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Cryptocurrency is an independent concept created to give complete control of money to its actual owner, does not involve any government authority in its monetary affairs or verifying its transactions. The name cryptocurrency is received because of its encryption to hold and verify transactions. It uses advanced coding to store and transmit virtual currency data between public Ledger and wallets. One of the most important aims of this encryption is to provide safety and security against hackers and cyber attacks. If you are planning to invest in Crypto, you can learn more by visiting https://bitiq.app/.
Bitcoin has become one of the world’s most hyped cryptocurrencies, and most traders and investors entering crypto investments are investing in Bitcoin first-hand. The reason behind the Bitcoin hype is its price volatility, limited supply, and huge market capitalization. Bitcoin and other cryptocurrency systems run on a distributed public Ledger system known as the blockchain, which holds and records its monetary transactions. Bitcoin comes with a fixed supply which leads to a price rise when not created, whereas it is mined with the help of superpower computers by solving complicated mathematical problems.
Top three companies accepting Bitcoin
Microsoft
The technical giant Microsoft allows you to use Bitcoin to set up and top up your Microsoft account. In recent years Microsoft halted its acceptance of Bitcoin and other cryptocurrencies, but soon it started accepting them again. Bitcoin can become a legal currency and potentially convert the current monetary system into a fully digitalized one.
AT&T
It is one of the most and first major mobile carriers in the US, which provides a facility to accept cryptocurrency payments to the users of BitPay. Bitcoin has been gaining much hype recently and attracting people and investors.
Burger King
Through a news report, outlets in Venezuela have announced a partnership dealing with crypto buyers and accepting Bitcoin and other cryptocurrencies as a mode of payment. Burger King customers can use Bitcoin, Litecoin, dash, and other major cryptocurrency coins to make payments in Venezuela’s Burger King outlets. Additionally, a branch of Burger King in Germany has been accepting Bitcoin through its website and mobile app since September 4, 2019. Burger King provides online services where the customer can quickly pay using Bitcoin for its burger payments and other services provided by Burger King.
KFC
KFC outlets in Canada have decided to accept payments as a mode of exchange for a limited time, where the service was named Bitcoin bucket. The company accepted payments through BitPay, and the KFC bucket was delivered directly to customers’ houses.
Subway
Several branches of the subway accept Bitcoin for the payments of their sandwiches and other services provided by the subway.
Miami Dolphins
The company has a 5050 ratio where half of the payment is processed to the company’s account, and another half is for charitable causes.
PayPal
Microsoft started accepting payments through Bitcoin and other cryptocurrencies in December 2014, and the technical giant PayPal started accepting payments through Bitcoin three months before Microsoft started. The main motive behind accepting payments through Bitcoin PayPal is to draw businesses to its platform and give customers new payment options to make payments from one source to another. At the same time, one can also use Bitcoin to pay internationally without boundaries and legal formalities because the currency does not involve any government institution in its monetary affairs or verify its transactions.
Wrapping up
Some tech giants and MNC companies are coming together to accept Bitcoin and other cryptocurrencies. However, it comes with high price volatility, and the absence of government makes it unsafe for some companies and MNCs. Before accepting Bitcoin and other cryptocurrencies into your business, you must make sure you have gone through its pros and cons; it may save you from bearing huge losses but does not guarantee maximizing your profits out of the virtual coins.
Using bitcoin as a form of money in the settlements of contracts has to be one of the best things overall due to the technology. However, plenty of things make it not so suitable for transactions in a company. So, all the elements must be examined in the best way possible to put them to the best use.
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