Cryptocurrencies are gradually establishing themselves as an alternative payment method, and more and more businesses and global giants are beginning to accept cryptocurrencies as a payment method. It also helps companies become early adopters to stay ahead of the curve. Many of these organizations are using cryptocurrency as a marketing gimmick as they break through the status quo, digital payments have become the norm, and plastic money is being used less daily. Thecryptocurrency is stored in an online or offline wallet and does not require a third party such as a bank or financial institution to initiate and verify the transaction. All transactions related to cryptocurrencies are immutable, decentralized and transparent over the blockchain.
CRYPTO PAYMENT
All transactions related to cryptocurrencies are immutable, decentralized and transparent over the blockchain. Many Third World countries are the largest adopters of cryptocurrencies because they do not require financial infrastructure. A mobile phone and internet connection are enough to keep your finances. Governments such as El Salvador and the Central African Republic have already created fiat currencies for Bitcoin, but many countries have adopted a progressive perspective.
Large global companies such as financial institutions, JP Morgan, Barclays, Micro Strategy and Block own most of their cryptocurrencies. In addition, the world’s top moguls such as Tesla, SpaceX, Microsoft, Twitter, PayPal, Visa, MasterCard and Starbucks accept cryptocurrency payments.The Crypto Scam Recovery and Funds Recovery Service acts as a network connecting highly skilled teams with investors who have lost Bitcoin and other cryptocurrencies along the way.
ACCEPTING CRYPTOS AS A PAYMENT OPTION
Cryptocurrencies facilitate borderless payments, are censorship resistant, and take place almost instantly. They are not governed by any government or agency, so you can buy goods and services from companies that accept cryptocurrencies as payments from anywhere in the world, including India.
There are thousands of companies accepting cryptocurrencies today, but let me explain a few.
Microsoft: Microsoft has been accepting Bitcoin in its online Xbox store since 2014. Due to volatility, we temporarily stopped accepting it, but now we only accept it with Xbox store credits.
Overstock: Overstock has come to accept Bitcoin as a payment method as a result of its partnership with Coinbase, a global crypto trading platform. The company has developed a system that interacts with the blockchain while providing additional benefits to those who only use the network.
Home Depot: Home Depot enables Bitcoin payments via Flexa’s point-of-sale system. This makes it very easy to use Bitcoin for payments, as the collaboration between Gemini and Flexa eliminates all the friction often associated with Bitcoin transactions.
Whole Foods: Winklevoss Flexa’s Spedn Spending app is affiliated with Whole Foods, making it easy to buy all your groceries in Bitcoin, Litecoin, or Gemini Dollars.
NewEgg: Newegg is well known in the crypto world for buying crypto mining hardware. They supply a wide range of computer equipment in a variety of price ranges. After recognizing its popularity in the crypto community, NewEgg began accepting Bitcoin payments for hardware.
AT & T: AT & T has made history by becoming the first wireless operator to accept Bitcoin payments in 2019. Use BitPay, a third-party payment processor, to facilitate transactions. Customers who pay with Bitcoin or other cryptocurrencies can choose BitPay as their payment method.
COMPANIES ACCEPTING CRYPTO PAYMENTS IN INDIA
The 2021 Chain Analysis Report shows that India is home to the second largest cryptocurrency holder in the world. While regulatory uncertainty and the new cryptocurrency system continue to weaken the outlook for cryptocurrencies in India, they are beginning to accept cryptocurrencies as payments, either directly or through payment gateways, to take advantage of the growing user base. There are several companies:
HighKart: The e-commerce store has emerged as one of India’s leading online stores that accepts Bitcoin as a payment method. The e-commerce portal was launched in 2013. HighKart customers can use Bitcoin to buy mobile phones, cameras, apparel, gadgets, laptops and cryptocurrency mining equipment.
Republic of Rug: The Republic of Rug is a decoration company based in Delhi, accepting the top 20 cryptocurrencies by market capitalization for the purchase of its products. Rug Republic uses the Wazirx and Binance platforms for peer-to-peer transactions. However, I would like to develop my own internal payment system.
Wallet: A wallet is an online electronic device retailer that accepts cryptocurrencies such as Bitcoin and Bitcoin Cash. Customers who have BTC or BCH in their wallet and want to buy electronic devices can shop directly without converting cryptocurrency to fiat currency. Customers can also convert their Bitcoin holdings into gift cards and use them to shop on Amazon.
Sapna: Sapna is also one of India’s most popular online retailers specializing in books, electronics, gifts, healthcare products, children’s toys and more. If the customer wants to pay with a crypto token, the transaction will be completed in less than 30 seconds.
CONCLUSION
While some other companies in India are confident in cryptocurrencies as a means of payment, players in larger markets are still waiting for regulatory clarifications before finally entering cryptocurrencies. India is in a very early stage in terms of regulations and initiatives to expand the adoption of cryptocurrencies. Whether cryptocurrencies will be an alternative medium for exchange depends on the next cryptocurrency bill, which is still waiting to be passed by Congress.
