In this article, we will look at 15 large companies that accept bitcoin as payment. To skip our detailed analysis, you can jump directly to view 5 big companies that accept bitcoin as payment.
The world of cryptocurrencies is a strange one, and despite being in existence for more than a decade, anyone who deals with cryptocurrencies is still considered dubious, although recent events, which we will talk about in more detail, may provide some basis for this belief. . Bitcoin was the first cryptocurrency in the world created by a person with the pseudonym Satoshi Nakamoto, whose identity is still unknown. First used in 2009 when its value was close to $0, Bitcoin’s price has fluctuated wildly since then. To keep the bitcoin blockchain complete and consistent, miners tamper with a method known as proof-of-work, which is extremely time-consuming, not to mention computationally intensive.
As soon as bitcoin started gaining popularity, other cryptocurrencies followed, with the total number exceeding 12,000. The most popular of the other cryptocurrencies is by far Ethereum, which also has the second largest market capitalization after bitcoin and has recently moved from proof of work to proof of work. share, which is expected to result in an incredible 99.95% reduction in energy consumption.
Initially worth just a few cents, bitcoin has continued to rise in value over time. In 2010, the first bitcoin transaction was made by crypto enthusiast Laszlo Hanets when he ordered 2 large pizzas from Papa John’s International for 10,000 bitcoins, which at the time was worth about $40. Today they are worth over $166.2 million. At their peak, they were worth over $640 million. In 2013, the price of bitcoin jumped to around $100 in what many considered a bubble. The price continued to rise steadily over the next four years, topping $1,000 in early 2017. 2017 was the first year of a stratospheric rise in the price of bitcoin, surpassing $10,000 in the same year, a jump of about 1,000%. In the meantime, 2018 saw the first major crash after the currency became popular and closed the year at less than $4,000, causing many people to lose their investments. This volatility shown by the cryptocurrency did not decrease or increase over time as the price jumped again to around $10,600 in 2019 before dropping to $7,200 in January 2020. But that was in 2020 and then in the first three quarters of 2021, the price of the cryptocurrency continued to rise without end at that time, peaking around $64,000 in November 2021 before crashing to its current price of close to $17 the following year. $000, with most other cryptocurrencies following suit but showing even more volatility.
While crypto enthusiasts have long denounced regulation and supported Bitcoin precisely because it has no regulation, 2022 has shown the risks of something worth hundreds of billions of dollars and not being regulated at all, and fraud is widespread in addition to corruption. and manipulation. . In 2022, one of the top 10 cryptocurrencies, Luna, completely collapsed, wiping out $45 billion from the crypto market in just one week. Earlier in November, FTX, a Bahamas-based cryptocurrency exchange, collapsed after news broke that Sam Bankman-Fried’s Alameda Research had a $5 billion position in FTT, FTX’s native token. FTX, a company valued at approximately $32 billion, went from its peak to bankruptcy in just 10 days.
Due to the lack of regulation and volatility associated with bitcoin, many countries have banned it, with nine countries banning it completely and another fifteen countries banning it implicitly. In the meantime, some other countries have taken it wholeheartedly, including El Salvador, which has effectively made bitcoin legal tender, and in 2022 the Central African Republic took a similar step. Meanwhile, other countries have used it due to its anonymity and lack of regulation, like Iran, which often uses Bitcoin to circumvent sanctions imposed by the West. Ukraine has been a major beneficiary of Bitcoin, using it to accept donations during the war between Russia and Ukraine that began in early 2022.
While countries and governments have been wary of bitcoin, many companies are now considering using bitcoin as a form of payment, which represents a significant rise in a cryptocurrency that was mostly used for illegal, nefarious purposes in the years after its inception. such as buying illegal drugs or making payments for illegal activities on the dark web. One of the first companies to adopt Bitcoin was a Fortune 500 company that started doing so in 2014. In 2018, the top 17 cryptocurrency merchants processed $69 million worth of bitcoin transactions, according to Bloomberg, a significant decrease from $411 in 2017. Because chargebacks cannot be processed and the cost of using Bitcoin is high, many providers refuse to use it.
In 2021, when bitcoin was setting a new all-time high price every few days or weeks and people were expecting it to hit $100,000, Tesla, Inc. has historically preferred tweets to press releases, announcing in March 2021 that Tesla, Inc. (NASDAQ:TSLA) will accept bitcoin as payment and will also invest $1.5 billion in bitcoin. However, in May 2021, Musk announced that Tesla, Inc. (NASDAQ:TSLA) will stop accepting bitcoin as payment, reversing course in just two months, citing bitcoin’s environmental costs as the main reason for this treatment, as if it were something the company didn’t know about two months ago.
Because Tesla Inc. (NASDAQ:TSLA) no longer accepts bitcoin as payment, the list of major companies accepting bitcoin as payment has changed from the previous year. So, without further ado, let’s take a look at the modified list, starting at number 15:
15. Coca-Cola Amatil Limited
Total company revenue (in billions): $1.73
One of Coca-Cola’s largest distributors, Coca-Cola Amatil, announced in June 2020 that its vending machines will also accept cryptocurrencies as payment.
14. Etsy, Inc. (NASDAQ:ETSY)
Total company revenue (in billions): $2.3
Etsy Inc. (NASDAQ:ETSY) is an American e-commerce company. On the Etsy, Inc. marketplace. (NASDAQ:ETSY) sells over 100 million items. On Etsy, Inc. (NASDAQ:ETSY) There are many different products that can be purchased with Bitcoin.
13. Overstock.com, Inc. (NASDAQ:OSTK)
Total company revenue (in billions): $2.55
Overstock.com, Inc. (NASDAQ:OSTK) is an American retailer that primarily sells furniture. Overstock.com, Inc. (NASDAQ:OSTK) became the first major retailer in the world in 2014 to accept Bitcoin as payment. However, bitcoin payments account for less than 1% of the company’s daily cash flow.
12. Norwegian Airways
Total company revenue (in billions): $4.1
Norwegian Air is Norway’s largest airline. The company has invested in a Norwegian cryptocurrency exchange, paving the way for accepting cryptocurrencies as payment for its services.
11. Restaurant Brands International Inc. (NYSE:QSR)
Total company revenue (in billions): $5.73
Restaurant Brands International Inc. (NYSE:QSR) is the owner of Burger King, as well as the popular Canadian coffee chain Tim Hortons, which was formed in a $12.5 billion merger between the two companies. Burger King in Germany has started accepting Bitcoin payments.
10. Yum! Brands Inc. (NYSE: YUM)
Total company revenue (in billions): $6.58
Yum! Brands Inc. (NYSE:YUM) is a fast food restaurant company that owns some of the most famous fast food brands, including KFC, Taco Bell, and Pizza Hut. Pizza Hut, one of Yum’s biggest brands! Brands Inc. (NYSE:YUM) announced at the end of 2020 that it would accept bitcoin payments in Venezuela.
9. Rakuten, Inc.
Total company revenue (in billions): $12.12
A Japanese online store has been allowing payments via bitcoin since 2021.
8. Whole Foods Market Inc. (NASDAQ:WFM)
Total company revenue (in billions): $16
Whole Foods Market Inc. (NASDAQ:WFM) is a subsidiary of Amazon, one of the largest retailers in the world. Whole Foods Market Inc. (NASDAQ:WFM) has operations in the US and UK. You can also use Bitcoin and other cryptocurrencies to make payments at Whole Foods Market Inc. (NASDAQ:WFM).
7. Virgin group
Total company revenue (in billions): $16.6
Virgin Airlines and Virgin Mobile, subsidiaries of the Virgin Group, accept Bitcoin as payment for services.
6. PayPal Holdings, Inc. (NASDAQ:PYPL)
Total company revenue (in billions): $25.37
PayPal Holdings Inc. (NASDAQ: PYPL) operates online payment systems and currently operates in dozens of countries around the world. PayPal Holdings Inc. (NASDAQ: PYPL) allows you to buy, sell or hold cryptocurrencies.
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