Blared, broken, and bewildered. The Bitcoin market had to see a lot of rollouts under the sleeves due to its high speculative and volatility rate. The market has witnessed both fronts from a surge of 256% to a crash of more than $830 million.
Bitcoin and blockchain technology have the potential to transform our understanding of money, transactions, and online identity. It had captured investors’ imaginations and provided them a feasible gateway to transact and save the business monetary and fiscal costs. From medical information to copyright protection to digital identification, crypto assets are now being developed to help secure a variety of items.
Many established companies that benefit from the blockchain and crypto-asset uptake are helping to foster the use of Bitcoin among its business users become a top platform for transacting cryptos between companies and their customers.
KFC: KFC is being undertaken by Yum Brands. Yum brand has a huge portfolio with brands like Pizza Hut and Taco Bell. They have enhanced the horizons of their business by using Bitcoins as a payment for their product. The corporation permitted bitcoin as a valid payment method at Pizza Hut Venezuela and hence ejecting a strong entry of crypto in the market.
PayPal: PayPal is a very big facilitator of payments between parties through its online money transfer system worldwide. PayPal announced in October 2020 that users can buy, sell, and hold selective cryptocurrencies through their Cash or Cash Plus accounts PayPal also provides the feature to properly track their crypto money with certain limitations related to transfer.
Coca-Cola: The distributor of Coca-Cola has associated them with an online assets platform to trade into bitcoins. They have around 2000 stations that accept bitcoin as the mode of payment. The user must have the access to the Center pay app to make the payment. They are targeting the US market next with some world-first innovations project, to enhance their reach and provide people with ample options to explore the vitalities of the product and associate with the brand.
Etsy: Etsy is a major producer and seller of handmade or vintage items and craft supplies.Though it does not have any predefined systems to check and log in to a crypto digital market. When the customer goes to checkout, they select the ‘Other’ payment method and optionally write a note that they’d like to pay with Bitcoin. They are diverted to the bitcoin payment gateway and the transaction is closed.
Starbucks: One of the best retailers of coffee in the world, Starbuck was running trials and tests for the cryptosystems to provide an upgraded system to their customers for ease of transactions through their Bakkt Application. Recently, Bakkt has announced that Starbucks customers can now use Bitcoin, gift cards, and even frequent flyer miles to reload their Starbucks cards through the coffee chain’s app. The organization is not directly into crypto coins but provides ways to its users to convert them through reward points and get them directly into the app.
Lush: Lush was one of the first worldwide corporations to adapt to the usage of cryptocurrencies, completely embracing them in 2017 when, through cooperation with Bitpay.com, the handmade cosmetics company began to accept Bitcoin payments for orders on its website.
Bitcoin is being associated on a colossal magnitude and entering the lives of the everyday consumer with the daily consumers brand. Nevertheless, if and when crypto-assets gain traction, the companies that are early in facilitating their development could reap major financial rewards in the decades ahead.
In lieu of it, more and more companies are transitioning into this new for of conducting business and connecting with the customers.