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We have witnessed the growth of cryptocurrency over the years, and although we are currently going through bearish times, the popularity and wide use of crypto do not seem to be dying down any time soon.
Over the years, the world has opened up more to the concept of cryptocurrency, NFTs, the Metaverse and web3 in general. Some countries have even made Bitcoin, the largest cryptocurrency by market cap, a legal tender.
More people have grown accustomed to trading cryptocurrencies and even using them as an alternative payment method. The question: “will cryptocurrencies replace fiat currency?” has been lingering for a while.
Although it is somewhat unlikely, numerous businesses now accept crypto as a payment method asides from the local currency. Let’s look at five businesses accepting crypto as a payment method.
5 Businesses Who Accept Crypto As a Payment Method
Founded on the 4th of April, 1975, Microsoft Corporation is an American multinational technology company which produces computer software, electronics, and computers and offers related services. Although payment in crypto was halted at a point, they have since resumed. You can top up your Microsoft account with Bitcoin.
Back in 2014, PayPal ventured into the crypto scene. With PayPal, online vendors have now been able to accept payments with bitcoin through partnerships with certain crypto exchanges such as Coinbase.
3. Burger King:
Although this is not applicable in all Burger King outlets across the world, outlets in countries like Venezuela and Germany accept crypto payments.
The Venezuela Burger King outlet announced a partnership with Cryptobuyer to accept crypto as a payment method. Customers can pay in BTC, Dash, LTC, ETH, and Tether USDT.
On the 3rd of September 2019, the German Burger King outlet started accepting Bitcoin on its website and mobile application.
Subway is a fast-food restaurant which originated in America but has since become a multinational company. In the history of restaurants accepting crypto payments, Subway was the first major food chain to accept payment in Bitcoin.
The second time that food was bought with crypto, Bitcoin specifically, was in 2013 in Moscow, Russia, where someone purchased food from Subway.
The first time someone bought food with Bitcoin was the Bitcoin pizza incident in Papa Johns, Florida, USA.
Starbucks Corporation is an American multinational chain of coffeehouses with its headquarters in Seattle, Washington. Starbucks hoped on the crypto wagon back in 2020, and since then, customers have been able to purchase goods with crypto and can also top-up their Starbucks cards with crypto to make purchases.
Benefits of Accepting Crypto As a Payment Option
1. No Chargebacks:
Crypto transactions are irreversible; therefore, when accepting crypto as a payment method, you do not need to worry about fraudulent chargebacks.
2. Reach More International Customers:
Accepting crypto payments opens your business to more international customers, as you can receive crypto from anywhere in the world for no extra charges. You do not have to deal with delayed payments and issues with exchange rates from foreign currencies to fiat currencies. You can expand your business to new frontiers with an internet connection and an active crypto wallet crypto.
3. Low transaction fees:
One advantage of cryptocurrency is that it requires low or even no processing fees, as it depends on what cryptocurrency you choose. With this, you as a business owner can joy the advantage of keeping more of your profit and not digging into it.
The lower processing fees can also allow crypto exchange to happen more quickly. Each crypto coin is linked to different blockchains, lowering transaction fees even more if you are trading the same cryptocurrency.
In the case of Bitcoin, if the Bitcoin network fees are too high for you, or you simply want to transact in smaller amounts, you can also consider setting up a Lightning Network wallet, which lets you send and receive Bitcoin transactions up to 0.168 BTC only.
4. Forward Thinking Business:
The world is evolving in all aspects, and it is only fitting that you and your business grow with it. Accepting cryptocurrency as an alternative payment method sets your business apart and pushes you to the new and modern world.
5. Easy To Implement and Use:
Accepting crypto payments is easier than you think, and all you need is an internet connection and an active and secure crypto wallet. With Breet, an OTC crypto trading platform, you can receive crypto, convert it to cash and withdraw straight to your local bank account within seconds.
You do not need broad knowledge of the crypto industry to use Breet, as they take care of the complicated stuff for you. Simply register your account and begin receiving crypto payments for your business today!
The world is changing, and it is only suitable that we get with the program. Many businesses have jumped on the crypto wagon and are now accepting crypto payments.
It does not matter what business you run, from food chains to software companies. It is time you open up your business to more opportunities by introducing another method of payment, cryptocurrency.
With Breet, you have multiple crypto options: Bitcoin, Ethereum, Litecoin, Tether, Bitcoin cash Dogecoin.
Get started by downloading the app on the Google play store or Apple App store.