Who Accepts Bitcoin?

I understand the overall concept of Bitcoin. I feel that it has great potential as an investment as well as a holder of value. However, since it is decentralized, does this mean that using Bitcoin on a day-to-day basis is not so easy? Are there retailers that accept Bitcoin? If so, who are they? If there aren’t that many, does that mean that I can only use Bitcoin for large private purchases?

— Short Answer —

Bitcoin was envisioned and designed to function as a decentralized digital currency to facilitate peer-to-peer transactions. That means that from the beginning, Bitcoin was intended to help individuals purchase goods and services, large and small. Currently, there are some retailers that accept Bitcoin directly. There are many more that use the services of a Bitcoin payment service provider to facilitate Bitcoin transactions between themselves and their customers.

— Online Retailers That Accept Bitcoin —

If you are into computers and tech gear, Newegg.com is an online retailer that should be familiar to you. It also happens to be one of the largest retailers in the tech sector that accepts Bitcoin for payment.

Overstock.com — an online retailer that sells furniture, housewares, and electronic equipment — made news in 2014 when it became one of the first major retailers to start accepting Bitcoin.

Today, Overstock not only accepts Bitcoin, but it has also become a leader in advancing the broader use of the blockchain in general. Overstock even has a subsidiary that uses blockchain technology for trading stocks and digital currency.

— PayPal—

PayPal, one of the largest online payment processors used for everything from paying for items on eBay to paying millions of merchants around the world, accepts BitCoin. In 2014, Paypal signed an agreement with CoinBase and two other cryptocurrency payment processors. This allows those with a PayPal account to fund their PayPal account from their Bitcoin wallets.

Yes, this may not be a “pure” method to conduct a Bitcoin to Bitcoin transaction, but it does greatly increase your access to merchants and retailers. You are in essence using PayPal as a proxy to convert your Bitcoin into a retail purchase. Additionally, even if the merchant does not accept or even know about Bitcoin, you can still transact business with them using your Bitcoin.

— Bitcoin Accepted Here —

You shouldn’t overlook the smaller retailers and other businesses that are all around you. Many small businesses have Bitcoin wallets setup with processors such as CoinBase. This allows you to speedily and efficiently pay the merchant directly from your Bitcoin wallet.

Many of these businesses have signs that read “Bitcoin accepted here.” There may even be some businesses that you already frequent that accept Bitcoin but that you were not aware of the fact. As an example, there are many Subway franchises that accept Bitcoin. Sometimes they will have signs, other times you will have to ask.

As Bitcoin, cryptocurrencies, and the blockchain begin to enter into more popular use, the number of retailers that accept Bitcoin as a form of payment is going to increase. Being alert and inquisitive as to who starts accepting Bitcoin will not only make it more convenient for you, but it will also help to advance the broader acceptance of cryptocurrencies in general.