Statistics and estimates of leading sectors adopting cryptocurrency
As evidenced by Deloitte’s article on estimated statistics for 2022, about 2,352 businesses accept Bitcoin payments. Most investment, e-commerce, and retail companies have started accepting Bitcoin and other cryptocurrencies in the payment process. The number of businesses accepting Bitcoin and crypto payments is increasing due to the new trend and specific benefits of cryptocurrencies, such as reduced transaction costs, enhanced security, and faster transactions.
Look at the table below, which lists companies that accept Bitcoin and Cryptocurrency. These companies, most of which are headquartered in North America, the birthplace of Bitcoin and cryptocurrency payment methods, have shown a pioneering spirit by realising the benefits of digital currency very early, just a few years after Bitcoin was born in 2008.
From the below data, almost all commercial service industries will have a great advantage in direct customer transactions. For example, the F&B, retail, and e-commerce industries are fields that facilitate businesses and customers using Bitcoin and cryptocurrency as a transaction method today.
| Company | Use Case | Cryptocurrencies Supported | Payment Methods Accepted | Starting Year |
| PayPal | Online payments | Bitcoin, Ethereum, Litecoin | Direct, Crypto Wallets | 2020 |
| Microsoft | Digital Products | Bitcoin | Direct, Crypto Wallets | 2014 |
| Overstock.com | E-commerce | Bitcoin, Ethereum, Litecoin, Dash | Direct, Crypto Wallets | 2014 |
| Expedia | Travel bookings | Bitcoin | Direct, Crypto Wallets | 2014 |
| Shopify | E-commerce platform | Bitcoin, Ethereum, Litecoin, and others | Direct, Crypto Wallets | 2013 |
| Subway | Food & Beverage | Bitcoin | Direct at select locations | 2013 |
| Newegg | Electronics Retail | Bitcoin | Direct, Crypto Wallets | 2014 |
| Home Depot | Home Improvement Retail | Bitcoin | Direct, via Flexa’s SPEDN app | 2019 |
| Wikipedia | Donations | Bitcoin, Bitcoin Cash | Direct, Crypto Wallets | 2015 |
| AT&T | Telecommunications | Bitcoin | Direct, Crypto Wallets | 2019 |
| Twitch | Streaming services | Bitcoin, Ethereum, Bitcoin Cash | Direct, Crypto Wallets | 2014 |
| Starbucks | Food & Beverage | Bitcoin (via Bakkt) | Third-party app | 2020 |
| Rakuten | E-commerce | Bitcoin, Ethereum, Bitcoin Cash | Direct, Crypto Wallets | 2019 |
| Whole Foods | Retail/Grocery | Bitcoin (via Spedn) | Third-party app | 2019 |
| Virgin Galactic | Space Travel | Bitcoin | Direct, Crypto Wallets | 2013 |
Another study from cryptocurrency tax software CoinLedger reported that the retail and e-commerce sector covered almost the most significant number of companies that gave customers the option to pay with cryptocurrency. The study measured data from 400 large companies listed by BitPay. The company categorised each participating company’s industry and the payment methods used to determine which sectors have the most companies that offer or allow customers to pay with Bitcoin or cryptocurrency. Most of the data returned results that show that companies operating in the retail and e-commerce sector took the first place, with 76 companies accepting cryptocurrency payments. This trend of cryptocurrency adoption is driven by its benefits to end users and enterprises, such as reduced transaction costs and enhanced security.
According to CoinLedger’s survey, the food and beverage industry is next. Typically, Subway and Starbucks are very familiar brands to consumers.
Additionally, sectors such as accommodation and tourism include commercial airlines such as Norwegian Air and Vueling, to other services such as Royal Caibbean and Princess Cruises and even tour and ticket booking websites such as GetYourGuide have also accepted cryptocurrency payments.
Why Businesses Accept Cryptocurrency in Payments
Accepting Bitcoin and cryptocurrencies brings many benefits and opportunities despite the challenges. As customers’ payment habits are gradually changing, the emergence of blockchain has created incentives and favourable conditions for both businesses and consumers to use Bitcoin and other cryptocurrencies in payments. These benefits, including enhanced security, immediate transactions, anti-fraud protection, reduced transaction costs, reduced merchant fees, faster transactions, transparency, and innovative payment models, are the future of digital transactions.
- Enhanced Security
- Immediate Transactions
- Anti-Fraud Protection
- Reduced Transaction Costs
- Reduced Merchant Fees
- Faster Transactions
- Transparency
- Innovative Payment Models
Trends
According to McKinsey’s statistical report, due to the impact of COVID-19, payment trends have been constantly changing. For example, at the peak of the epidemic, the number of online consumption and purchases almost doubled, even tripled in some places, compared to the same period last year. Since then, several major changes have been made, and with the birth of Bitcoin in 2008, the appearance of e-wallets has become more convenient.
Today, using crypto in payment is no longer strange, but it still faces some legal barriers and is not accepted by the government in each country. These concerns come from the lack of regulations to govern the usage and application of cryptocurrency, potentially regarding taxes and how to manage taxes in each country and how to avoid anti-money laundering (AML) activities. This is urgent for local and international banks, who need to catch the trends and development of the economy.
Conclusion
Today, consumers are no longer unfamiliar with cryptocurrency, and businesses are increasingly innovating in payment methods to attract and facilitate customers. Not only that, traditional banks have also been integrating with Bitcoin Payment Gateways For WooCommerce and gradually accepting Bitcoin and cryptocurrency in some transactions, especially transactions in e-commerce, retail, investment, etc.
Public awareness of cryptocurrency is gradually increasing, and the scope of its integration is also significantly improving. This growing awareness and acceptance of cryptocurrency in various sectors are positive signs for its future.
The regulatory environment is also gradually making more efforts to keep up with the market’s development, which creates trust and compliance in the financial ecosystem.
