The first cryptocurrency, Bitcoin, was introduced in 2009 by an anonymous developer. At that time, many people didn’t realize the true potential of the new digital currency. Critics claimed that cryptocurrencies would never become more popular and people would not use them to buy things. However, they had to eat their words because cryptocurrencies eventually became extremely popular.
The crypto market grew steadily from 2009 to 2016, but after that, it experienced exponential growth that has continued till now, despite all the ups and downs. The future also looks promising for cryptocurrencies. Investments in cryptocurrencies have also grown in the last few years as people realize their true potential.
Several companies have also begun supporting cryptocurrencies over the years. They realized the potential for these new digital currencies and allowed customers to use them as an accepted form of payment for their products and services. In this article, we have listed the top three brands that support cryptocurrencies.
Microsoft was an early supporter of crypto when it started taking Bitcoin as payment for games, applications, and other online content for systems like Xbox and Windows Phone in 2014. That year, Bitcoin was still mostly unheard of, and many people aware of it learned about it for the wrong reasons.
The world’s biggest Bitcoin exchange, Mt. Gox, filed for bankruptcy after a frenzy of scams, hacks, and mishaps that resulted in the loss of tens of billions of dollars worth of Bitcoins. It was a year packed with controversy and scandal.
Microsoft introduced ION, a two-layered identification platform on the Bitcoin network, using blockchain technology. The system generates digital IDs rather than payments to verify online identities.
Starbucks joined the Bitcoin revolution in March 2020, just as people started to cover their faces with masks due to the pandemic. Like Etsy, Starbucks took a cautious approach to accepting cryptocurrency as payment.
While you cannot use Bitcoin to pay for your Lattes at the register, you may add it to the Starbucks application and other payment methods like gift card credits and frequent flyer miles. A third-party mobile wallet application called Bakkt, which instantly transforms Bitcoin to dollars to enable payments, allowed for that upgrade.
PayPal started accepting Bitcoin in September 2014, three months before Microsoft. At that time, Bitcoin was traded as XBT as opposed to BTC. CNN’s description of Bitcoin as independent, non-government money illustrates how new the idea was at the time. Businesses – not regular consumers – were the target of PayPal’s move.
Ethereum, Bitcoin, Litecoin, and Bitcoin Cash are just a few of the cryptocurrencies that PayPal users in the United States can now purchase, sell, or keep. Additionally, the PayPal app will let you track cryptocurrency. The inability to move money out of the firm’s digital wallet is the only downside of this move.
Cryptocurrencies have come a long way and different companies have supported them over the years. Bitcoin is still the most popular cryptocurrency and several firms, including Microsoft, Starbucks, and PayPal, accept it.
In the future, other companies will also accept cryptocurrencies, providing customers with more payment options and convenience. Cryptocurrencies will also be the standard form of payment in the Metaverse where people will be able to purchase virtual objects that will have real value.