Despite the significant drop in Bitcoin's price from its late 2017 peak and the prolonged bear market in the cryptocurrency sector, a growing number of companies, organizations, and merchants are embracing BTC, ETH, and other major cryptocurrencies as payment methods.
Businesses adopt cryptocurrency payments for various reasons. Some believe that digital currencies will replace a substantial portion of fiat money in the future digital era. Others leverage the cryptocurrency trend for marketing purposes, appealing not only to blockchain-savvy consumers but also to traditional customers eager to try new technologies—while simultaneously catching media attention.
Regardless of motivation, accepting cryptocurrency payments is gradually becoming a notable trend.
Businesses Embracing Cryptocurrency Payments
According to Coinmap, as of today, there are 15,482 stores worldwide that accept Bitcoin and other cryptocurrencies. By the end of last year, this number was 14,125. Given possible delays and incomplete data tracking, the actual number of new businesses adopting crypto payments in 2019 likely far exceeds 1,357.
Red markers indicate high density of Bitcoin-friendly merchants.
It’s undeniable that, in recent years, the number of businesses accepting cryptocurrency payments has grown rapidly—like bamboo shoots after a spring rain—and their presence has expanded across industries and regions.
Below is a selection of well-known companies that currently, will soon, or have previously accepted cryptocurrency payments.
1. KFC
In January 2018, KFC Canada launched an innovative marketing campaign: the “Bitcoin Bucket.” Customers could use Bitcoin to purchase a bucket of fried chicken. The official KFC Canada Twitter account posted:
KFC Canada now offers the Bitcoin Bucket. Sure, we don’t really get what Bitcoin is or how it works, but that doesn’t stand between you and finger-lickin’ good chicken.
Throughout the campaign, KFC Canada continued to post tweets that resonated with the crypto community, such as:
“Fiat is backed by gold. But Bitcoin is backed by chicken!”
“Since we launched this, Bitcoin has gone up. You’re welcome, Bitcoin!”
“If Satoshi Nakamoto reveals his identity, we’ve got his bucket on us!”
Undoubtedly, the “Bitcoin Bucket” campaign attracted many cryptocurrency enthusiasts and novelty-seeking customers, making it a great success.
It’s important to note, however, that this was a limited-time promotional effort by KFC Canada. Customers paying with cryptocurrency did not do so at the physical counter; instead, they used BitPay’s online checkout system.
2. Microsoft
Microsoft can be considered a major corporate supporter of blockchain and Bitcoin. Beyond its well-known Azure Blockchain-as-a-Service (BaaS) platform and decentralized identity verification technology (DID), Microsoft’s online store introduced Bitcoin payment options as early as 2014.
In January 2018, Microsoft briefly suspended Bitcoin payments in its online store but reinstated the option not long after.
Interestingly, while Microsoft founder Bill Gates has been publicly critical of Bitcoin—once telling CNBC that “Bitcoin doesn’t produce anything, so you shouldn’t expect it to go up… it’s kind of a pure ‘greater fool theory’ type of investment… if I could short it I would”—the Microsoft Store has embraced it nonetheless.
3. CheapAir
CheapAir is a U.S.-based online platform for booking flights, hotels, and car rentals. The company began accepting Bitcoin payments in 2013, initially using Coinbase as its cryptocurrency custodian.
However, in April of last year, Coinbase discontinued its Bitcoin payment services for CheapAir, prompting the company to switch to BTCPayServer for crypto payment processing.
4. Subway
Subway is a large fast-food chain with locations worldwide. Several Subway restaurants in the United States, Russia, and Slovakia now accept Bitcoin, Litecoin, and other cryptocurrencies.
There are even vlogs online showing customers using Bitcoin to buy sandwiches at Subway.
5. Starbucks
Recently, Bakkt—a Bitcoin futures trading platform—gained attention due to a rapid increase in trading volume. What many may not know is that Starbucks is among its heavyweight investors.
In October, Bakkt announced plans to develop a consumer application for cryptocurrency payments, with initial testing taking place at partner Starbucks locations. The app is expected to launch officially in the first half of next year.
Through this application, users will be able to use cryptocurrencies to purchase goods and services. It’s worth clarifying, as a Starbucks spokesperson did, that customers will not be paying directly with Bitcoin at the counter. Instead, cryptocurrencies will be converted into U.S. dollars, which are then used for payment.
Still, as the world’s largest coffee chain, Starbucks is embracing new technology. Even if indirectly, customers will soon be able to use crypto to pay for their coffee.
Besides these, other notable organizations like Wikipedia, Overstock, Internet Archive, and AT&T also accept cryptocurrency payments or donations.
How Businesses Can Accept Cryptocurrency Payments
For merchants and physical stores, there are several practical ways to start accepting cryptocurrency payments.
Cryptocurrency POS Terminals
Using a cryptocurrency POS (Point of Sale) terminal is one of the simplest and most convenient methods. Similar to traditional card readers, customers can pay by scanning a QR code from their crypto wallet or using a cryptocurrency debit card.
An increasing number of manufacturers are integrating crypto payment functionality into their POS systems.
For example, Cielo, Brazil’s largest payment processor, announced in August that POS devices across its network would support Bitcoin and other cryptocurrencies. Cielo operates over 1.4 million POS terminals in more than 5,500 Brazilian towns.
In November, French payment giant Ingenico partnered with Singapore-based crypto startup Pundi X to integrate crypto payment modules into its Android-based APOS A8 devices. This allows merchants using Ingenico POS systems to accept multiple cryptocurrencies. The devices automatically provide real-time exchange rates between crypto and fiat, simplifying the process.
Cryptocurrency ATMs
Installing a cryptocurrency ATM is another option for brick-and-mortar stores. Although more complex to use than POS terminals, ATMs allow customers to freely exchange cryptocurrencies for cash.
According to CoinATMRadar, there are currently 6,239 cryptocurrency ATMs installed worldwide. The United States leads with 4,108 machines (65.8% of the total), followed by Canada with 10.7%.
Direct QR Code Transfer Payments
This method is similar to scanning Alipay or WeChat QR codes. Customers simply open their cryptocurrency wallet app, scan the merchant’s receiving address, and confirm the transfer.
In a previous article titled “Traveling Across a Country with Just Cryptocurrency: Two Girls’ Experience,” a Brazilian hostel called Hostel Casa Terra was mentioned. There, guests can pay for surfing lessons, shuttle services, and trips by sending crypto directly to the host’s wallet.
Additionally, established crypto service providers like BitPay have offered Bitcoin debit cards since 2017. These cards can be used anywhere Visa is accepted, and they also allow withdrawals at Bitcoin ATMs.
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Frequently Asked Questions
Why are more businesses starting to accept cryptocurrency payments?
Businesses adopt crypto payments for several reasons: belief in the future of digital currency, marketing advantages, attracting tech-savvy customers, and gaining media visibility. It’s a way to stay ahead of the curve and appeal to a broader audience.
Is it safe for merchants to accept Bitcoin?
Yes, when using reputable payment processors or POS systems, cryptocurrency transactions are secure. They are irreversible and eliminate chargeback fraud. However, merchants should convert crypto to fiat promptly if they wish to avoid volatility risk.
Do customers need a special card or app to pay with crypto?
Most methods require a cryptocurrency wallet app on a smartphone. Some providers also offer crypto debit cards that work like traditional cards. QR code scanning is a common and user-friendly option.
How do merchants handle crypto price volatility?
Many payment service providers instantly convert cryptocurrency payments to fiat currency at the time of transaction. This shields merchants from market fluctuations and ensures they receive the exact amount in their local currency.
Are cryptocurrency transactions legal?
In most countries, using cryptocurrency for payments is legal, but regulations vary. Businesses should check local laws regarding taxes, anti-money laundering (AML) requirements, and consumer protection guidelines.
Can small businesses also accept crypto payments?
Absolutely. With user-friendly tools like BTCPayServer, BitPay, or integrated POS solutions, even small retailers and online stores can start accepting cryptocurrencies with minimal setup cost and technical knowledge.
Conclusion
From everyday shopping to travel and entertainment, options for using cryptocurrency payments are expanding. As blockchain technology continues to enter the mainstream, the number of businesses accepting digital currencies is likely to keep growing. Whether for practical benefits or innovative branding, crypto payments are becoming an integral part of the modern commercial landscape.