Although it is still not widely known and used, the role of cryptocurrency is undoubtedly changing, and over the last 12 months, it has garnered a lot of interest, thanks to some timely publicity. Bitcoin is perhaps the most common form of cryptocurrency. Although it started life as a strange internet phenomenon, the value of having this option is being released across the globe. Cryptocurrency is a peer-to-peer transfer system of financing various transactions that relies on a technique called blockchain. It is very secure and also has the advantage over traditional currencies of providing anonymity to the user as well as not having any middleman such as a bank involved. Many major companies are now in the process of changing their trading rules to allow crypto-friendly transactions to take place. Here are some well-known names that will be accepting cryptocurrency transactions either directly or in the near future.
Microsoft
Microsoft was actually an earlier adopter of Bitcoin, and customers have been able to spend cryptocurrency using the online Xbox store for many years now since they started the practice in 2014. They did have to pause sales in this manner because there was a period when it looked like cryptocurrency may not thrive, but now, they are able to accept it again only in the form of Xbox store credit. Bill Gates is a firm supporter of Bitcoin and has stated in the past that he feels that it is better than standard currency.
Starbucks
Good news for anyone who wants to purchase their morning coffee using cryptocurrency. After a bit of a false start in 2019, Starbucks has finally sorted itself out and now do accept Bitcoin payments by using their app, which launched last year and is widely available now. It is actually a reasonably good business model as it shows that companies are prepared to put the effort in because they can see the value of cryptocurrency. They had a couple of teething problems, which did delay things for almost a year and a half, but they did eventually get there, proving that they are convinced of the value it adds to their customers.
Namecheap
It is perhaps no surprise that a company like Namecheap would be in favour of cryptocurrency. Their ethos is a pro-Internet freedom stance, and they are in the business of purchasing domain names. It is very easy to add credit to your Namecheap account in the form of Bitcoin and cryptocurrency.
Home Depot
Although this is not in the UK, Home Depot is the largest hardware chain store that they have in America, which makes it very mainstream and gives it the ability to be a trendsetter. With Microsoft leading the online companies and Home Depot setting the standard for bricks and mortar stores, the whole concept of cryptocurrency Has received a reassuring boost for other companies who may have been considering it. They certainly provide evidence that these big names are convinced that cryptocurrency and Bitcoin are here to stay.
Overstock
Another large online retailer, Overstock, is able to accept a wide range of different payment methods, including multiple cryptocurrencies, not just standard Bitcoin. They also hold it, which shows that they too believe that Bitcoin is a long-haul commitment and not just something they are doing to try and create a media interest. The checkout process is simple. When you reach the payment screen, you will see Bitcoin or other cryptocurrency appear as a radio box button that you can select; you will then be taken through the whole checkout process, and your goods dispatched as normal. Overstock has a wide range of furniture and household goods as well as many other products.
NewEgg
When it comes to computer hardware from low end to expert, Newegg is a popular website for techno people looking to upgrade their setup. Not only do they accept cryptocurrency when it comes to making purchases from their website, but they also have cryptocurrency mining hardware available. They are very popular in the Bitcoin arena and well known in the cryptocurrency community.
Lolli
If your favourite stores do not accept Bitcoin directly, you are still able to get free Bitcoin when you spend money on their websites, and you use the third-party Lolli app. When you make a transaction using your credit card, you will get paid Bitcoin, and this can be in stores like GoDaddy, Gap, Macy’s, Best Buy, Harry’s, Groupon, Walmart and many more.
Although at the moment, Bitcoin and cryptocurrency still remain something of a mystery for many of us, it does seem that it is here to stay. There are plenty of safe and low-cost ways to explore the world of cryptocurrency and learn precisely how it works. It is a popular means of spending money amongst the new millionaire set, and as already explained, it is very safe. Of course, like any transaction that takes place on the Internet, there is a risk of cybercrime. Still, the risk is considerably lower because of the way that blockchain, which is the security behind it actually works. The whole concept was even devised by people who had an understanding and potentially an involvement in cybercrime and turned it on its head to make it an extremely secure form of currency that cuts out the need for banks and other third-party interaction that indirectly means we lose money in fees and interest charges etc.