Cryptocurrency has become a popular digital money technology in the world today. Excluding some of the countries that are still strict on the trading of this new digital monetary option, there are countries including El Salvador and India that made a remarkable initiative in giving legal status to cryptocurrency. The growing interest in cryptocurrency has made corporates speed up to provide the facility of buying several things via digital currency.
Bitcoin is known to be the most popular and largest cryptocurrency with a market share of 42.15% has now been garnering adoption worldwide as a legitimate payment option for making payments of goods and services. According to a survey conducted last year in the United States, there has been acceptance of cryptocurrencies by thirty-six percent of small and middle-sized businesses in the country. Whereas, fifty-nine percent of the companies in the US have considered cryptocurrencies for their personal use.
Companies that have acknowledged the use of digital currency
Some of the top companies that took a remarkable step in accepting Bitcoin as payment for their services include Wikipedia, AT&T, Shopify, Microsoft, and Intuit. Moreover, bitcoins can also be used for buying flight tickets with Virgin Galactic and Norwegian Air Shuttle. Virgin Galactic is a spaceflight company from America. Its foundation was laid by Richard Branson and the British Virgin Group. A Lamborghini dealer based in the United States has claimed to accept payment in digital currency.
Those in the love of Tesla cars have reason to jump with joy when they will know that the latter electric car company will once again start accepting payment in Bitcoins, which was banned earlier due to environmental concerns. It was all confirmed by the founder and CEO Elon Musk during a virtual conference last month. But this time due diligence will be taken in the case of energy consumption of mining BTCs.
Can Bitcoins be used for buying items for daily use?
Well, the answer to this question is yes, but it depends upon which country you are living in. There are top companies like KFC in Canada and Pizza Hut in Venezuela that accept payment in BTCs. Besides them, there are various Subway and Pizza Hut outlets in countries where digital currency (Bitcoin) is accepted as payment. The cryptocurrency can also be used for buying vouchers issued by various online platforms.
Is it applicable in India also?
With the passing of a new cryptocurrency bill in India with 30% taxation and a 1% cut in TDS, it has made Bitcoin a legit currency. If not at a larger scale, India is making efforts in making Bitcoin a legitimate form of payment. A crypto exchange in India, Unocoin, allows the purchase of vouchers from 90 different brands for its users. If you are registered at the Unocoin exchange, then you have the opportunity to use BTC worth Rs 100 or a maximum of Rs 5K in buying these vouchers.
What to buy with these vouchers?
You can use these vouchers to buy items including home appliances, surprising your darling wife with products related to health and beauty, lip-smacking ice cream from Baskin Robbins, or a yummy pizza from Dominos.
What’s the process of it?
When an amount is selected by the user, it displays the corresponding value of Bitcoin. After the amount has been paid, a voucher code is sent to him. And this indicates the end of the transaction. It is just like the procedure of Point of Sales. This is the first when users are experiencing the use of a digital currency in India for the payment of goods and services.
The volatility in the price of Bitcoin might cause problems for consumers in the initial phase, but with time, the procedure might get stabilized. Many India-based megastore chains will begin training their staff for this procedure. In terms of the refund process, it can be paid via BTC exact amount or maybe in its legal value in INR or USD. If in case, before issuing the refund, the value of BTC goes up, then the customer will experience loss. This applies to only big-ticket purchases like motorbikes and cars.
Some examples of companies in India where Bitcoin is a payment mode
Coming up with some examples of companies in India is Sapna Online. It is a book retailer company based in Bangalore. It claims itself as the largest online book mall in India. The company provides ten million titles across different languages and genres. Sapna Online deals in providing different products related to healthcare, electronics, toys, and numerous audiobooks. You can choose to buy any of these with Bitcoin.
Recharging one’s mobile numbers on Mobikwik or PayTM is the most common and popular activity in India. But won’t you be excited about the idea of Bitcoin wallets? Of course, you will. And that is why there are companies in India like Unocoin and Zebpay that do the needful.
These are well known cryptocurrency wallets in India. Which offer mobile recharging and bill payment for prepaid and postpaid numbers. If your given data is expiring, and you have some BTC fraction left in your Zebpay and Unocoin wallet. So it will be easy to get top-up on the go using the digital currency bitcoin.
So this is how you can buy items with digital currency in India. Follow Cryptoknowmics and explore how to earn Bitcoin on Android, and several other topics like what is forking, crypto whales, blockchain summit, airdrops, initial coin offerings, best defi apps, and more.