Bitcoin has been around for a few years now, and as time goes by, the first decentralized digital currency has gradually proven its place in the global economy. Today, there are a number of businesses that accept bitcoin as payment, and even a few countries that accept Bitcoin as legal tender.
Let’s take an in depth look into how countries and organizations are using Bitcoin, and the practical applications of cryptocurrency.
Bitcoin And the Small Business Industry
A survey from HSB reveals that more than 35% of small-medium businesses in America currently accept Bitcoin as payment. In the digital era, Bitcoin allows small-medium business to operate with greater speed and efficiency than traditional finance is capable of. Businesses no longer need to rely on banks and waste time filling out stacks of paperwork. Not to mention, trading in Bitcoin allows these businesses to save valuable money on taxation.
Larger Businesses and Bitcoin
Juggernauts within the tech industry have been some of the first to prove the practical applications of cryptocurrency. Let’s look at just a few of them.
Wikipedia is the largest digital encyclopedia, and it offers the world this wealth of information, completely for free. To continue to operate, Wikipedia accepts donations. In recent years, Wikipedia has started accepted donations in the form of Bitcoin.
AT&T allows customers to pay their phone bill and for other services using Bitcoin, through the BitPay crypto-payment platform.
Microsoft allows users to purchase apps and digital software on the digital Microsoft Store using Bitcoin. This isn’t the only example of Microsoft’s ventures in the blockchain space. Their Azure cloud platform also integrates with blockchain technology.
In various parts of the world, fast food chains such as Burger King, Pizza Hut, KFC and Subway have also begun accepting Bitcoin as payment.
Bitcoin As Legal Tender
The Central African Republic and El Salvador have already seen economic growth ever since they began accepting Bitcoin as legal tender. Experts predict that several South American and European nations will eventually follow suit.
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