Do Cryptocurrencies for Payments Indicate a Crypto-driven World?

Cryptocurrencies for payments will further accelerate crypto adoption.

Cryptocurrency is having a meteoric year as everyone, not just investors are talking about it. Bitcoin, a synonym of cryptocurrency, has witnessed widespread adoption this year. Companies such as Tesla, JPMorgan, Paypal, etc. have started accepting Bitcoins and other cryptocurrencies for payments.

Due to the high market volatility, the value of any cryptocurrency is never stable. Despite this, Bitcoin hit an all-time high in March to US$60,000. Until recently, Bitcoins and other cryptocurrencies were viewed as a store of value. However today, it is used in many places as a form of crypto payment, thereby promoting a crypto world.

Elon Musk earlier announced in February that he will accept Bitcoins as a payment method for Tesla, which he revoked due to the hazardous environmental effects of Bitcoin's mining. He is still considering its decision if Bitcoin works around sustainability concerns.

Microsoft also is encouraging payments in Bitcoin to provide extra value to its users' accounts. With Microsoft, you can redeem Bitcoin as credit, which you can use for a variety of services such as Skype, Xbox Live, OneDrive, Microsoft 365, etc.

PayPal also announced in April its PayPal Bitcoin initiative that encouraged the easy purchase of Bitcoin cryptocurrency and accepting crypto payments. Moreover, you can also hold and buy Ethereum and other assets in its wallets on PayPal.

Further, recently PayPal along with other investors – Bessemer, Initialized Capital, Jump Capital, Salesforce Ventures, Operator Partners, Blockchain Capital, and executives from Google has invested in TRM Labs, leading a US$14 Million Series A funding round.

TRM Labs is cryptocurrency compliance and risk management platform that helps financial institutions to act on opportunities related to cryptocurrencies by offering solutions that mitigate the risks associated with them. PayPal's investment in TRM Labs shows the enthusiasm of the company towards a crypto-driven economy.

Other companies that accept cryptocurrency are in the food industry.  like Starbucks, Burger King, etc. are also accepting Bitcoin and other cryptocurrencies as payment. Burger King partnered with Cryptobuyer that converts cryptocurrencies to normal currency. Following Burger King, Taco Bell, KFC, Pizza Hut have embraced cryptocurrencies as payment. Coca-Cola is also accepting crypto payments in a partnership with Centrepay.

You can play on Twitch, Amazon's live-streaming platform, by paying in Bitcoins and other cryptocurrencies. You can pay Bitcoin to buy subscriptions to multiple streamers, with Twitch's in-game currency – Bits.

While Covid-19 had put the travel industry at a standstill, cryptocurrency is trying to change the entire landscape of this industry. Flight companies, vacation service providers, travel companies accept cryptocurrency payments.

For example, Flight Centre is accepting Bitcoins for payments using Bitpay. Expedia is also taking Bitcoins through a collaboration with Coinbase.

Ecommerce giants like Amazon and eBay are not completely accepting cryptocurrencies as payment, you can still send Amazon vouchers and gift cards through Bitrefill. Rumors are steaming in the air that eBay will accept crypto payments in the future. Shopify will also allow merchants using a Shopify store to pay with crypto.

Beauty brands such as Lush will accept crypto payments on websites. Rakuten, a Japanese eCommerce brand, is allowing customers to pay with cryptocurrency like Bitcoin.

Does all of this indicate that we are moving towards a crypto-driven world? We cannot determine that at the moment because the crypto market is highly unpredictable. Nonetheless, we can still expect more developments in the crypto space.