Bitcoinist Brings you an article from guest writer Bethany Taylor.
People trading bitcoin may have struggled due to the currency’s falling price. But when it comes to mainstream acceptance of Bitcoin, 2014 was a great year. So where should you be headed to spend your bitcoin in 2015?
In January of 2014, Overstock became the first main retailer to accept bitcoin payments. Initially, this option was open to US buyers only. In September, the option was made available to Overstock customers around the world.
Overstock recorded revenue of $1.3 billion in 2013 and operates in over 100 countries.
Also Read: Interview with Overstock CEO, Patrick Byrne
Through a partnership with Coinbase, Dell is now accepting bitcoin payments on its computing products. Being the third largest PC seller in the world, Dell is the most high-profile company that accepts bitcoin payments.
The company has even offered a 10% discount on some of its high-end computers for buyers paying with bitcoin. On its website, the company is effusive about the merits of bitcoin saying, ‘”payments can be made easily from anywhere in the world, and offer reduced payment processing costs.’
Dell recorded revenue of $56.94 billion in 2013.
Towards the end of 2014, Showroomprive became the biggest European business to take bitcoin payments for its products. This company accepts bitcoin payments in partnership with Paymium in exchange for products such as clothes, jewellery, cosmetics and other home products.
Although the option to pay using bitcoin was initially available in Netherlands and France, the company is willing to make the option available to all its customers around the world very soon.
Paypal has made a tentative step towards facilitating bitcoin payments, allowing transactions to some digital sellers to take place via the cryptocurrency.
The move may have been tentative, but it could be huge for the future of bitcoin. A lack of an easy-to-use payment architecture has long been a thorn in bitcoin’s side, and PayPal offers an opportunity for drastically more places to spend bitcoin.
Paypal’s partial integration led to eBay’s incoming CEO announcing that bitcoin could well be a part of the auction house’s plans. Despite the impending split between eBay and Paypal, those at eBay still see a need for shared strategy in the coming years.
In terms of brand power, Microsoft’s adoption of bitcoin – for certain payments on the Windows Store – is monumental. And with Windows 10 looking like a possible success thanks to its flexibility on devices and lack of heavy upgrade charge (Windows 7 or 8 users can upgrade for free), it will be interesting to see whether there are more ways to spend bitcoin in the new system.
2014 witnessed the greatest milestones for bitcoins with regard to its acceptance by major businesses. The general consensus among experts is that more businesses will start to accept bitcoin payments in future. This opinion is mainly based on the fact that mainstream payment processors such as PayPal are starting to work with bitcoin payment processors to create a link between businesses and customers who are willing to make payments using bitcoins.
Experts also think that the decision by major businesses to accept bitcoin will also induce more businesses to accept bitcoin payments. You never know, the time when your bitcoin wallet matters more than your physical wallet may be sooner than you think.
Where have you spent your bitcoin? Let us know in the comments below!
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