• Category
  • >Financial Analytics

Top 10 Companies Adopting Bitcoins

  • Kanan Arora
  • May 26, 2021
Top 10 Companies Adopting Bitcoins title banner

Introduction

 

“Bitcoin is an innovative payment network and a new kind of money,” says bitcoin’s website on the main page. 

 

Bitcoin is a cryptocurrency. Cryptocurrencies are digital assets or non-fiat currencies meant to be used for transactions online. The key feature of cryptocurrency is its decentralization, which means that no regulatory body is involved in bitcoin transactions. 

 

Bitcoin and other cryptocurrencies are based on blockchain networks. These networks allow cryptocurrency transactions to be decentralized, discretionary, and transparent. Apart from a few of the platform-based features, different cryptocurrencies have different features setting them apart and providing them with some value. 

 

Bitcoin is the oldest and the most famous cryptocurrency. For people not familiar with the different types of cryptocurrencies, bitcoin is cryptocurrency. 

 

Since its invention in 2008 by ‘Satoshi Nakamoto’ and the beginning of its usage in 2009, bitcoin has gained significant public interest. Particularly in the past year (2020), bitcoin has gained unparalleled interest and this interest is appropriately quantified in the cryptocurrency markets as well. 

 

2020 was a great year for bitcoin, the price of bitcoin skyrocketed in 2020. But the journey of bitcoin was not as rapid all along. For most of its life, bitcoin was worth less than $1,000. Bitcoin started rising from 2017 onwards. In Jan 2017, 1 bitcoin was worth about $1,000, by the end of 2017, the same bitcoin was worth about $15,000 as per reports, provided by the coindesk. Today, it is worth about $50,000

 

The price movement of bitcoin has been exponential in nature. The historical price movement of bitcoin or any other asset for that matter does not necessarily imply a similar price movement in the future and this should be well noted while thinking about bitcoin.


Displaying historical Price Movement of Bitcoin upto 13 May, 2021

Historical Price Movement of Bitcoin Upto 13 May, 2021,

Image source: Coindesk


Looking at the graph above, the journey of bitcoin may seem smooth, due to the larger time frame being looked at. On the smaller time frames, including hourly, daily and even weekly, one can understand the amount of madding volatility of bitcoin especially compared to other assets available in the financial markets all over the world and this is concerning for bitcoin-enthusiasts. The bitcoin volatility index is used to measure the volatility of bitcoin. 

 

 

Volatility concern of bitcoin

 

Volatility is an important metric for currencies or anything with transactional qualities. One of the most important roles of central banks all over the world is to keep the volatility of their currency under check. Bitcoin faces tremendous criticism on account of its volatility. 

 

Since the comparison between the volatility of fiat currency including the dollar, rupee, etc. and cryptocurrency including bitcoin, ethereum, etc. is futile, crypto-critiques highly doubt seeing cryptocurrency including bitcoins to be accepted by the central banks and other regulatory institutions in the near future. If bitcoins are to replace fiat currencies someday, volatility will have to be reduced. 

 

If not, people will not be confident enough to hold bitcoin for transactional purposes and regulatory authorities won’t allow the same. For now, bitcoins are used primarily for investment purposes in anticipation of a future where they might be used more for transactional purposes.

 

There however are companies that have started to accept and adopt bitcoins for various purposes. We’ll look at a few of these companies in this blog:

 

 

Companies Accepting Bitcoin

 

  1. Tesla: 

 

Tesla made a humongous, $1.5 billion investment in bitcoin in February this year and started accepting bitcoins in exchange for its products. Elon Musk, the CEO of Tesla and the second-richest man on Earth is a public supporter and believer of a promising future of cryptocurrency. In contrast to his decision of accepting bitcoin, in May Elon Musk explicitly stated that it won’t be accepting bitcoin anymore due to environmental concerns. 

 

He tweeted “Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/ transaction”. This points at the biggest concern of bitcoin- the environmental concern. 

 

Environmental Concern of bitcoin:

 

According to the Cambridge, Bitcoin Electricity Consumption Index, the energy used to create bitcoin has soared along with the price of bitcoin, it is now equivalent to the annual carbon footprint of Argentina, the eighth-largest country in the world. 

 

The energy requirements are expected to increase at an alarmingly rapid rate in the future as well. This has brought about criticism of bitcoin, even from its endorsers, the chief of whom is Elon Musk. 

 

Massive research is being done to reduce carbon emissions. The recent decision taken by Elon Musk is aimed towards getting rid of the hypocrisy behind Tesla’s aim of becoming an emission-free company and bitcoin’s drastic increase in carbon emissions. Bitcoin currently uses approximately 125 TWh of energy per annum

 

To get an estimate of this amount, India with a population of 1.3 billion people uses about 1400 TWh of energy as electricity per annum. Energy being used for the purpose of mining can have alternative uses and since most of the mining is done in China where the power source of most of this energy is coal, the environment can be considered protected provided bitcoins are not mined at the current alarming rate.

 

 

  1. Microsoft: 

 

Microsoft started accepting bitcoin as a mode of payment in 2014. It was one of the first companies to do so. Microsoft accepts bitcoins for applications, games, and other windows content, basically all it’s digital content on Windows Phone, Xbox Games, Xbox Music, Xbox Shops, etc.

 

 

  1. AT&T: 

 

AT&T is the world’s largest telecommunication company. It became the world’s first telecommunication provider accepting payment in cryptocurrency as well when it started accepting bitcoin for its services in 2019.

 

 

  1. Paypal: 

 

Paypal is one of the world’s biggest and fastest-growing fintech companies, providing online payment systems worldwide. PayPal announced in October 2020 that users can buy, sell, and hold selective cryptocurrencies through their Cash or Cash Plus accounts starting in 2021.

 

 

  1. Yum Brands: 

 

Yum Brands operates KFC, Pizza Hut, Taco Bell, and The Habit Burger Grill and is one of the world’s largest food conglomerates. Pizza Hut Venezuela started accepting bitcoins and other cryptocurrencies last year and KFC Canada did so for a short period of time.

 

(Must check: What is Credit Rating?)

 

 

  1. Restaurant Brands International: 

 

Restaurant Brands International is the parent company of Burger King, Tim Hortons, and Popeyes, it is the fifth-largest operator of fast-food restaurants in the world. Restaurant Brands International started accepting bitcoins beginning from Burger King Venezuela last year.

 

 

  1. Coca-Cola: 

 

Coca-Cola Amatil, a Coca-Cola distributor, has announced a partnership with digital assets platform Centrepay to embrace Bitcoin as a payment option in the Asia-Pacific region.

 

 

  1. BMW: 

 

BMW dealerships in the United Kingdom are also taking Bitcoin as payment for brand-new BMWs. Stephen James Enfield BMW, a car dealership in London and Kent, has joined forces with BitPay, a global network, to embrace Bitcoin payments.

 

 

  1. The Home Depot: 

 

The biggest home repair store in the United States is Home Depot. Home Depot supports Bitcoin payments through a collaboration with the mobile wallet service Flexa, which is built into their store checkout processes.

 

 

  1. Expedia: 

 

Expedia is one of the world’s most used travel agencies and also one of the early adopters of bitcoin. It partnered with Coinbase and started accepting bitcoin in 2014.

 

 

Conclusion

 

Above are mentioned a few of the famous companies that accept bitcoin, either wholly or on partial basis for its services. Bitcoin is being accepted by companies working in all the sectors from the financial and IT sectors to the Fast Moving Consumer Goods (FMCG) and tourism sectors. Other famous companies that accept bitcoin include Starbucks, Twitch, Etsy, Rakuten, Whole Foods Market, Overstock.com and Sotheby.

 

(Most related: What is Digital Money?)

 

Then there are other companies including the world’s largest banks particularly JP Morgan and Goldman Sachs who are planning to introduce funds particularly for bitcoins and other digital currencies in the near future.

 

Ever since its inception, the acceptance of bitcoins has increased significantly as is evident from the myriad of companies accepting and adopting bitcoins today. The future of bitcoin, however, is completely dependent on innovations particularly focused on the shortcomings presented by bitcoins. 

 

Like Tesla, other companies may also limit the use of bitcoins over environmental concerns if not handled in a swift manner. On the other hand, till bitcoin is associated with the insane levels of volatility, as it is now, it would be almost impossible for bitcoin to replace fiat-currencies, providing a much more stable medium for exchange.

Advertisement

Comments

  • jamalpeppers3

    Sep 03, 2021

    PERFECT WALLET RECOVERY helps with the following and more; Recover scammed bitcoin Recover scammed bitcoin UK Recover scammed bitcoin Australia Recover scammed bitcoin Singapore How to retrieve stolen bitcoin I got scammed bitcoin, what do I do about it? How to get money back from scammer bitcoin? Bitcoin scammer list Bitcoin recovery expert Report a bitcoin scammer Reclaim crypto Bitcoin refund WEB- perfectwalletrecovery.com email- perfectwalletrecovery@gmail whatapp- +13078001790

  • johnchamp0147

    Sep 14, 2021

    Have you lost your hard earned money to;?1.Binary option scam??2. Forex trading??3.Romance scam?and any other kind of online investment? ?I have a good news for you.Contact; recbtc17 at g mail com?I had doubts it was possible to recover the funds I lost to binary options. However,big thanks to the recbtc now for helping me recover a huge sum back and still working on full recovery for me…also they are reachable via text or whats app though this number +15187224413

    wealthrefund

    Dec 29, 2021

    IF I were YOU I will go straight to MillionaireExchange...org , REGISTER ,PICK A PLAN,Deposit my BITCOIN without wasting TIME for massive profit GET RICH WITH MILLIONAIRE EXCHANGE ... ORG .... What app +16783793631 MillionaireExchange (.) org is letting you Invest Bitcoin to earn Massive Interest in less than 24hrs IF you haven't registered your account yet, please put the letters below together to register millionaire exchange ..... org As long as the registration is completed> pick a Good plan > Invest Bitcoin > then your bitcoin grow massively in 24 hours plus you get FREE 50$ Xmas bonus + FREE Interest Withdrawal.

  • kb216219

    Oct 02, 2021

    If your’e facing some challenges of withdrawals or your broker manager is always asking you to make more deposit before you could place a withdrawals from your account or you traded and lost your funds without any reason or maybe you noticed that your broker manager manipulated your funds or you have lost your bitcoins you can report to Mr Dawson Wright who make use of software to get money back. he's a recovery experts and he's professionals . Kindly contact him via his email address fundsretrieval1 at gmail dot com and he will guide you on the steps to take to recover all your lost funds.

  • wealthrefund

    Dec 29, 2021

    IF you need a skillful and Experienced EXPERT for your BITCOIN and other cryptocurrency recovery.PERFECT WALLET RECOVERY? <AT> g M (what app+1 6 7 8 3 7 9 3 6 3 1 they are the most Efficient Forensic Agency (PERFECT WALLET RECOVERY} , COME

  • perezboaz79

    Jan 04, 2022

    Hire Champion Wizard for a clean hacking job, you can trust on him, I'm Lara Miguel from Atlanta Georgia who has been through scam victim several times and that include the process I was trying to get my first scammer and then came in contact with fake hacker online, immediately I reached out to Ghost Champion Wizard on email: ghostchampionwizard@gmail.com he got all my stolen funds recovered within a prior period of 48 hours, his technology actually works well and he provide you with every steps and proof of the job , Contact him now ghostchampionwizard (at) Gmail (dot) com

  • perezboaz79

    Jan 04, 2022

    Hire Champion Wizard for a clean hacking job, you can trust on him, I'm Lara Miguel from Atlanta Georgia who has been through scam victim several times and that include the process I was trying to get my first scammer and then came in contact with fake hacker online, immediately I reached out to Ghost Champion Wizard on email: ghostchampionwizard@gmail.com he got all my stolen funds recovered within a prior period of 48 hours, his technology actually works well and he provide you with every steps and proof of the job , Contact him now ghostchampionwizard (at) Gmail (dot) com

  • firmwarehacks

    Jan 12, 2022

    🟢Binary scam recovery 🟢lost loan money recovery 🟢money laundry recovery 🟢Device hack 🟢Bank issues 🟢Access to school/company/fellowship/organization files 🟢Lost cars tracking 🟢fraud payment 🟢Access to cheating husband/wife device 🟢extending and subtracting of stamped file concerning a giving end line period of time 🟢tracing and recovering lost emails/conversations/contacts / and accessories ETC Firmwarehacks@gmail.com Firmwarehacks@gmail.com AS LOMG AS ITS TECHNOLOGY IT WILL BE HACKED , with firmwarehacks service you can get all of this and more done !! ❌ Binary Option, Forex and their likes are a means of making money but it’s more like gambling. There are no sure means to guarantee that a person could make profit with them and that’s why it can also be reasoned to be scam. Let’s not forget that some individuals even give you 💯 % guarantee of making profits and end up running away with your money. The internet today is full of Binary Option Recovery Scam, you see so much testimonies been shared about how a firm or Company helped them recover what they lost to Binary Options. But believe it, it’s just a way to lure more people and end up scamming them. ❌ You might have also come across some individuals that say they will give you guarantee on successful trades but they only end up as SCAMMERS as well. You here them say stuffs like 200% guaranteed in just 2 weeks and when you go into trade with them, they start telling you to pay profits percentage before you can get your income. These are all liars please avoid them. But if you have been a victim of this guys, then you should contact FIRMWARE now‼️ ✳️The big Question is “Can someone Recover their money lost to Binary Option and Scam⁉️ I will say yes, and will tell you how. The only way to Recovery your money back is by hiring HACKERS to help you break into the Firms Database Security System using the information you provide them with, Extract your file and get back your money. It seems like a really impossible thing to do, I will tell you, it should be impossible, but with the use of specially designed softwares known to HACKERS and Authorities (such as The FBI, CIA e.t.c) it is possible and the only way to recover your money. ✅FIRMWARE are a group of hackers who use their hacking skill to hunt down SCAMMERS and help individuals recovery their money from Internet SCAMMERS. We just need the contact details of the SCAMMERS and Paymnet Info and within 4-8 hours your money will be return to you. ✳️ You can contact us via the emails below-: firmwarehacks@gmail.com Firmwarehacks@gmail.com 2022 ©️ All right reserved ®️

  • wealthrefund

    Jan 23, 2022

    You want an assurance on who can RECOVER your BITCOIN and it gets straight into your wallet or bank account without having to open an External fake Wallet, I have suffered all that ,till I finally receive my payout once Thanks To ’’’’’PERFECT WALLET RECOVERY’’’’for standing out among many tech . As guarantee they get the job DONE and they charge 10% as FËÊ , They have the best Tracking gadgets for BTC RECOVERY. PÊRFÊČTWÅŁŁÊTRËĆŌVĒRŸ@ g m a I l , what app +1 678 379 3631.

  • stellargabriel363

    Jan 28, 2022

    As a novice in the crypto world, I had a wrong transaction and got ripped off by a scammer through an investment scam, I lost about 0.7 btc and 1.5 eth to him. I spoke to a friend who's a crypto expert and he referred me CLEVERHACKER.HACK@GMAIL.COM, in less than 48 hours after following due procedures by him I got my btc and Eth back, he's a life saver. You can also text him at (803)814-5462

  • paulto1477

    Apr 10, 2022

    The basic truth about binary investment is the same old story, knowledge is key and information is power, those will never get old, I’m not the type that will get conned and when that happens I don’t go down without a fight, this time though, they almost did get away with, but thanks to instant recovery for their intervention in getting me out of this mess of an investment. I’ve had several professionals help me in situation but this was a new challenge, I gave them what was necessary and they worked quite quickly, . I’m just glad I got my money fully refunded, you can also reach out to them on email {(recbtc17[@]gmail dot com)}

  • taylorroland564

    Apr 21, 2022

    I just have to introduce this hacker that I have been working with him on getting my credit score been boosted across the Equifax, TransUnion and Experian report. He made a lot of good changes on my credit report by erasing all the past eviction, bad collections and DUI off my credit report history and also increased my FICO score above 876 across my three credit bureaus report you can contact him for all kind of hacks . Email him here support@wavedrive.tech go on their website wavedrive.tech for more details,Whatsapp No:+14106350697 if you want to chat them up,One thing i can assure you would not regret this at all he is 100% legit

  • packerjeff70

    May 06, 2022

    I lost my bitcoin to fake blockchain impostors on Facebook, they contacted me as blockchain official support and I fell stupidly for their mischievous act, this made them gain access into my blockchain wallet account, whereby 7.0938 BTC was stolen from my wallet in total. I was dumbfounded because this was all my savings I banked up on, waiting for bitcoin rate to improve. Then my cousin recommended me to an expert, I researched online and found the recovery expert Recoverbtchelp07. I wrote directly to the specialist explaining my loss. Hence, they helped me recover my bitcoin within 8 days. They launched the recovery program, and the culprits were identified as well, all thanks to their expertise. I hope I have been able to help someone as well. Reach out to the recovery specialist to recover you lost funds from any form of online scam. (Recoverbtchelp07 {{(@)}} {gmail}com) Whatsapp or text: +1 315 784 1311

  • packerjeff70

    May 06, 2022

    Have you ever gotten your bitcoins stolen from your wallet or invested in an ICO that turned out to be a scam, you are not alone because this happened to me too. I initially lost $90,000 in just 3 months from Cryptoallday, I contacted the authorities and they referred me to a bitcoin recovery company who helped me recover all my funds within less than 2 days... I'm speaking out to improve our awareness of these cryptocurrency thieves and help you if you have been a victim yourself. Simply send them an email Recoverbtchelp07 gmail com Whatsapp or text: +1 315 784 1311

  • laxmad52

    May 06, 2022

    I am one of the Victims. At first, the investment company seemed to be really professional and authentic. I found many favorable reviews about their performance and delivered results. So, I decided to invest with them and try to achieve success in the online trading sphere. Soon, I realized that the software was swallowing all my investments. IQ option is nothing more than a dangerous and fraudulent platform. I invested over $140,000 and couldn't withdraw my money, months passed and still nothing. So, I reached out to a Certified Binary Options Recovery Expert www Recoverbtchelp07 at gmail com to help me recover my funds, I have been able to recover $100,000 and the remaining $40,000 is in progress. I really can't tell how happy I am. Whatsapp or text: +1 315 784 1311

  • laxmad52

    May 06, 2022

    Yes it is possible to recover your stolen bitcoins. I never believed in bitcoin recovery because I was made to understand that it was not possible. However, sometime in February I fell for a forex scam which promised overly high returns and I ended up losing close to $55,000. I searched for a month for help until I finally came across an article on reddit in regards to recovering stolen cryptocurrency so I reached out to them, Recover Btc Help RBH. I was so scared and skeptical because I have heard of bad experiences but I decided to give them a try and to my greatest surprise I was able to get all my stolen bitcoins recovered from the scammers within a very short time frame. I don’t know if I’m allowed to share the links on here but you can contact them at Recoverbtchelp07 gmail com to get help. Whatsapp or text: +1 315 784 1311

  • jenkinscooper750

    May 21, 2022

    THIS IS THE BEST THING THAT HAS EVER HAPPENED TO ME I was scammed of $379,000 worth of bitcoin with a scam forest investment unknowingly then, I didn’t know what to do.. I felt like committing suicide, but fortunately for me, my friend introduced me to a cyber crime investigator ( Mr Morris Gray )who also helps in recovering lost invested funds, After working with him, to my greatest surprise, in just few days I got all my lost funds back, and he only took just 15% out of the recovered funds, if you have been scammed with fake forex you don’t need to be scared or worried, because you can also reach him on his email: MorrisGray830@ gmail .com He will recover your lost bitcoins back fast and smoothly... You can WhatsApp him via +1 (607) 698-0239. And you will be amazed….!!!