April 282022

Bitcoin payment method: Why are more and more people demanding to pay things with bitcoins?

More and more companies are accepting cryptocurrencies

The exponential growth of cryptocurrencies is a reality, with Bitcoin as the best positioned, something that few would have imagined years ago, much less that people are starting to use them as a form of payment.

Much of the positioning of cryptocurrencies has been thanks to the fact that more people and industries are making use of new payment systems, such as Coinspaid, which was recently awarded as Payment Provider of the Year during the 2021 AIBC Summit in Dubai.

Just to be clear about its recent impact, this payment provider accumulated $5.3 billion in cryptocurrencies processed in 2021, more than 800 satisfied B2B (merchant) customers and accumulates 7% of all on-chain Bitcoin transactions, in addition to accepting more than 50 crypto and fiat currencies.

Research indicates that 14% to 15% of the U.S. public owns or owned cryptocurrencies, primarily bitcoin, although Ethereum's ether tokens continue to gain traction, plus another 17% already planned to dive into cryptocurrencies by the end of Q2 2022.

More people will try for crypto payment

"I think in 2022, you'll see many more people - that next wave of people - getting interested in crypto both from an investment perspective and a 'let's try it for a payment' [perspective]," Stephen Pair, CEO of crypto payments processor BitPay, said. "There's going to be many more places with that service - that you'll be able to spend crypto and do it in an in-person setting, which may make people more comfortable trying it out than perhaps if it's on a website where they're not sure if they're doing it right or wrong."

What companies accept Bitcoin and other cryptocurrencies?

As blockchain technology grows, although it is still confusing to many, more and more companies are embracing its use for payments, such as the following corporations that accept cryptocurrencies as payment.

  • Microsoft
  • Wikipedia
  • Namenative
  • Paypal
  • Starbucks
  • AT&T
  • Overstock
  • Twitch
  • Amazon
  • Home Depot
  • Whole Foods
  • CheapAir
  • Newegg
  • Namecheap
  • Rakuten
  • Fast Food Restaurants: Pizza Hut and Burger King (Venezuela), KFC (Canada), Quiznos (Denver airport), Subway (several branches)