Since Japan announced it would accept Bitcoin as a method by which people may pay taxes, many people assumed that Bitcoin would be adopted very quickly by the retail sector…and yet there are still very few places you can spend Bitcoin.
Overstock.com were one of the first western adopters of Bitcoin payments (from as early as 2014), and they claim the reasons for its success is due to the low fees in comparison to converting foreign currency. Are there still places that accept Bitcoin, and does their acceptance of Bitcoin signal anything for the future of cryptocurrency?
Although Overstock’s Bitcoin payments are powered by Coinbase, the payment process is no different from paying with a credit card through PayPal. Plus, thanks to the Overstock-Coinbase alliance, you can pay with many types of cryptocurrency, and it is just as quick and convenient as their other methods of payment.
The bearded Brit claims that his new space program will accept Bitcoin payments, but for now, Virgin is working on fully implementing Bitcoin payments into all of its Virgin mobile and Virgin airline services.
Possibly the first online store which accepts Bitcoin as a way to sell products for a discounted price. ZUB.co.uk sell the latest Apple products including the new iPhone 11 Pro, MacBooks, AirPods etc all for 10% less than retail. ZUB.co.uk are able to sell for a little less as using Bitcoin saves them money which they pass on to their customers.
The CEX chain store were one of the first UK companies to try to integrate Bitcoin via payment terminals. They wanted it to be as easy to pay with Bitcoin as it is to pay with a bank card. The rollout has hit problems like the Titanic hits icebergs, but their effort has not been wasted. In a sense, they were the trailblazers who have discovered the many problems with in-store Bitcoin payments and so have helped form most of the solutions. These days, there are fewer and fewer CEX stores that still accept Bitcoin, but the large store in Glasgow still boasts a strong cryptocurrency usership, so maybe there is hope for another national rollout in the future.
The most powerful and successful VPN service in the world is now accepting Bitcoin payments. Faster connections, worldwide servers and zero Internet throttling are good reasons why you should use ExpressVPN. Plus, you may now pay anonymously pay with Bitcoin, which is just another reason why you should seriously consider ExpressVPN for your online anonymity needs. If you are already a PureVPN customer, then they have started accepting Bitcoin payments too.
The popular estate agency RE/MAX in London has 16 offices, and has announced that it will accept Bitcoin, Litecoin and Dogecoin for rent payments. The reason for this unexpected decision was due to the high fees and customer complaints regarding overseas payments. Turns out that many of their rented buildings/flats/houses in London are being rented by non-nationals, who are frequently trying to pay with their foreign currency and who are paying extortionate fees as a result.
Luxury Hotels Are Places You Can Spend Bitcoin
Have you made a killing in Bitcoin trading and now you want to spend your earnings? The Canada-based Sandman Hotel Group now accepts Bitcoin payments for room reservations in any of their 44 hotel locations. However, if you really want to live it up, then try the five-star Dolder Grand Hotel in Zurich where your cryptocurrency will pay for everything from the luxury room to the spa treatments and fine dining.
Unless you are an aficionado of getting very high-end electronics at almost affordable prices, then you have probably not heard of Rakuten, but in Japan, they are the equal of Amazon. Although they will not accept Bitcoin in the UK, they have started accepting it in Japan. Since its adoption, the company has seen a marked rise in overseas sales, which means expansion plans are in place. Very soon, Amazon may be accepting Bitcoin simply because they cannot afford to lose any more ground to this Japanese giant.
Conclusion – Why Do These Companies Matter?
Who cares if any of these companies accept Bitcoin? It is not like Bitcoin is a fiat currency. You cannot order a taxi with bitcoin or buy groceries, so what it the big deal? The big deal is the landmark signal these companies are sending out. They are proving that Bitcoin is a viable currency for the coming future, which means it will (eventually) be adopted by most online and offline companies.
The long-term success of Overstock with Bitcoin is very reassuring for those in the retail sector. Companies involved in overseas transactions are proving they can save a fortune on currency conversion by using Bitcoin. Many companies are creeping into cryptocurrency in an almost secretive fashion, especially in the adult industry where Bitcoin is becoming the norm, and companies like Rakuten are probably going to force companies like Amazon and eBay to start accepting Bitcoin in the future. It may not seem like it right now, but the spread, standardization and normalization of cryptocurrency is happening, albeit at a very slow pace.