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Bitcoin’s Acceptance as a Payment Option

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Written by Michaell Walling

If there is one market in this world that experts claim has the most profit potential out of all markets, it is the cryptocurrency market. When the Covid-19 pandemic hit and the global economy crashed dramatically, there was one market that survived through it all and actually managed to flourish despite all circumstances and it is none other than the cryptocurrency market.

According to the https://pattern-trader.app, an app specially designed to cater the needs of crypto investors, cryptocurrency has a lot of hidden potential that is just waiting to be found. This applies more so to the most important cryptocurrency out there – Bitcoin. The app says that if investors invest wisely in Bitcoin, they can earn amazing profits in an extremely short period of time.

Sure enough, Bitcoin is the most popular topic not only in crypto investing circles but investing circles in general. Many people have mixed views about Bitcoin but they can’t help but deny that it has given tremendous profit returns to investors who invested early in bitcoin and kept their faith throughout the years.

Bitcoin has become so popular that it is now being accepted as a valid payment option in many online commercial stores and eCommerce platforms. Popular companies have started announcing that they want to work with Bitcoin and offer their customers more versatile payment options.

But how did this change come about? What companies have started accepting Bitcoin payments? Is this change good for the future? All these questions will be answered in this article so make sure you read it till the very end.

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How did companies start taking bitcoin as a payment option?

Bitcoin is quoted to be the currency of the future for a reason and that reason is that more and more people have started actively trading in bitcoin. Many people actively transact in bitcoin for all their purchases and the number is only going to increase in the future as the cryptocurrency gets more popular.

Companies have started understanding this and are now striving to set up commercial platforms and portals that accept bitcoin as a form of payment. After all, keeping up with the increasing demands of the customers only makes sense for a business organization if it wants to be successful.

Besides that, there is another amazing benefit of keeping bitcoin as a payment option and that is its extremely low transaction fees. Credit cards from all sorts of companies charge a minimum of 1.5% to 3% per transaction which may not seem much but in the grander scheme of things can be a huge revenue loss for a company.

On the other hand, bitcoin transaction fees charge only a maximum of 0.5% to 1% transaction fee which is significantly lower than the average transaction fee of credit cards. These transactions also help you avoid all sorts of bank fees as well.

Which companies are accepting bitcoin as a payment option?

Several major companies have already announced that they have started accepting bitcoin as a valid form of payment. These companies are hopeful about integrating cryptocurrency into their system and have started making efforts into making it a viable payment option.

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Paypal.

Paypal is one of the leading payment service providers and now it is actively working to boost its reputation by announcing that it can now be used for storing bitcoin as well as using it for transactions. It supports several other cryptocurrencies as well. This provides many PayPal users a much-needed relief and a unique payment option.

Lush.

Lush is a very famous European cosmetics and make-up brand that is known for its organically made products that are extremely fresh to use. Lush is one of the first companies that actively sought out bitcoin transactions and now supports a fully integrated option of buying their products via bitcoin without any excess transaction fee or trouble.

Visa.

Visa is one of the largest credit card service providers and there must barely be a few businessmen on the planet who must be unfamiliar with the company’s name. In a strange turn of events, Visa has sought crypto transactions to be enabled as a payment option for many of its dedicated users. While it does not support bitcoin yet, and only supports stable crypto called USD coin, many investors have kept their fingers crossed for the future when Visa will finally start accepting bitcoin as a form of payment as well.

Microsoft.

As one of the leading software companies in the world, it only makes sense for Microsoft to be the pioneer in all leading technologies and advancements. They finally did so when they recently announced that various Microsoft commodities such as Windows, Xbox and Skype that were only available for fiat currencies before are now available for bitcoin as well. Microsoft is so interested in Bitcoin that it is even developing identification software that detects everyone’s online identities while transacting in bitcoin.

Starbucks.

Often considered to be the world’s favorite cafe, Starbucks is the first destination of many businessmen around the world as they set out to start their day. Starbucks, after thoughtfully considering their customer demographic, have now allowed the orders to be paid via cryptocurrencies like Bitcoin. The only thing a buyer will need is an app called Bakkt and after getting it, the consumer will be able to purchase their favorite cappuccino or latte by spending small increments of bitcoin.

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Is accepting bitcoin as a payment option a good move?

We honestly think that bitcoin has a lot of future potential. Considering the market is still in its infant stages, many experts are sure that more people will use cryptocurrency in the future to buy commodities.

While many major companies are still shying away from the idea of integrating cryptocurrency into their system because of its stability, many experts claim that a day will come when companies like Amazon or Ford will be more than willing to accept bitcoin payments to keep up with the demands of their customers.

Conclusion

Bitcoin’s acceptance as a payment option has been a very gradual and slow process but hopefully, it will develop more in the future. We hope this article was insightful for you and if it was, please consider following our website for regular updates as it will help us out immensely.

About the author

Michaell Walling