Wondering where you can spend your bitcoin? Major retailers accept cryptocurrency payments.
When Bitcoin (BTC) was launched 12 years ago, it promised a payment revolution – the ability to transfer funds without the need for a bank as an intermediary. This means, among other things, that the billions of unbanked people (and who do not have access to traditional banking) may be able to stop relying entirely on cash.
A lot has happened since then. There are more than 11,000 cryptocurrencies and more than 400 cryptocurrency exchanges. Roughly 14% of American adults own cryptocurrency, and many plan to buy some. In addition, El Salvador recently submitted a legal tender for Bitcoin.
However, various factors – including environmental concerns, volatility, and transaction fees – have impeded the adoption of cryptocurrency as a form of payment. But some major companies accept cryptocurrencies, including these seven.
Early user Overstock.com started accepting Bitcoin as early as 2014. He is currently partnering with Coinbase to accept BTC payments on his site. The online retailer has also launched a blockchain-focused investment company called Medici Ventures.
The online travel company accepts a number of cryptocurrency payments, including Cardano (ADA), Bitcoin, Ethereum (ETH), Dogecoin (DOGE), and more. It has also partnered with Binance Pay and Crypto.com Pay so that customers can pay for their hotel stays through the exchange’s apps. Travala.com has its own cryptocurrency – AVA – which has nearly doubled in value since mid-July.
PayPal customers in the US can not only buy and sell cryptocurrency, but also use it for payment. As long as you have enough cryptocurrencies in your wallet, you can select Checkout with Crypto and pay with Bitcoin, Ethereum, Litecoin (LTC) or Bitcoin Cash (BCH). This means that crypto payments are available at any of the 30 million merchants that accept PayPal.
AT&T announced in 2019 that it was the first telecom company to accept cryptocurrency payments. It does this through BitPay, which is a third-party payment processor. Customers can select BitPay when paying with Bitcoin and other cryptocurrencies.
If you want to use cryptocurrency to buy your morning coffee, Starbucks’ deal with third-party payment app Bakkt makes it possible. You can buy, sell and trade cryptocurrencies through the Bakkt app, and you can use Bitcoin to pay at several Bakkt partners, including Starbucks.
Bakkt has also teamed up with Cantaloupe, Wyndham Hotels & Resorts, and most recently, Quiznos, to allow customers to pay with Bitcoin, loyalty points or airline rewards.
CheapAir.com has been accepting cryptocurrency payments since 2013 and accepts a wide range of coins. You can pay for your flight reservation or hotel reservation using a range of cryptocurrencies and stablecoins, including Bitcoin, Ethereum, Dogecoin, Gemini Dollar (GUSD), and USD Coin (USDC).
7. Dallas Mavericks
Billionaire crypto enthusiast Mark Cuban’s NBA team has been accepting crypto payments for over two years. Mavs fans can buy tickets and merchandise using many popular currencies, including Bitcoin, Bitcoin Cash, Ethereum, USD Coin, Gemini Dollar, Binance USD (BUSD), and Dogecoin.
Dogecoin was the latest addition to the list of cryptocurrencies. Cuban said the team chose to accept Dogecoin “because sometimes in business you have to do fun things, get involved and hopefully generate a lot of PR.” Mavericks also uses BitPay to process crypto payment options.
Increase adoption of encryption
According to a 2020 study by HSB Insurance and Online Inspection, 36% of small and medium-sized businesses accept cryptocurrency payments.
Other companies, such as AMC Theaters, plan to launch crypto payments before the end of the year. All eyes are on Amazon and Walmart after the two retail giants put out job postings for crypto product managers. Crypto enthusiasts may also be able to use crypto rewards cards – usually Visa debit cards – connected to their crypto accounts for their daily purchases.
However, if you are considering paying with cryptocurrency, be aware of the potential tax implications. When you spend your cryptocurrency, in terms of the IRS, you sell it. So you may need to pay capital gains tax on that transaction – and you’ll need to follow these purchases carefully.
Buy and sell cryptocurrencies on an exchange chosen by experts
There are hundreds of platforms around the world waiting to give you access to thousands of cryptocurrencies. In order to find the right feature for you, you will need to decide which features are most important to you.
To help you get started, our independent experts have tested the options to bring you some of our best crypto exchanges for 2021. Check out the list here and start your crypto journey, today.