The cryptocurrency market, collectively, is worth plus or minus £2.3 million as of August of 2021; with ‘Bitcoin’ coming in the lead hitting £36,000 within the same month. This shows the growing trust in customers and companies at large, towards various forms of payment, that’s why we discuss what companies are accepting Bitcoin? More retailers around the globe have already started accepting cryptocurrency as payment in some of its different forms.
The cryptocurrency trend had begun to decline and there was not much talk about it. You will agree with me, we can accredit the recovery it has been making to the growing confidence in customers, probably influenced by retailers asking what companies are accepting Bitcoin? And especially, what companies have begun accepting Cryptocurrency.
Companies That Accept Cryptocurrency, Uk
As I mentioned earlier, confidence has seen more retailers across the world are beginning to take cryptocurrency (the likes of bitcoin and Ethereum) in exchange for goods and services. Of course not all these transactions are direct trade, some are indirect and initiated through third-party apps like Bitpay. For the purposes of this article, we will explore companies in the United Kingdom that accept cryptocurrency and how the transactions work.
Major companies that accept Bitcoin
How many companies accept Bitcoin? A list of companies accepting Bitcoin includes PayPal, Overstock, Whole Foods, Etsy, Starbucks, etc are the best online stores that accept Bitcoin. Here’s a complete list of what companies accept Bitcoin in 2022
1. Phillipp Plein
It was inevitable that I mention this fashion giant first on my list, after the enormous step they made toward cryptocurrency. In the early days of August 2021, Philipp Plein emerged as the world’s first fashion company to accept payment in 15 different cryptocurrencies.
To those that have never heard of Shopify, it is a marketplace payments network. It is also one of the companies in the UK that accept cryptocurrency when paying for services from its website. What this translates to is that any merchant that uses Shopify for its operations can accept cryptocurrency.
3. Whole Foods
Among other big retailers in the UK are Whole Foods, which is always abreast with regard to innovation. The retail household name started accepting cryptocurrency as early as 2019.
It is no surprise to me Microsoft is outstanding as far as the acceptance of cryptocurrency. The world’s most popular ICT company adopted bitcoin in 2014. The cryptocurrency became an acceptable payment for games, apps, and other digital content making it easy to pay due to What companies are accepting Bitcoin.
An example of how you can use Bitcoin is redeeming it as a credit on a Microsoft account. This credit can be used towards any among a multiplicity of services offered by Microsoft, such as Xbox Live, Microsoft 365, OneDrive, or Skype.
Lush is a global company that is well known for dealing in cosmetics. The firm fully adopted the use of cryptocurrencies in 2017. Bitcoin payments were the first to be accepted by the company as payments for orders on its website. This was made possible by means of a partnership with Bitpay.com. To date, Lush accepts cryptocurrencies directly on its website.
On its own, the company knows no existence of a platform that accepts cryptocurrency as payment sitewide. However, Etsy allows the independent sellers who use its platform to accept crypto in their respective shops if they wish to. The website does this in such a way that the seller can add an “other” payment method option at checkout.
Amazon is arguably the most popular e-commerce platform. The company has its roots sank in technology, such that it only makes sense they accept cryptocurrency. Reports made in the first quarter of 2021 suggested that “Amazon was joining the ranks of other tech giants, including Facebook, in laying the groundwork for its own exclusive cryptocurrency.”
As has been the trend with e-commerce companies, the company does not directly accept cryptocurrency as yet. The option customers have is to purchase Amazon vouchers through the company “Bitrefill.” This allows them to use digital currencies for buying goods on the platform.
The above-mentioned companies in the United Kingdom accept cryptocurrency in a less bureaucratic way. The likes of Tesco, Sainsbury’s, Marks & Spencer, John Lewis, Asda, and Argos are companies that have their arms indirectly open to the digital currency accepting gift cards through Bitpay, despite them not directly embracing digital currencies.
This discussion just left me with questions about the monetary system. I mean important goods and services are exchanged for pieces of paper in the name of the currency. Explanations do exist of how these are valued. Still, the question remains how do you place a value on digital currency (figures punched in a computer), and What companies are accepting Bitcoin?
Maybe this will a discussion for another day, but as it stands, if you want to succeed as a business person, there is a need to keep your eyes open to the possibilities that come with cryptocurrency. You will need to exercise caution before fully embracing the concepts it comes with. You may need education about it before you plunge yourself into problems caused by being illiterate about the currencies.