Some of the world’s biggest companies have begun accepting cryptocurrency as a method of payment for goods and services. But many people still wonder why others have yet to join the trend. The reason why many companies are reluctant to accept cryptocurrency is mainly because of its volatility. The crypto market is extremely unpredictable, and professional traders have recorded huge gains and losses. For more companies to begin accepting cryptocurrency there needs to be some degree of stability so that they do not incur losses.
More than a decade after bitcoin was founded; user adoption remains one of the toughest challenges still facing the world’s largest cryptocurrency. But with solutions that satoshipoint.io is providing with their bitcoin ATMs, the cryptocurrency world is a step closer to becoming fully integrated into our daily transactions.
Unlike countries where bitcoin is largely not accepted (i.e. China) other countries such as the US, UK, and many European countries are generally open to cryptocurrencies. Most of these countries have taken a step further by creating a structure or framework for their use as a payment method, though they are not yet accepted as a currency in most.
Here are the major British companies accepting cryptocurrency:
The Virgin group is a well-known British company that has a reputation for supporting technological innovations. The company has, over the years, expanded its range of products and services from travel to entertainment, to telecommunication and now space travel. With Virgin Galactic, the company plans to be the pioneer space travel company. The company accepts cryptocurrency as a form of payment from its investors who are looking to get on board Virgin Galactic’s trips to space.
One of UK’s largest travel management firms, Corporate Traveller, announced in April 2019 that they are now accepting Bitcoin payments. They announced their partnership with one of the biggest crypto payment companies, BitPay, which will allow them to accept bitcoin. General Manager at Corporate Traveller, Andy Hegley said:
“We identified an increasing demand from our clients for the option to pay in bitcoin for business travel bookings made by our travel consultants. We chose BitPay to manage our merchant processing because they make it easy and handle the entire process of getting the Bitcoin or Bitcoin Cash from the customer and depositing cash into our account”
Another established UK based travel agency, Alternative Airlines, is one of the major companies joining the cryptocurrency trend. The travel agency has established a partnership with a digital payment processor, Utrust, to help facilitate crypto payments for over 600 airlines. With this partnership, travellers can now pay for flight bookings using Bitcoin (BTC), DASH, Ethereum (ETH), UTK of Utrust, and DigiByte (DGB).
Many pubs in the UK now accept Bitcoin including Pembury Tavern. Drinkers can now pay for their pint with Bitcoin. Landlord Phil Barkley who is a cryptocurrency trader himself agrees that “it’s fantastic, the future of money – people say it’s the currency of the internet” he adds “the way the world is changing, you can pay for something across the world in seconds using bitcoin without relying on banks or third parties to get involved”.