AT&T now lets you pay your phone bill with Bitcoin

Shawn Knight

TechSpot Staff
Staff member

AT&T has become the first major wireless provider in the US to accept cryptocurrency as a way to pay your monthly bill online.

The nation’s second largest wireless provider is partnering with cryptocurrency payment processor BitPay on the initiative. BitPay, based out of Atlanta, Georgia, has been around since 2011, assisting thousands of merchants looking to accept Bitcoin as a form of online payment.

Kevin McDorman, vice president of AT&T Communications Finance Business Operations, said they have customers that use cryptocurrency and they are happy they can offer them a way to pay their bills with the method they prefer.

I’m not sure how much it’ll help with the perception that some have of Bitcoin and other cryptocurrencies as long-term investments rather than assets meant for daily trade but eh, it is what it is.

AT&T in announcing the partnership said customers will be able to select BitPay as a payment option when logging online or when using the myAT&T app.

Image credit: Smartphone with Bitcoin symbol by Wit Olszewski

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Let's not forget three things:

#1 Bitcoin is a speculative asset. It is backed by nothing. It is worth only what others are willing to pay for it.

#2 Companies tried allowing consumers to pay with Bitcoin during the rise of Bitcoin 2 years ago but the prices were so volatile that many of them stopped.

#3 Companies want your Bitcoin.

How would you feel paying 1 $8000 (current) Bitcoin to buy a $8000 car, only to see the value of that coin increase to $19,000 later down the road?

Well that's exactly what happened 2 years ago when people were using Bitcoin to pay for pizzas, alcoholic beverages, toys, cars, etc.

If you do hold Bitcoin, you're better off holding onto it.


And finally, if I sound like a naysayer, I did gamble in Bitcoin and I did make money with it. Most naysayers did buy bitcoin because they wanted to be in on it "just in case" it did rise astronomically.

But lets not forget how many people expected Bitcoin, Ripple, Tron, Ethereum , Litecoin and all those other junk coins to be "thousands of dollars" by now.

I pulled out when it was around $19,000 and I had to pay big taxes on my gains.
 
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pioruns

TS Enthusiast
Agree with you. Bitcoin is very speculative asset. However, with massive potential upside, not having it in your portfolio is a mistake. Just a tiny bit invested for long term could return big gains. You experienced it first hand.
I have similar story, invested in 2011, cashed out some of it around 16k per coin. Paid massive capital gains on it as well - it's a good problem to have though.
Still hodling the rest.