Bitcoin ATMs worldwide increase by 4200%
Cryptocurrencies have become more mainstream than ever, especially as memecoins such as Dogecoin have now been featured on prime time television alongside Elon Musk.
Indeed, awareness of crypto is at an all-time high, particularly as fears of inflation grip the markets and the conflict in Ukraine elevates the importance of censorship-resistant assets.
However, critics have long argued that cryptocurrencies should not be defined as currencies since they cannot be spent anywhere.
More staunch opponents have even mockingly referred to cryptos as the internet’s “magic beans” implying that they are nothing but a scam.
Bankless Times did some digging to find the companies that are accepting crypto and sought to determine whether this trend is on the rise.
Cryptocurrency Acceptance — A Rising Trend?
Through research from Bankless Times, they found that while buying and selling cryptocurrencies have become increasingly popular, the opportunities to spend digital currencies directly are limited in comparison.
Large firms have typically used intermediary services such as BitPay to accept cryptocurrency payments.
There are only a few companies that are accepting crypto payments directly and some of these have been outlined below.
However, a factor that also falls under cryptocurrency acceptance is the number of Bitcoin ATMs that have been distributed and placed inside businesses.
Research shows that the number of Bitcoin ATMs worldwide has increased exponentially since 2015 and shows no signs of slowing down.
Mastercard
In November 2021, Mastercard announced a partnership with Bakkt that would enable their consumers to buy, sell and hold cryptocurrencies on a digital wallet.
Users can even get rewarded in crypto instead of loyalty points if they so prefer.
Mastercard is by far one of the largest companies in the world to offer cryptocurrency services.
Wikipedia
Wikipedia is one of the most popular websites in the world, consistently ranking in the top 10 most visited sites annually.
As a non-profit organization, Wikipedia relies heavily on donations from users around the world.
According to their website, there are several accepted payment methods including PayPal, Amazon Pay, and BitPay which is a crypto payment system.
The accepted cryptos include Bitcoin, Bitcoin Cash, and Ethereum.
Virgin Galactic
Sir Richard Branson announced in 2013 that his commercial space flight venture would accept Bitcoin as payment for a journey into space.
In a blog post posted on his website, Branson revealed that a lady from Hawaii had become the first to make a purchase using the cryptocurrency.
Branson has been a long-time proponent of Bitcoin so this move is somewhat unsurprising.
Ukrainian Government
While not a company per se, the circumstances certainly warrant a mention.
The ongoing conflict between Russia and Ukraine has given rise to several unprecedented events. Soon after the invasion began, the government started accepting cryptocurrency donations on their official Twitter account.
Recent research shows that citizens from both countries have flocked to crypto as a means to escape the uncertainty of their country’s banking system.
Tesla
Tesla, the world’s leading electric vehicle manufacturer has started accepting Dogecoin as payment for its Tesla merchandise.
This comes after the CEO, Elon Musk, suspended Bitcoin payments due to environmental concerns just months after announcing support for the crypto.
At the time of writing, DOGE remains the only cryptocurrency accepted by Tesla which is also Musk’s most tweeted-about crypto project.
The Dallas Mavericks
Billionaire owner of the Dallas Mavericks, Mark Cuban, has long been an advocate of Bitcoin. In 2019, the Mavericks became one of the first teams in the NBA to accept Bitcoin payments for ticket sales and merchandise.
More recently, Dogecoin was also added as an accepted form of payment.
ExpressVPN
ExpressVPN is one of the world’s most popular virtual private network (VPN) providers.
The service is used by millions of users worldwide and several different payment methods are accepted.
Crypto payments are facilitated by BitPay and accepted coins include Bitcoin, Ethereum, XRP, and more.
The company has been accepting crypto payments since 2014 as a way to ensure user privacy.
Companies That Are Considering Crypto Payments
Cryptocurrencies are in the limelight again and more people than ever are looking for ways to purchase items using digital currencies.
As of yet, none of the large e-commerce platforms have announced support for crypto payments however, this might change as time goes on.
While it is possible to buy Amazon giftcards with crypto through intermediaries, the company hasn’t announced support for crypto directly.
eBay
In May 2021, eBay started allowing non-fungible token (NFT) sales on its platform in an effort to attract crypto enthusiasts.
Payment for these items can only be made using fiat currencies such as the USD or GBP however, in a recent interview the CEO revealed that they are considering other forms of payment which may be a nod at cryptocurrencies.
It remains to be seen what comes of these developments.
