Originally, Bitcoin was introduced as a digital currency. This cryptocurrency has a tremendous potential to offer a hedge and be a store of value. However, it is not a trade commodity but rather a means of payment with which products or services could be acquired. The investor’s perspective towards the flagship cryptocurrency is going through a major transformation. Many websites have started to accept Bitcoin as a payment.
The increased utility of the leading cryptocurrency is something that would launch it into the mainstream markets and ensure a worldwide spread of digital assets. It is now possible for consumers to purchase everyday items and luxury products with the help of Bitcoin. The global popularity and fame would allow an easier market adoption for Bitcoin as an alternative to fiat currencies.
One of the early introducers of Bitcoin payment was Tesla. After adding $1.5 billion worth of Bitcoin holdings to the balance sheet, the company started to accept Bitcoin as payment for its main product, electric cars. Before the COVID-19 put a halt on the traveling industry, Expedia also enabled Bitcoin payments. Another significant Bitcoin payment acceptor is Apple Inc. The company announced to the public that it started accepting BitPay cards through Apple pay.
Bitcoin payments are not only viable for USA markets. Rakuten, a Japanese electronics shopping platform, is among the major and very early adopters of Bitcoin payments. The USA electronics counterpart Etsy is also allowing the customers to purchase vintage items with Bitcoin. Like MasterCard and VISA, PayPal, the digital payment giant, has enabled Bitcoin payments in the current year. Coca Cola has also entered into a Bitcoin payments project by partnering with Center pay. The beverage behemoth has shipped over 20,000 vending machines that accept BTC.
Sport and Bitcoin- From NBA/NFL to Premier Leagues
The first major entry of Bitcoin sports integration was made by the remarks of the highest-paid NFL player of the time, Russell Okung. The star athlete requested that 50 percent of his salary should be paid in Bitcoin. Many cynics criticized his move, but later on, it proved to hold water. Another major sports entry was noted down when NBA top rankers Sacramento Kings started to accept their salary in Bitcoin.
In the same fashion, Football premier league of England Southampton management told media that they would start a Bitcoin payment-backed bonus program for the players. The best performing athletes would be incentivized with BTC. It seems only a matter of time when the Olympics and soccer clubs would make room for crypto compensations.