As Bitcoin and other cryptocurrencies continue to gain mainstream adoption, more and more businesses are starting to accept them as a form of payment. In Canada, a growing number of businesses across various industries have embraced the use of Bitcoin, making it a convenient option for consumers who prefer to use digital currency.
This article provides a comprehensive list of industries in Canada that have adopted Bitcoin as a payment option.
Online commerce businesses have been supporting Bitcoin since 2014. New Egg and Overstock began the trend in 2014. At the time, these two companies supported crypto payments in the US alone.
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After a couple of years, both Overstock and New Egg have added BTC as a legal payment method for customers in Canada. Other online stores with crypto support in Canada include the Birks Group, Shopify, and Etsy.
In many cases, Bitcoin isn’t the only supported cryptocurrency. If you would rather use Ethereum, Litecoin, or Ripple, find an eCommerce store that accepts altcoins. Ensures it charges zero or minimal fees.
Online Gaming Websites
Many Canadian online casinos have started to accept Bitcoin as a payment method due to its ease of use, speed, and security. With Bitcoin, players can make fast, secure, and hassle-free transactions without the need for a third party. In addition, Bitcoin transactions offer increased privacy, as they do not require the personal information to be shared with the casino.
To make a deposit, players simply need to transfer the desired amount of Bitcoin from their wallet to the casino’s Bitcoin address. Withdrawals can also be processed quickly and securely, usually within 24 hours.
The use of Bitcoin in online casinos is set to increase in the coming years, making it an attractive option for players who value the use of cryptocurrency.
Restaurants and Coffee Shops
The most famous Bitcoin transaction in the history of cryptocurrency took place in 2010. A man called Laszlo Hanyecz ordered 2 pizzas worth $40 from Papa John’s using 10,000 bitcoins.
The reason the story got so popular is that Laszlo’s 10,000 bitcoins in 2010 are now worth over $100 million. When Bitcoin was worth $65,000, the pizzas were worth $650 million.
Away from Laszlo’s story, you can now buy pizza, fast food, and healthy meals at different restaurants in Canada. Starbucks introduced crypto support in Canada last year.
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Burger King also supports crypto support, and so do KFC Canada and Pizza Hut. Whole Foods, the Amazon-owned organic foods supplier, is now accepting crypto. But you have to go through an intermediary like Purse.io or BitPay.
Video Game Companies
Microsoft was the first major video game company to accept Bitcoin in 2014. Initially, you could use crypto to buy games, Windows phones, and mobile apps. Now, you can buy nearly every digital product on Microsoft using Bitcoin or a few other altcoins.
In 2023, video game fans in Canada can use crypto to purchase games, skins, and battle pass at dozens of websites. You can use bitcoin on Xbox, Zynga, Big Fish Games, PlayStation, and Twitch.
Interestingly, you can also earn crypto by playing certain games: Axie Infinity, Decentraland, The Sandbox, and Battle Infinity, to name a few. These games pay you tokens you can later convert into cash. You earn the tokens by completing missions and winning competitions.
Banks and Digital Wallets
The days when banks hated crypto are long gone. These days, Canadian banks not only allow you to send money to crypto sites, but they also use the blockchain to create decentralized apps.
Toronto Dominion bank supports crypto payments through wire transfers and credit cards. Likewise, the National Bank of Canada lets you buy bitcoin or altcoins using wire transfers and debit cards.
Other crypto-friendly Canadian banks include Coast Capital, RBC, Scotiabank, and ATB. In other words, it’s now easier to buy bitcoin through your banks than ever before.
Beyond banks, you can use digital wallets like PayPal, Skrill, and Neteller to buy bitcoin in Canada. Some of these apps also support selling, meaning you don’t need a conventional crypto exchange to buy or sell Bitcoin in Canada.
Virtual Private Networks (VPNs)
With cyber threats growing by the day, VPNs are becoming popular around the country. Virtual Private Networks mask your computer’s IP address from the world. What’s more, they encrypt your data.
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By hiding your IP address, VPNs protect you from stalkers, hackers, advertisers, and malware attacks. Encrypting your data adds a layer of security—no one can hack your devices if they can’t intercept your data.
Now, VPNs aren’t always free. The best VPN providers charge a monthly fee in the range of $5 to $20. In the usual style, you buy a subscription through a credit card, digital wallet, or crypto.
Many of the well-known VPN brands—Nord VPN, Cyber Ghost, Bullet VPN, and Express VPN all support crypto payments. Crucially, they give you a discount if you use bitcoin to purchase a long-term plan.
Red Cross was one of the first major charity organizations to accept bitcoin in Canada. Lately, nearly every nonprofit organization accepts cryptocurrency.
For example, Pathways to Education helps students from low-income households complete school successfully. It accepts donations in a variety of ways, including bitcoin and altcoins.
War Child Canada helps children affected by wars to get access to quality education. The David Suzuki Foundation helps conserve the environment while Life water helps kids from developing countries have access to clean water. All these organizations accept crypto donations.
Bitcoin is just like any other payment method. You can use it to pay for air transport, food, and accommodation. In the rental accommodation space, these are the best places to pay using Bitcoin:
Paying for accommodation using crypto is safer and faster. It’s particularly great if you like to protect your personal information from data mining companies.
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While the use of Bitcoin as a form of payment is gaining popularity, it is still important for individuals to check with specific businesses to determine if they accept the cryptocurrency.
However, as more and more businesses begin to adopt Bitcoin, the list of Canadian businesses accepting the currency is likely to continue to grow. It’s also worth noting that, as with any new technology, the use and acceptance of Bitcoin can vary greatly and may be subject to regulatory changes.