Today’s news is full of twists and turns. If your cell phone or internet provider is AT&T, you’ll be happy to know that cryptocurrency can now be used to pay your bill.
AT&T and Crypto: A New Digital Match
The company is partnering with Bit Pay and comments that volatility is not going to be a problem. You can pay with digital currencies either on AT&T’s website or through the AT&T app, giving you multiple routes to take care of your financial obligations.
At press time, it’s unclear what cryptocurrencies the company will accept, though Bit Pay itself supports dozens of different entities, so it’s probably safe to assume – at the very least – that currencies such as bitcoin, bitcoin cash, Gemini USD, Paxos and Circle’s stable currency USD Coin will be accepted down the line.
Kevin McDorman, the vice president of communications finance business operations at AT&T, explained in a statement:
“We’re always looking for ways to improve and expand our services. We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”
This would all be fine and dandy except for one minor problem… AT&T and crypto haven’t really gone well together in the past. Take the recent story reported by Live Bitcoin News of Michael Terpin, a man in northern California whose cell phone service provider was AT&T.
Terpin was the victim of a SIM-swapping attack that ultimately cost him more than $23 million in crypto. While the guilty party was eventually caught and ordered to return all he stole, Terpin insists that if AT&T’s safety measures had been stronger, the incident would have never occurred. He is now moving against the phone and internet company in court through a class-action suit.
AT&T alleges that they are not responsible for the problem and is trying to get the lawsuit dismissed. However, it appears this isn’t the first occurrence. Several individuals claim that hackers have bribed employees with AT&T to get their fingers around their private data, such as login information for their financial accounts. This has resulted in several losses over the years, and many people aren’t happy with the safety (or lack thereof) that AT&T offers.
Will People Be Open to This?
It’s quite possible that the phone company is trying to revamp its reputation as a cryptocurrency-loving entity despite these present circumstances. We can only wait and see if people will trust AT&T enough to put their assets in its hands.
AT&T is not the first company to accept crypto as a means of payment. Earlier this month, several companies joined hands with Flexa, a new startup designed to make it easy for retailers to accept digital currencies. Among these companies were Whole Foods, Jamba Juice and Nordstrom.