Author: Doumkou Stefani
Publication date: 21.06.2024
What is a Crypto-Friendly company?
A crypto-friendly company is the one that accepts cryptocurrencies like Bitcoin for payments or incorporates blockchain technology into its operations. These companies often advocate for the use of digital currencies and may offer services related to the crypto market.
Making Payments with Cryptocurrency
While some businesses allow direct cryptocurrency payments like Bitcoin, you may also use cryptocurrencies indirectly by using Bitrefill. Using Bitcoin or another cryptocurrency, you may purchase a digital gift card, get an email with a code, and use it just like a traditional gift card at a variety of stores. This way you can spend crypto coins.
Accepted Cryptocurrencies
Crypto-friendly companies mainly accept Bitcoin since it’s the most universally accepted cryptocurrency, followed by Ethereum, Litecoin, and Bitcoin Cash, reflecting each coin’s stability, popularity, and transactional efficiency. The inclusion of other cryptocurrencies is highly dependent on each company's strategy, the nature of the industry, and the technical integration provided by cryptocurrency payment processors. Some might also accept stablecoins or their own special tokens, depending on what works best for their business or the getaway apps.
Major Sectors Accepting Crypto Payments
Several major sectors are increasingly accepting cryptocurrency payments, providing more options for consumers to use digital assets for everyday transactions. Here are some of the most well-known and important companies and sectors that accept direct or indirect cryptocurrency payments. Note that acceptance can vary by country and specific locations
1. Electronics & Technology
Electronics and Technology is a sector where cryptocurrency payments are widely used, with many companies offering direct and indirect payment options for various cryptocurrencies. You can buy a variety of items, ranging from computers, smartphones, and accessories to specialized products like mining equipment, as well as services such as web hosting, VPNs, and software.
Companies: Microsoft, PlayStation Store, Dell, Newegg, Namecheap, Ledger, ExpressVPN, 5wire Networks, Mega.nz, CEX, Dish Network, Intuit etc.
2. Food & Beverages
The food and beverage sector is gradually adopting cryptocurrency payments, reflecting broader acceptance of digital currencies for everyday use. Major chains, independent places in tech-savvy areas, and online delivery services such as Takeaway.com and Menufy are experimenting with crypto payments. Popular gateways like BitPay, Coinbase Commerce, and Crypto.com facilitate these transactions. Notable examples include Burger King, Pizza Hut in Venezuela, and Starbucks through the Bakkt app.
Companies: Starbucks, Subway, Pizza Hut, Burger King, KFC, Uber Eats etc.
3. Clothing
The clothing sector's adoption of cryptocurrency payments is still in its early stages, it is growing. Consumers can indeed buy and spend cryptocurrencies at various retailers, both large and small. As technology and regulatory frameworks evolve, the integration of crypto payments in the clothing sector is expected to become more widespread.
Companies: H&M, GAP, Addidas, Columbia, PUMA, Under Armour, Abercrombie & Fitch, American Eagle, allbirds etc.
4. Home Improvement and Furniture
Many home improvement and furniture companies accept cryptocurrency payments. For instance, Overstock directly accepts Bitcoin on its website, while others like Wayfair use apps like BitPay for indirect crypto payment
Companies: IKEA, Home Depot, Overstock.com, Beliani, Michaels, Wayfair, RoomsToGo etc.
5. Travel & Hospitality
The travel industry is increasingly adopting cryptocurrency payments, with various airlines, hotels, and travel platforms accepting digital currencies. Payment gateways facilitate these transactions, enabling more travellers to use cryptocurrencies for flights, accommodations, and bookings.
Companies: CheapAir, Expedia, airBaltic, Travala, Pavilions Hotels & Resorts, Airbnb, Hotels.com, Bitcoin.Travel, Norwegian Air, Destinia, Uber, BitPay travel, etc.
6. E-commerce
Many e-commerce companies accept cryptocurrency payments via BitPay, CoinPayments, and NOWPayments.
Companies: Amazon, Overstock, Shopify, Etsy etc.
7. Charitable Organizations
Charity organizations also accept cryptocurrency donations, with many of them doing so directly. Additionally, they leverage platforms like The Giving Block for seamless transactions. This method of giving has become increasingly popular due to the tax advantages and ease of transaction it provides.
Companies: American Cancer Society, Against Malaria Foundation, Save the Children, UNICEF, Wikipedia
8. Automotive
Several automotive companies now accept cryptocurrency for vehicle purchases. Also some dealerships like Post Oak Motor Cars and Crypto Emporium accept payments through platforms. Tesla that is currently on the spotlight in the car industry does not accept any cryptocurrencies due to environmental concerns, despite briefly doing so in 2021. Discussions about accepting more energy-efficient cryptocurrencies have occurred, but no official steps have been taken.
Companies: Ferari, Stephen James BMW, Post Oak Motor Cars, Crypto Emporium (Tesla?), etc.
9. Financial Services
Several financial services now accept cryptocurrencies for transactions like mortgage payments, credit card payments, and loans, integrating digital currencies into traditional banking services.
Companies: PayPal, Revolut, Ally Bank, Wirex AMINA bank, BankProv etc.
Conclusion
In addition to the sectors you listed, others accepting cryptocurrency include healthcare, entertainment & media, gaming , and real estate. More companies across sectors are starting to accept cryptocurrencies for payments, which shows they're becoming more popular for everyday use. Using cryptocurrencies for payments has advantages like lower costs, faster transactions, and better security, but there are also downsides like price changes, unclear regulations, and complexity. As cryptocurrencies become more common, the pros and cons of using them will continue to evolve.
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References
*Bitrefill is a service that allows users to purchase gift cards and mobile phone top-ups using cryptocurrencies. Similar to Bitrefill are CoinCards, Gyft, eGifter, CryptoRefills, and Coinsbee etc.