But what is the current situation with crypto? Can you already use it as money? What can you buy with cryptocurrencies now?
WHAT IS CRYPTOCURRENCY?
Cryptocurrency is digital-only money based on decentralized technology called blockchain. Bitcoin and Ethereum are the most famous, but there are more than 5,000 various cryptocurrencies in current circulation.
HOW DOES CRYPTOCURRENCY WORK?
As opposed to the U.S. Dollar or the Euro, there is no central authority (like governments, banks or gold funds) that “backs up” the value of a cryptocurrency. Instead, the supportive value of digital money is commonly shared by cryptocurrency holders all over the world.
In 2008 Bitcoin was the first cryptocurrency described by Satoshi Nakamoto as “an electronic payment system based on cryptographic proof instead of trust.”
WHO ACCEPTS CRYPTO?
Either for tactical marketing reasons or just trying to keep up with the times thousands of companies all over the world became early adopters and ambassadors of crypto.
TOP 9 MAJOR COMPANIES ACCEPTING CRYPTO:
The world’s largest online encyclopedia accepts donations in Bitcoin. Payment is enabled by BitPay.
You can top up your Microsoft account with crypto. For a short period of time, the company stopped its support but then resumed Bitcoin acceptance.
TESLA (KIND OF)
On June 14, 2021 Tesla announced that as soon as Bitcoin mining is powered by more than 50% renewable energy, the company will bring bitcoin purchases back.
The first major mobile operator to give their customers a cryptocurrency payment option.
Burger King Venezuela announced a partnership with Cryptobuyer to accept cryptocurrencies as a form of payment.
KFC Canada accepted Bitcoin in terms of their marketing campaign called “Bitcoin Bucket”. After ordering online the bucket was delivered to client's homes.
Leading game streaming platform (owned by Amazon) accepts Bitcoin and Bitcoin Cash as payment for its services.
From November 2020, world famous pizza can be purchased with Bitcoin in Venezuela. It is worth mentioning that Venezuela crypto boom might be indirectly connected with economic sanctions imposed on the country.
Richard Bransons’ space travelling company allows its customers to pay for their space adventure in Bitcoins.
BITCOIN AS A NATIONAL CURRENCY
El Salvador (Latin America) has made the history by becoming the first country in the world to use Bitcoin as legal tender, after adopting it in 2021.
Promoted by Nayib Bukele, the president of El Salvador, this decision was criticized both internationally and within the country, due to Bitcoin volatility, environmental trace, and lack of transparency in government's official strategy.
Nevertheless, rumors are that two more countries are soon to follow the crypto path (Venezuela and Bahamas).