Bitcoin Gains Traction With More Businesses

The cryptocurrency is more widely accepted as payment by international companies.

April 06, 2021

Bitcoin

ALEXANDRIA, Va.—Everyday, the news media reports on bitcoin's growing popularity. And while some investors have criticized the currency, more and more companies are beginning to accept it as a payment method, reports Business Insider.

Major companies such as Tesla and Twitter have both put their trust in the currency, with Tesla accepting it as a form of payment since February in the United States and Twitter teaming up with Jay-Z to invest 500 bitcoins to develop the currency as a method of payment in Africa and India. But they’re not the only ones jumping on board.

Hundreds of other companies also accept the cryptocurrency as payment, across various industries. Last year, Restaurant Brands International’s Burger King Venezuela announced it will begin accepting cryptocurrencies in collaboration with Cryptobuyer, which converts cryptocurrencies to normal currency.

Yum! Brands, operator of KFC, Pizza Hut, Taco Bell and The Habit Burger Grill, also is accepting cryptocurrencies at locations such as Pizza Hut Venezuela and for a brief period at KFC Canada

Since October, at PayPal users through their Cash or Cash Plus accounts can buy, sell and hold selective cryptocurrencies. Users also can track crypto within the PayPal app. Another big player, Amazon, does not accept bitcoin for payments, but it doesn’t mean the company has no part in the currency. Shoppers may buy Amazon vouchers and gift cards through Bitrefill, a crypto-only company that gives users the ability to top up subscription-based services and spend them on Amazon. 

Last year, Coca-Cola Amatil, one of the largest beverage bottlers in Asia-Pacific, partnered with an online-assets platform, Centrapay, to make bitcoin an official payment method. About 2,000 vending machines in Australia and New Zealand now accept cryptocurrency, according to a CoinDesk report. 

Starbucks began testing bitcoin payments last year through the app, Bakkt, and recently, the
digital asset marketplace app launched a digital-wallet application that lets users convert bitcoin into U.S. dollars when they reload their Starbucks Card.

As reported in NACS Daily, c-stores are beginning to board the train as well. Sheetz began testing the use of Bitcoin ATMs in July 2019, and Bitcoin kiosks arrived at Circle K one month prior. Around the same time, Mastercard also began considering the possibility of creating Bitcoin credit cards.

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