How Crypto is Changing Ecommerce

Retailers are recognizing and cashing in on Bitcoin’s growing popularity

Key Take-Aways

• Bitcoin is becoming increasingly popular as a payment option among many companies.
• Fast-food chains, big tech firms, and even auction houses are embracing Bitcoin and other cryptocurrencies.
• Other companies are still on the fence about the potential of crypto

Overview

Nearly every news cycle in this last year contains some mention of the growing popularity in the cryptocurrencies ecosystem, from both fans and skeptics alike.

In March of this year, Bitcoin hit an all-time high, with prices surging to $60,000. One fun part of this increase meant that two pizzas bought by crypto legend Laszlo Hanyecz would have been worth $613 million, at the time of the surge.

Bitcoin’s volatility is well-publicized, and we have seen it drop to $30,000 in a few month stretch during 2021. During its rise to fame, investors including Warren Buffet, have criticized and categorized crypto as “risky” and “worthless.” These warnings still have not dissuaded more companies and institutions from accepting the currency as an official payment option.

In February of 2021, Elon Musk announced that Tesla would accept Bitcoin as a form of payment for its cars in the US. Additionally, Twitter’s CEO and founder, Jack Dorsey, teamed up with Jay-Z for a Bitcoin endowment. Although this predominantly took the news at the beginning of the year, here is a list of companies also accepting or implementing cryptocurrency in their business models.

Fast food

Restaurant Brands International is one of the world’s largest fast-food holding companies. It is the parent company of Burger King, Tim Hortons, and Popeyes.

Last year, Burger King Venezuela announced it would begin accepting Bitcoin and other cryptocurrencies. It collaborated with Cryptobuyer, a platform that generates conversion of cryptocurrencies to normal currency, Yahoo Finance reported.

Yum Brands, which owns and operates KFC, Pizza Hut, Taco Bell, and The Habit Burger Grill, is also accepting cryptocurrencies.

For a short period of time, KFC Canada accepted Bitcoin as payment for products such as the Bitcoin Bucket, via a partnership with BitPay.

Big tech

After pausing from accepting Bitcoin as a valid payment method due to its volatility, Xbox is now accepting Bitcoin payments for Xbox store credits once again.

PayPal announced in October 2020 that users can buy, sell, and hold selective cryptocurrencies through their Cash or Cash Plus accounts, starting in 2021.

Although Amazon does not directly allow Bitcoin as a valid payment method, you can still buy Amazon vouchers and gift cards through Bitrefill.

In recent days, eBay Inc has announced that it is considering the possibility of accepting cryptocurrency as a valid form of payment in the near future.

“We are always looking at the most relevant forms of payment and will continue to assess that going forward. We have no immediate plans, but it (cryptocurrency) is something we are keeping an eye on,” eBay said in a statement to Reuters.

Drinks companies

Coca-Cola Amatil announced their partnership with an online assets platform, Centrapay, to permit bitcoin as an official payment method last year.

Starbucks began testing Bitcoin payments last year through the app, Bakkt, Nasdaq reported.

The digital asset marketplace app recently launched its digital wallet application, in which users can convert Bitcoin into USD to reload their Starbucks Card.

Art

Sotheby’s said they will also start accepting Bitcoin or Ethereum as a payment option. This will be the first time a major auction house has accepted cryptocurrencies for physical artwork.

Cryptocurrency will continue to boom and be implemented in more and more companies around the world. Shift Markets offers a suite of tools and software to help expand your business into the ever-growing crypto market.

For more information on Shift Markets and our solutions, please visit our website. You can also ask any questions you may have in our Telegram channel and a team member will get in touch.