The American telecom giant, Verizon Communications Inc., is incorporated in Delaware, with its headquarters located in New York City. It has the largest wireless carrier mobile network in the USA, with over 120 million subscribers by 2020. Invented in 2008 by an anonymous person or group of people under the pseudonym of Satoshi Nakamoto, Bitcoin is a virtual, decentralized digital currency that is transferable within a peer-to-peer network. The currency was. The currency was rolled out in 2009, with its implementation being released as open-ended software. Let us see does Verizon accept bitcoin or not.
Does Verizon accept Bitcoin?
As of May 2022, Verizon does not accept bitcoin as payment for transactions. However, they have a variety of offers on payment options, which can be availed both online and offline by the customers. They can pay via credit/debit card, cash, check, and money orders. It is essential to make timely repayment by the customer to avoid late payment fees and adverse effects on their credit score rating. On 24th May, AT&T declared that they would be accepting bitcoin as payment, which indicates that their main competitors, T-Mobile and Verizon, are expected to follow suit to ensure customer retention and take in new customers who would like to pay with bitcoin.
What Are the Payments Accepted by Verizon?
Although Verizon is not accepting bitcoin as payment currently, they do have various payment options available. Here are some of the payment options available and accepted by Verizon:
- My Verizon – Using the mobile or desktop app, the customer uses a maximum of 2 checking accounts, 6 Credit/debit/ATM cards, and the Verizon Gift Card.
- Verizon Visa Card – the customer can earn Verizon Dollars to pay their Verizon wireless bill.
- Pay My Bill website – The customer can also pay online by entering their account number and ZIP code. This method accepts payment through a bank account, credit/debit card, or Gift Card.
- Verizon store – the customer can pay a bill using the Bill Pay Kiosk at a store near them. This method can be used for cash payments as well as cashless transactions.
- The automated phone system allows the customer to make payments by contacting the system via the registered mobile phone or dialing (800) 922-0204 from any phone.
- Customer Service – the customer services of Verizon also help with bill payments, with an additional charge of $10.
- Mail – the customer, can mail their payment to the nearest mailing address mentioned on the Verizon website.
Why doesn’t Verizon accept bitcoin?
- Bitcoins Are still unfeasible as a currency Due to their constantly fluctuating values and governments’ regulations to control the use of bitcoin to track the user’s transactions.
- If the hard drive or the wallet containing the bitcoin is corrupted, they are essentially “lost,” making it impossible to recover because the coins are permanently “orphaned” in the system.
- There is a lot of confusion regarding the exchange ratio and rates for bitcoin due to the lack of regulations regarding them.
- When someone buys goods using Bitcoins and is duped by the seller, the transaction is irreversible.
- The Bitcoin system is relatively new and could contain many unexploited technical flaws. The lack of knowledge about their infrastructure and coding parameters makes bitcoin quite unsafe as a currency.
- Since Bitcoins cannot be used like cash in stores as they do not have a physical form, it is necessary to convert them into physical currency before the customer can use them physically. And due to the lack of international regulations and exchange rates of bitcoin and traditional currencies makes the conversion process difficult.
- There is no guarantee on the minimum valuation of bitcoin as it is not centralized or regulated. This can lead to rapid devaluation and crash of the whole market if there is massive “dumping” of stocks by existing owners, and there would be no safety net.
How Can I Use Bitcoin with my Verizon account?
- Various websites perform mobile top-ups and recharge on leading network providers. The most popular of these websites is Bitrefill, where customer can recharge their Verizon account with any amount they want and pay with bitcoin. Bitrefill is currently accepted in 186 countries.
- The customer can also buy Verizon gift cards with bitcoin from any leading websites that offer these services, such as Coinsbee, register, cryptorefills, etc.
Conclusion
Although Verizon does not currently accept bitcoin as payment, the advantages of accepting Bitcoin are undeniable. Bitcoin has gained popularity exponentially since its inception in 2009 and is now poised to take over the currency market. The customers and the companies can avail various benefits like bonus savings, increased transparency, ease of acceptance, etc. Bitcoin is already being accepted at many leading store chains and online websites like Walmart, Amazon, etc. In addition, many more companies and governments are starting to recognize the value of operating with a decentralized, cashless currency.
