Likewise, people have now started using Bitcoin for
payment purposes while they are shopping from at the retail stores. Bitcoin has
come out to be a proper form of currency, like any other currency (e.g.,
Dollar, Yen, Rupee, Euros) but in digital form in the digital wallet.
Bitcoin is a digital form of currency that you can
only have in your virtual wallet. This type of currency does not involve the
presence of any third party, and you can make a transaction with bitcoin
without any custodian authority like bank.
Stores that accept bitcoin:
After going through too many controversies, now
bitcoin has been accepted by many businesses as their payment mode. Microsoft
started accepting bitcoin in 2014, and people can use their bitcoin for buying
their digital content, phone, Xbox and apps.
After Microsoft, PayPal and Overstock started accepting bitcoin, and
there are some other retailers like Whole Foods, Etsy, Starbucks, Newegg, and
Home Deport are accepting bitcoin as their payment mode.
Can the customer pay through Bitcoin?
- Sell and purchase
You can easily sell and purchase Bitcoin using any of
the crypto-exchange platforms likethe bitcoin circuit site. These applications have a digital wallet
where your purchased digital currency gets stored. Nowadays, one can easily
transfer the Bitcoin to the retailer for payment purposes and you can use QR
code available on your crypto app for making a payment at a retail store.
When the consumer is transferring the Bitcoin, the
minor verifies and generates an electronic signature, and accordingly, that
particular Bitcoin gets transferred to the retailer. The Bitcoin is saved in
the digital wallet of the retailer, and they can transfer it into their bank
account whenever they want. It is not necessary that the retailer will transfer
the Bitcoin from their digital wallet to their bank account because even the
retailer keeps it as an investment for the future.
- No transaction fee
Most of the time, we hold ourselves from shopping
online because there is involvement in transaction fees. But in case you are
making your payment through Bitcoin, there will be no transaction fee involved
there. This is an added advantage for customers who want to make payments
through Bitcoin. Also, there is no payment or fees involved on the part of the
retailer. They can easily start receiving payment through Bitcoin whenever they
want. But, before you make a payment
with bitcoin at a retail store, you need to know one fact then you cannot claim
a refund for the same. You cannot make a refund or return request when you
purchase goods and services with Bitcoin. So, you must check the rules of the
respective retailer before you make a payment.
- Has future potential
Although Bitcoin is still on the verge of being used
widely as a digital currency while the consumers are purchasing from retail
businesses-but still, because of the uncertainty and highly volatile nature of
Bitcoin, people are still considering whether to use this as a currency or not.
A lot of times, it has been found out that Bitcoin was used largely for the
trading of illegal goods and services.
There is no doubt about it that amongst all the
currencies being traded on crypto-currency exchange platforms-Bitcoin has taken
a front seat. Bitcoin has dominated all other currencies. If you talk about
crypto, the very first thing a common man would know is Bitcoin. Microsoft has
given the facility of topping up the Microsoft account using any currency on
crypto. Automation is our future. While blockchain technology still feels
complex to a lot of minds, it is certainly going to be the future for
transferring funds conveniently. The role of Banks in an economy in
transferring funds will be finished eventually. Other than Microsoft, another
very popular encyclopedia is Wikipedia-They accept contributions and financial
assistance in Bitcoins. Apart from that, retailers can also accept other crypto
assets like Ethereum, XRP, Tether, Dogecoin, Stellar, and Polygon.
Wrapping up
As of now, if we talk about the numbers, there are
still very less retail stores as compared to the whole that has started
accepting Bitcoin as a form of payment. Any of the businesses would be
benefitted by providing Bitcoin as a means to pay because they can hold such
coins for a longer period of time to get a huge return.
