The First online platform in India which will accept bitcoins as payment
11 October 2017 Posted / 11658 Views
Bitcoin is taking over the cryptocurrency marketplace, leaving behind its other contemporaries. It is by far the biggest and the most recognized digital currency. Many big companies are accepting bitcoins as a legal source of finance. They permit their online products to be purchased with bitcoins. With the utmost enhancement in the transfer procedure and earning of bitcoins, it would be a fallacy to not to allow this kind of new-found online coins as cash. With the varying values, the funds can either lend a hand or damage the company. The fluctuation of inflation can be a blessing to the business, unless and until the market is valuing the coins extremely high.
The online platforms in India or even in the world are growing with light speed. Every company or organization wants to make the reach of their products far and wide. Thus, with the help of the Internet, organizations take their business online. The mode of payment on these websites is according to the local currencies. But till now in India, no platform has started accepting bitcoins as a payment mode. Not many people use bitcoins in India as the awareness is less, as well as people mainly use it for investment purpose, not for trading and buying goods, but the adoption rate in India is growing. Bitcoin is such a cryptocurrency that can be given in parts also rather than giving the whole one bitcoin. If in case any platform accepts bitcoins, then the usage of bitcoins will be increased. In the year 2014, Highkart became the first E-commerce site to accept bitcoins.
Highkart took a different route to increase the turnover of its company. However, the country’s leading online e-commerce platforms, like Amazon, Flipkart etc do not accept bitcoins. The issue can also be the governmental regulations and dubiousness related to the acceptance of bitcoins. However, PayPal accepts bitcoins. But if these platforms start accepting bitcoins, they will see a massive growth in their profits. But, the regulatory factors are a major issue or hurdle that comes in between. But, as the competition is growing amongst the online platforms, we can expect this change in the payment mode as well.