Compared to other countries with developed economies, the trading of cryptocurrency in India is still in its nascent stage, which can be attributed to an ambiguity that surrounds the regulation of cryptocurrency in our country. However, we can safely say that a common man’s interest is growing in cryptocurrency with every passing day and the popularity of the use of cryptocurrency as a mode of payment is fast gaining. The confidence in people to invest, and trade in cryptocurrencies, has been further strengthened after last year when the Supreme Court decided to reverse a Reserve Bank of India(RBI) order, thereby permitting the trading of this digital currency. Cryptocurrencies like Bitcoin, and Etherum are creeping into the mainstream transaction because several small and big businesses are recognizing it as a legit mode of transaction, and accepting these virtual coins as payments. You will be surprised to know that from shopping for your home décor items to recharging your FASTag, you can now use your bitcoins for it.
If you are interested to buy Bitcoin in India, and wondering where you can spend these virtual coins once you sell them, then below is the list of companies that have started to accept this digital currency readily.
- HighKart – A first one of its kind e-commerce platform to accept payments in bitcoins, HighKart was launched in 2013 by a Delhi-based entrepreneur, Amit Kumar. With the crypto ecosystem growing rapidly in India, this e-commerce store is positioning itself well to lead the market. Amit Kumar is known to have extensive knowledge and experience in both business and IT world, who rightly capitalized on this to make this revolution move. Integrated with the bitcoin payment system, you can purchase anything ranging from electronic gadgets like mobiles, laptops to even clothing on the HighKart website and make the payment using the bitcoins.
- The Rug Republic – Latest in the list of companies that have started accepting virtual coins for payment is this Delhi-based home décor brand is making waves in the retail market for promptly accepting top 20 cryptocurrencies which undoubtedly include Bitcoins as a mode of payment. On this site, you can shop for some of the finest handmade rugs in different materials. The beauty remains that you have an option to contact them if you wish to use digital currency for making a payment for your order. You can look at an online calculator to check what’s the conversion rate for BTC to INR to convert your crypto to fiat currency before you make the payment. Currently, this company is relying on WazirX and Binance platforms to carry out their transactions, however, their future roadmap includes the development of an in-house payment system.
- Purse – If you plan on buying electronic devices with your crypto coins, then head to the online store Purse. In fact on the Purse site, you don’t even need to convert your digital currency to fiat currency, you can directly use Bitcoins to purchase without any hesitation. Customers are also given an option to purchase Amazon gift cards with their Bitcoins on this site and shop on Amazon.
- Sapna – This is another e-commerce site that accepts crypto tokens to buy goods from their online site. From books, different stationery items, health care products, toys, a range of baby care products, you have them all available on this site. You can shop from any part of India from the comfort of your home using virtual currency, and the icing on the cake is that your payment is processed in under 30 seconds via Unicon crypto exchange.
Also see: Tips on how to trade Bitcoins
While shopping with your virtual coins can be exciting, there are a few things you should keep in mind before using Bitcoins as a payment mode.
- Bitcoin Price is Unpredictable – It’s not a hidden secret that the price of Bitcoin can fluctuate in a short period, so before you convert Bitcoins into your local currency, check the rate and make a wise decision.
- Bitcoin Payments are Irrevocable: You must make Bitcoin payments to only those businesses or organizations that are valid and trustworthy. While Bitcoin can detect errors, if the payment is tried to be made to an invalid address, it’s always best to be cautious about it for added security.
- Wallet Security: If used correctly, Bitcoin transactions are highly secure. Having said that you must keep your wallet secure at all times to avoid any breach, after all, it’s your hard-earned money, and it’s your responsibility to keep a vigilant check on your wallet.
- Tax on Bitcoin transactions: We all know that Bitcoins are not regulated by the government as yet in India but in some countries, you are required to pay tax even on Bitcoins.
While the above-mentioned businesses are integrating Bitcoin payments and showing confidence in virtual currency transactions, a lot of businesses and companies are waiting for the government to regulate and recognize virtual currencies.
