Now you don’t have to pay using fiat in many large companies. Starbucks And Burger King are few names that have embraced Bitcoin payments and are driving even more companies to do the same. The idea that since Bitcoin is very popular, keeping it as a payment method will likely be a good way to get some media coverage is very tempting. This is also the reason that these companies are not taking into account the huge price swings of the currency.
But you said volatility is decreasing?
Yes! If you read that article, I absolutely stand by the fact the volatility of Bitcoin is decreasing. But I also mentioned that it is still nowhere near fiat, stable coins, or gold. Accepting it as a payment method is good considering that it increases over time, but nothing is guaranteed no matter how much we speculate. The companies that I mentioned, like Starbucks and BurgerKing, run on very small profit margins. So, even a small dip could lead them to lose out on all the profits.
Even after all that risk, the step of big companies like Tesla to accept BTC are influencing many companies. There is a lot of skepticism around this idea, even cited by Warren Buffet, but yeah, new things and ideas always have skeptics. So, yeah, even though I appreciate that these companies embrace Bitcoin payments, this is still an early stage and could be risky too.
Major companies accepting Bitcoin payments
Starting with the big names, some major companies that have embraced Bitcoin recently and in the past few months are Paypal, Tesla, Xbox, Visa, and more. These are the names which we generally hear about and are the most influential brands in the market. Paypal has been accepting Crypto since October last year. And they have also enabled trading with crypto. Then we know that Tesla has started accepting Bitcoin payments for their cars. At the same time, you can now purchase Xbox store credits with BTC.
Then coming to companies that are very important for a Friday night dinner. Yes, I am talking about fast-food companies like KFC, PizzaHut, Taco Bell, among others. These companies have also started accepting crypto payments in select branches by partnering with crypto payment companies to make the process easier. Do note that you may or may not get the payment option depending on your country, state, or even area. But, I am pretty sure that in a few years we would probably see the payment option in every branch.
Heck, now you can even buy Coca-Cola using Bitcoin through one of many vending machines in New Zealand and Australia. To make this possible, Coca-cola has partnered up with Centrapay to enable the option of using BTC as a payment method. And yes, if you are wondering then, Starbucks has also started accepting BTC payments in select branches.
What are your thoughts on companies accepting Bitcoin payments for their products and services? And do you think this is a little too risky? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.