7 companies where you can pay with crypto

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When Bitcoin (BTC) launched 12 years ago, it promised a payments revolution – the ability to transfer money without needing a bank as an intermediary. This meant, among other things, that the billions of unbanked people (who do not have access to traditional banking services) could stop relying entirely on cash.

Much has happened since then. There are over 11,000 cryptocurrencies and over 400 cryptocurrency exchanges. About 14% of American adults own cryptocurrency, and many more are considering buying it. In addition, El Salvador recently made Bitcoin legal tender.

However, various factors, including environmental concerns, volatility, and transaction fees, have hampered the adoption of crypto as a payment method. But some big companies do accept cryptocurrency, including these seven.

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1. Surstock.com

The early adopter Overstock.com started accepting Bitcoin as early as 2014. It is currently partnering with Coinbase to accept BTC payments on its site. The online retailer has also launched a blockchain-focused investment company called Medici Ventures.

2. Travala.com

The online travel company accepts a number of cryptocurrency payments, including Cardano (ADA), Bitcoin, Ethereum (ETH), Dogecoin (DOGE), and more. It is also partnering with Binance Pay and Crypto.com Pay so that customers can pay for their hotel stays through the exchanges’ apps. Travala.com even has its own cryptocurrency – AVA – which has almost doubled in value since mid-July.

3. PayPal

US PayPal customers can not only buy and sell crypto, they can also use it to pay. As long as you have enough cryptocurrency in your wallet, you can select Checkout with Crypto and pay with Bitcoin, Ethereum, Litecoin (LTC), or Bitcoin Cash (BCH). This means that crypto payments are available from any of the 30 million merchants that accept PayPal.

4. AT&T

AT&T announced in 2019 that it was the first mobile operator to accept cryptocurrency payments. It does this through BitPay, a third-party payment processor. Customers can select BitPay when paying using Bitcoin and other cryptocurrencies.

5. Starbucks

If you want to use crypto to buy your morning coffee, Starbucks’ deal with the third-party payment app Bakkt makes it possible. You can buy, sell, and trade cryptos through the Bakkt app, and you can use Bitcoin to pay at multiple Bakkt partners, including Starbucks.

Bakkt has also partnered with Cantaloupe, Wyndham Hotels & Resorts and, more recently, Quiznos, to allow customers to pay using Bitcoin, loyalty points or airline rewards.

6. CheapAir.com

CheapAir.com has been accepting cryptocurrency payments since 2013 and accepts a wide range of coins. You can pay for your flight or hotel reservation using a range of digital currencies and stablecoins including Bitcoin, Ethereum, Dogecoin, Gemini Dollar (GUSD), and USD Coin (USDC).

7. Dallas Mavericks

The NBA team of Mark Cuban, a billionaire crypto enthusiast, has been accepting crypto payments for over two years. Mavs fans can purchase tickets and merchandise using a variety of popular currencies including Bitcoin, Bitcoin Cash, Ethereum, USD Coin, Gemini Dollar, Binance USD (BUSD), and Dogecoin.

Dogecoin was the most recent addition to its crypto list. Cuban said the team chose to accept Dogecoin “because sometimes in business you have to do things that are fun, engaging and hopefully generate a lot of public relations.” The Mavericks also use BitPay to process their crypto payment options.

Increased adoption of crypto

According to a 2020 study by HSB, a cyber insurance and inspection company, 36% of small and medium businesses accept payments in cryptocurrency.

Other companies, like AMC Theaters, plan to launch crypto payments before the end of the year. And all eyes are on Amazon and Walmart after the two retail giants posted jobs for digital currency product managers. Crypto enthusiasts can also use crypto rewards cards – usually Visa debit cards – connected to their cryptocurrency accounts for their daily purchases.

However, if you are considering paying with cryptocurrency, be aware of the potential tax implications. When you spend your crypto, when it comes to the IRS, you are selling it. So you may need to pay capital gains tax on this transaction – and you will need to monitor these purchases carefully.

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