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From a cup of coffee to luxury cars, consumers today are utilizing cryptocurrency to pay for a number of goods and services. Essentially, cryptocurrency refers to a virtual or digital currency secured through cryptography, making it impossible to double-spend or counterfeit.
Additionally, cryptocurrencies are theoretically free from government manipulation or interference. That is why cryptocurrency has been rising in popularity since the creation of Bitcoin in 2008.
With the consistent rise in Bitcoin prices, cryptocurrencies have developed a thriving market called the crypto market, where investors regularly buy, trade, and sell. That is why the majority of retailers plan to incorporate cryptocurrency as a mode of payment for their services or products within the next two years.
Here are the top 3 companies that have already started accepting Bitcoin payments.
From eSports professional players to more casual indie content creators, Twitch boasts of being one of the largest streaming platforms in the world today. It is now also one of the first streaming platforms to introduce paying with Bitcoin.
Because the platform has a wide variety of popular streamers and up-and-coming indie content creators, it has attracted billions of viewers. These viewers can opt to pay a subscription fee to get additional rewards or donate to support their favorite streamers.
Twitch accepts more than fifty types of cryptocurrencies as payment on its platform. These include Bitcoin, Ethereum, Gemini Dollar, USD Coin, Binance USD, Paxos Standard, and many more.
Shopify is one of the most well-known e-commerce platforms in the world due to the variety of things a user can buy, sell, and trade. Among the thousands of items people can buy, sell, and trade include Bitcoin.
Shopify also allows Bitcoin as a payment mode should you decide to open an e-commerce store on the platform. The platform has done an excellent job commercializing Bitcoin by enabling users to make purchases using digital currency.
However, accepting Bitcoin as a payment mode for a product still depends on the e-commerce store owner. Despite live Bitcoin prices, not all e-commerce stores on the platform automatically accept it as payment.
Microsoft is easily the most well-known software company in the world and has dominated the industry since its establishment in 1975. Because of its juggernaut status in the tech world, it is no surprise that it is one of the first to pioneer the acceptance of Bitcoin payments.
Microsoft began allowing Bitcoin as a mode of payment in 2014, which enabled their customers to purchase products from the Xbox store using the cryptocurrency. However, there was a brief time when Microsoft had to stop accepting Bitcoin payments due to its volatility issues.
Fortunately, Microsoft eventually reintroduced it to their payment options for the online Xbox store and store credits. The company supports Bitcoin payments so much that even its CTO, Bill Gates, considers it one of the better payment options.
Why Do Corporations Accept Bitcoin?
Whether skeptics still say that Bitcoin is a fad or not, it is undeniably becoming more viable with each passing day. It has become particularly acceptable as payment for many corporations because of several advantages.
Corporations can get paid instantly from anywhere worldwide while also avoiding complex conversion fees. Additionally, it helps avoid fraudulent chargebacks while also gaining wealthier customers.
With its popularity and viability growing by the day, the question is no longer if but when you should invest in Bitcoin.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.