and small businesses, replacing the conventional payment system with cryptocurrency payments has become a new round of development.
At the height of its popularity and prominence around the world, bitcoin is breaking records in usage. The number of organizations accepting payment in digital currency and selling their goods and services in this way has increased significantly.
The goals of integrating bitcoin into business can range from marketing considerations to the desire to remain 'in the know.' However, this still makes bitcoin one of the most commonly used forms of payment.
In Japan, for example, companies accepting bitcoins for payment amount to about a quarter of a million, which is certainly an indicator of the nationwide acceptance of bitcoin.
Below are a few online services that allow you to pay with bitcoin.
You can even pay with Bitcoins if you want to learn something new or just have a good time with your friends while you are playing a video game. Many shops and online projects allow you to use cryptocurrency instead of money to pay.
The following services have cryptocurrency payment options:
Microsoft: This corporation allows you to pay for any application and movies with bitcoins. However, cryptocurrency payment is not yet available in the online shop;
PlayStation: Sony Interactive Entertainment owns this service. Like Xbox, this service allows the purchase of games, subscriptions, and add-ons for cryptocurrency;
Xbox: The biggest competitor to the PlayStation. Unlike the latter, the service is owned by Microsoft and has become widely known and popular among buyers and players. Here, games, subscriptions, and add-ons can be purchased with bitcoins;
Twitch: This service is owned by Amazon, Inc. Although Bitcoin payments are not available on Amazon itself, Twitch, as the largest video streaming service, allows you to donate and pay in bitcoins, and the Bitcoin fork (i.e., the split of a branch of bitcoin), Bitcoin Cash;
Wikimedia: This resource is owned by Wikimedia Foundation, Inc. - the entity that owns the infamous Wikipedia and accepts bitcoins through BitPay services.
Online car retailers have also integrated cryptocurrency into their payment systems. Given that many people have increased their income many times over since switching to cryptocurrencies, the introduction of a new payment method is having a positive impact on sales.
Companies where you can pay for goods and services with digital currency:
BMW (Bayerische Motoren Werke AG). Lately, many crypto-traders have started buying business and luxury cars on a huge scale. The reason is simple - BMW has started accepting cryptocurrencies;
Tesla, Inc. The well-known Tesla is always trying to introduce new technologies to optimize its operations. Thus, it became the first car manufacturer to accept bitcoin as payment;
Carriage Nissan. This firm partnered with BitPay. The Georgia branch now has a cryptocurrency payment option. However, for now, Nissan Car Rental is not available with bitcoins;
Classic Recreations - this organization in the Yukon is restoring classic Ford Mustangs and Shelby Americans;
Luxury Car Dealers - the Lamborghini dealer, started accepting bitcoins back in 2017. The option is now available not only in the US state of California but also in New York, Albany, and Atlanta;
Bob Moore Auto Dealers, a firm with 18 locations in Oklahoma, accepts not only bitcoins but also Ethereum and litecoin;
E-Z Rent A Car - the company was able to increase its market share many times over by starting to accept bitcoin to pay for car rentals.
Vendors haven't forgotten about basic human needs either.
Here is a list of cafés and fast-food restaurants that have started working with cryptocurrencies:
KFC. Through Bitpay, one can get food delivered to a personalized menu by selecting the Bitcoin basket option. Waffles, different side dishes, and two sauces are offered for ordering (the cost is $20 bitcoin dollars);
Subway. Many outlets already accept cryptocurrency but warn of the IRS (US IRS);
Burger King. Branches in Venezuela and Germany now accept the digital currency. Many predict that the option will soon be available in all branches, except in countries where BTC payments are still banned;
Domino's Pizza - is only available for online ordering.
Not many financial institutions accept cryptocurrencies yet. But PayPal, the main electronic payment system, allowed merchants to accept bitcoins as early as 2014.
You can find shops that accept cryptocurrencies nearby using the Coinmap 2.0 app.
There are still a few organizations on the crypto payment trail:
Etsy, a network for selling jewelry, handmade (handmade) and vintage goods;
Shopify, an e-commerce platform that has been accepting bitcoins since 2013;
Fiverr, the largest freelancing platform;
Gyft provides gift cards and promo codes for iTunes, Amazon, and other major shops.
Many charity organizations and foundations also accept bitcoins.
Here are the most prominent ones:
Save the Children;
Red Cross and Red Crescent;
The Water Project;