But, a few short months later, Musk tweeted that Telsa was suspending bitcoin payment, citing environmental concerns. Several companies that primarily sell tech products accept bitcoin on their websites. Microsoft currently accepts bitcoin only at its online store, not on its Xbox gaming platform.
Overstock, an e-commerce platform selling a wide array of merchandise, was among the first sites to accept bitcoin, starting in ; its founder, Patrick Byrne, was an early proponent. Many other sites, big and small, also allow you to purchase products with bitcoin. Two examples are Shopify and the Japanese e-commerce giant Rakuten. As far back as , Amazon said it had no plans to engage with bitcoin.
That reluctance is puzzling since platforms owned by the company, like Twitch, allow and even encourage the use of bitcoin. EBay mulled allowing cryptocurrency use on its platform after the run-up in bitcoin prices in It has even bought large banner advertisements at cryptocurrency conferences. But in , the San Jose, Calif. However, by , the company commented to Reuters and said it was looking into the future of all forms of payment, including cryptocurrency, and was interested in the NFT market.
Meanwhile, PayPal, which was once an eBay subsidiary, now allows customers to buy, sell, and hold cryptocurrency in their accounts. A number of luxury goods makers and retailers have begun accepting bitcoin as a form of payment. The online luxury retailer BitDials offers Rolex, Patek Philippe, and other high-end watches in return for bitcoin and other cryptocurrencies.
Luxury watchmaker Franck Muller even produced a watch encrusted with gold and diamonds and containing a QR code from the bitcoin genesis block. Some other jewelry stores have partnered with payment processors to facilitate crypto-based purchases from their stores. Cryptocurrency media outlets generally accept bitcoin for subscriptions or other services. Among mainstream outlets, the Chicago Sun-Times became the first major publication to accept bitcoin on its platform in That same year, magazine publisher Time Inc.
In , the magazine publisher formed a new cryptocurrency partnership with Crypto. For the most part, the insurance industry has moved cautiously in embracing cryptocurrency. But things are beginning to change. While life insurance is still off-limits, insurance providers have begun accepting premium payments using bitcoin for other products in their portfolios.
In April , for example, Swiss insurer AXA announced that it had begun accepting bitcoin as a mode of payment for all of its lines of insurance except for life insurance due to regulatory issues. Metromile, an agency that sells "pay-per-mile" auto insurance policies, also accepts bitcoin for premium payments.
The easiest and most convenient way to make purchases using bitcoin or other cryptocurrencies is with a cryptocurrency debit card. These cards, which are available from major crypto exchanges and other providers, also allow the holder to withdraw cash from participating ATMs.
Many participate in major networks, such as Mastercard and Visa. Bitcoin debit cards work much like regular prepaid debit cards, except that instead of cash, they are preloaded with bitcoin or another cryptocurrency of your choice. When you use them at a store, the money is withdrawn from your card in cryptocurrency and paid to the merchant in fiat money, such as dollars.
When your balance gets low, you can reload the card. The list of goods and services you can buy with bitcoin and other cryptocurrencies grows daily as people and vendors get more comfortable with virtual money. Insurance, consumer staples, luxury watches, and event tickets are among the items that cryptos will buy. If you want to buy things with cryptos, start with getting a debit card. Available from major crypto exchanges and other providers, the cards permit the holder to withdraw cash from participating ATMs.
The Wall Street Journal. Shopify Help Center. Franck Muller. Time, Inc. Business Wire. Your Money. Personal Finance. Your Practice. Popular Courses. Personal Finance Financial Literacy. Part of. Intro to Digital Money. Part Of. Mobile Wallet. Apple Pay vs. PayPal customers can not only buy and sell crypto, they can also use it to pay.
This means crypto payments are available at any of the 30 million merchants that accept PayPal. In fact, you've probably used this company's technology in the past few days, even if you've never had an account or even heard of the company before. That's how prevalent it's become. Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment.
Learn more and get started today with a special new member discount. It does so through BitPay, a third party payment processor. Customers can select BitPay when they check out using Bitcoin and other cryptocurrencies. If you want to use crypto to buy your morning coffee, Starbucks' deal with third party payment app Bakkt makes it possible.
You can buy, sell, and trade crypto through the Bakkt App, and you can use Bitcoin to pay at several Bakkt partners, including Starbucks. Billionaire crypto enthusiast Mark Cuban's NBA team has been accepting crypto payments for over two years. Dogecoin was the most recent addition to its crypto list.
Cuban said the team had chosen to accept Dogecoin "because sometimes in business you have to do things that are fun, engaging and hopefully generate a lot of PR. Other companies, like AMC Theatres , plan to launch crypto payments before the end of the year. And all eyes are on Amazon and Walmart after both retail giants put out job postings for digital currency product managers.
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Microsoft. Microsoft has been accepting Bitcoin for use in its online Xbox Store since Overstock. Overstock is currently leading the way in the shopping and cryptocurrency field. Tesla (kind of).