Major Stores Who Accepts Bitcoin as Payment
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What Exactly Are Cryptocurrencies?
Cryptocurrencies are digital currencies built around a technology called blockchain. This allows cryptocurrencies to operate in a decentralized manner, which means that they are independent of major banks and other traditional financial institutions.
In addition to verifying transactions, blockchain technology plays a crucial part in bringing cryptocurrency tokens, or units of currency, into the world economy via a process called mining.
Miners use powerful computers to solve algorithms on the crypto network, and when they successfully solve one, they get to add a transaction, or a block to the blockchain. Each algorithm that’s successfully solved helps verify a transaction, and in exchange for solving it, the user receives a token.
Bitcoin, the first cryptocurrency, hit the market in 2009 and paved the way for thousands of other cryptos in the years since, including Ethereum, Litecoin, and many more.
Of the millions of merchants currently accepting Bitcoin, you may recognize a few names:
Bitcoin trader official app
The Pirate Bay
Keeping all this in mind, companies, and stores that have decided to stick with Bitcoin are as follows:
: This is a little known secret that you can buy products from all Amazon stores using Bitcoin. The best part is, you will be saving anywhere from 1-30% when you use Bitcoin. Purse is a well-known service that let you achieve this.
Newegg: Newegg an online retailer of items including computer hardware and consumer electronics.
Overstock: A popular online shopping store that sells virtually anything you would need.
Microsoft: Microsoft is accepting Bitcoin for Windows and Xbox sales.
eGifter: An online gift cards & group gifting company that accepts BTC and LTC.
KFC Canada: KFC needs no introduction and this a significant step towards mass adoption.
Banks that Accept Bitcoin
With rapid advancements made in the fintech industry, banks have now stepped into providing cryptocurrency-friendly services for the betterment of the entire community.
Let’s take a look at a few of these:
This German digital bank provides modern banking options to its users with digital payment facilities. They provide a variety of banking options ranging from savings bonds to crowdfunding investments. With a presence of over 100,000 clients and more than 300,000 community members in Germany, they plan to expand their presence across other countries in Europe. They have also teamed up with Kraken to offer a completely functional cryptocurrency bank.
A recent report has indicated that Goldman Sachs, which is reportedly one of the largest Wall Street firms, is exploring various options for providing a crypto custody offering. Initially, it had announced of its plans to launch a Bitcoin trading operation, which would enable them to buy and sell Bitcoin futures for its institutional clients.
Toronto Dominion Bank
Some of the largest banks in Canada are supporting cryptocurrency-related card purchases. However, the Toronto Dominion Bank has stopped customers from buying bitcoin via credit cards after previously granting this permission.
Royal Bank Of Canada
The Royal Bank of Canada, which is one of the largest Canadian banks (by assets), allows the use of debit cards and credit cards for transactions involving cryptocurrency. Despite regulatory risks and other external factors involved in cryptocurrency dealings, RBC consistently makes an effort to review them on a regular basis in order to provide the best assistance to their clients.
WorldCore, a Czech-based bank, is also offering solutions for the crypto community, enabling their customers to load cryptos on to their cards to allow for easy spending of digital currencies. As a payment services provider, WorldCore has partnered with BitPay for accepting bitcoin payments and seeks to provide access to international banking with global transfer facilities for their customers.
Bankera is part of SpectroCoin, a UK based bitcoin exchange, and has more than 300k users. Bankera has already issued 50K bitcoin debit cards, and is also planning to build a digital bank that will act as a bridge between the traditional financial system and blockchain technology. Thus, it supports traditional fiat currencies along with cryptocurrencies such as Bitcoin, Ethereum, and others.
As a decentralized crypto bank, Change Bank offers their clients a crypto wallet that can be used for storing and sending cryptocurrencies, as well as a cryptocurrency spending card. This can help these clients earn rewards by making payment using Change tokens. Change Bank offers financial services built through blockchain to provide smooth and seamless transactions.
Cryptocurrencies are getting closer to mass adoption and using the latest technology is a great way to stand apart from any other business. See below some facts about them:
Everything Is Going Digital
The growth rate of cryptocurrency and the adoption of blockchain technology by businesses may be the final nail in the coffin for paper transactions. Most businesses and banks are already moving toward digital only, and as accessibility and popularity for digital currency grows, it is likely to be the future.
Did We Miss Any Places that Accept Bitcoin Near You?
New businesses are accepting cryptocurrency all the time so it’s certain we have missed some, which is why we need your help.
Let us know in the comments if you know either small or major retailers that accept bitcoin.