Catalogue - Key Takeaways Show
Since its inception in 2009, Bitcoin has advanced significantly. It was often derided as a fringe technology with little application, but today it is well-known and accepted as a means of payment. Some major companies have embraced the cryptocurrency revolution, even if many businesses have been sluggish to adopt Bitcoin. This post will go over six well-known companies that take Bitcoin and why.
Microsoft
One of the biggest software firms in the world, Microsoft, has accepted Bitcoin since 2014. Customers can fund their Microsoft accounts, with Bitcoin and make purchases of Microsoft Office, Windows programmes, and Xbox games. The acceptance of Bitcoin, by Microsoft was viewed as a significant endorsement of the technology and contributed to its increased legitimacy, among large corporations.
Overstock.com
An online store called Overstock.com offers a variety of goods, such as clothing, electronics, and furniture. Since 2014, the business has been one of the first significant shops to accept Bitcoin. Patrick Byrne, the CEO of Overstock.com, is a vocal proponent of Bitcoin and has stated that he thinks it may be the answer to a lot of the world’s economic issues.
PayPal
Users can send and receive money via the well-known online payment system PayPal. The business, one of the biggest to do so, said in 2020 that it would begin taking Bitcoin. Customers can pay for goods and services from any retailer who accepts PayPal using Bitcoin. The move by PayPal to accept Bitcoin was hailed as a major turning point in the acceptance of cryptocurrencies by the general public.
Subway
The largest restaurant company in the world, Subway, has more than 40,000 locations across more than 100 countries. The business stated in 2013 that it would begin taking Bitcoin at some of its outlets. Even though the adoption of Bitcoin payments was originally modest, Subway has kept some of its locations accepting the digital currency. The business’s choice to take Bitcoin was viewed as a significant endorsement of the technology and contributed to increasing its credibility in the eyes of established enterprises.
Tesla
Elon Musk founded Tesla, a top producer of electric vehicles. The business declared in early 2021 that it had invested $1.5 billion in Bitcoin and would begin taking the digital currency as payment for its goods. The action increased the perceived value of Bitcoin and was viewed as a substantial endorsement of it. Tesla’s early support for cryptocurrency was a crucial milestone in its mainstream adoption, even though the decision to accept Bitcoin was later revoked, owing to worries about its environmental impact.
Starbucks
Starbucks is one of the biggest coffee shop chains in the world, with more than 30,000 stores spread over more than 80 nations. In order to enable clients to pay for their drinks using Bitcoin, the business declared in 2019 that it was collaborating with Bakkt, a Bitcoin futures exchange. The relationship between Starbucks and Bakkt is viewed as a crucial step towards the widespread adoption of cryptocurrencies, notwithstanding the slow penetration of Bitcoin payments.
Conclusion
As a result, the legitimacy and trustworthiness of cryptocurrency have increased thanks to these well-known companies who take Bitcoin. Even though many organisations are still hesitant to take Bitcoin as a means of payment, these businesses have demonstrated that it is acceptable and even possible to do so. The general acceptance of Bitcoin and other cryptocurrencies will increase as more companies follow their lead.
About Bitflex
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