We are thrilled to have you on our site. If you enjoy the post you have just found kindly Share it with friends.
Although it was the first time in the auto industry, Musk’s revolution was short-lived, and he soon returned to his decision, due to pressure from environmental groups, with the powerful and specialized computers needed to mine Bitcoin devouring huge amounts of energy, as this transformation led in a month Last May, it wiped out more than $360 billion from the market value of “Bitcoin” in a single day, according to Yahoo Finance.
But not all companies share Elon Musk’s interest in green energy. Bitcoin is big and getting bigger, as some of America’s biggest companies have jumped into the Bitcoin market and accepted it as payment, including giants like Tesla.
Microsoft became an early adopter of Bitcoin in 2014 when it began accepting cryptocurrency as payment for games, apps and other digital content for platforms like Windows Phone and Xbox.
Microsoft’s move was about three months later than digital payments giant PayPal. At the time, Bitcoin was trading with the token XBT instead of BTC. PayPal’s move was intended to lure companies to its platform, not consumers. The focus was on the Bitcoin transaction fees, which were much lower than the 2%-3% profit-rotating fee that companies were paying for credit card transactions.
Before Microsoft turned to crypto, and even before PayPal, Overstock.com was blazing the trail for these giants. A CNN report in 2018 described Overstock as “essentially a crypto company”, given that the popular online e-commerce platform was already a Bitcoin veteran. Since accepting it as payment in January 2014.
In May 2019, the cryptocurrency bridging was broken when a payments startup called Flexa joined forces with Gemini, a cryptocurrency company, whose partnership platform allowed major retailers to integrate Flexa into the digital scanners they were already using to accept payments over the phone through Apple Pay and other digital wallets. . The technology instantly converted bitcoins into dollars for making purchases.
Whole Foods was one of the first major retailers to adopt this technology. Whole Foods is owned by Amazon, but Amazon itself does not, yet, accept Bitcoin for purchases made through the world’s largest online retailer.
Etsy itself does not have a platform for accepting bitcoin as a site-wide payment, but the independent sellers who populate its platform can accept cryptocurrency at their individual stores if they choose. It is up to the seller to add an ‘other’ payment method option at checkout. When buyers click this option, they will be able to send messages to the buyer with their payment preferences, including bitcoin, in which case, the seller replies with a bitcoin address to complete the transaction.
In May 2020, when masks began covering faces across America and the world, Starbucks announced that it was joining the Bitcoin revolution, but it was timid, that you can’t pay for a Frappuccino with Bitcoin, but you can add Bitcoin – along with things like credits Gift cards and frequent flyer miles – to the Starbucks app and pay this way. This upgrade is made possible by a third-party digital wallet app called Bakkt that converts Bitcoin into dollars to make payments that are not only possible, but instant.
Online electronics giant Newegg accepts bitcoin – and they’ve done it all. Unlike some others that require you to convert cryptocurrency into cash through a third-party app or service, Newegg allows you to pay directly.
For shoppers who buy through a computer, all they have to do is select ‘Pay with Bitcoin’, and browse through the shipments. For shoppers who make purchases with their phones, Newegg will send a QR code to scan. For anyone looking to start harvesting Bitcoin alone, Newegg also sells crypto-mining start-up kits.
Home Depot also uses Winklevoss/Flexa – the same system that allowed Whole Foods to accept bitcoin through its digital scanners without investing in new hardware. Retailers have to present their budgets in dollars no matter what payment method they accept, which has long been a major stumbling block for companies that wanted to accept bitcoin but didn’t know how.
Japanese shopping site Rakuten began letting users choose Bitcoin as a payment option in 2015. As part of its global Bitcoin rollout, the company started with its US location before expanding the new service to its counterparts in Germany and Austria.
Rakuten made this possible by integrating the Bitnet payment processing platform into its own marketplaces. It has since developed the Rakuten Wallet, which has expanded to support altcoins like Bitcoin Cash and Ethereum, and users can now top up their Rakuten Cash using crypto assets.
Twitch is another Amazon-owned company. Also like Whole Foods, it now accepts cryptocurrencies – not just Bitcoin. Users can pay with Bitcoin, but also Bitcoin Cash and Ethereum, as well as less-used currencies such as BUSD, PAX, GUSD, USDC, and Ripple.
Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of Algulf.net and Algulf.net does not assume any responsibility or liability for the same.