Bitcoin and blockchain have altered how we use the internet and disrupted numerous industries. While the cryptocurrency market in India has yet to be regulated, numerous organizations are already making moves to tap into the increasing user base. Some have begun to accept payments, while others are considering doing so. In India, however, crypto trading is still in its infancy compared to other industrialized economies. Let's take a look at some of the businesses that have started to accept the virtual currency.
This e-commerce store is positioned to become India's leading online store that takes bitcoin payments. With the country's developing crypto ecosystem, the company is focusing on changing its existing business strategies. Amit Kumar launched Highkart in the year 2013. Kumar has extensive experience in both the IT and business fields. He has also worked with prominent IT behemoths like Infosys in several domains, which adds to his resume.
According to HighKart.com, the integration of Bitcoin Payment makes it easier for customers to purchase their products. Mobile phones, cameras, clothing, gadgets, laptops, and crypto mining equipment are just a few of the products available in the store. Kumar assured potential shoppers that HighKart.com now has practically everything they need.
The Rug Republic
The Rug Republic is a Delhi-based decor firm that accepts the top 20 cryptocurrencies by market capitalization for its items, in addition to Bitcoin. Despite relying on platforms such as WazirX and Binance to handle transactions, the company says it plans to establish its own payment system. Buyers who want to pay with cryptocurrency on The Rug Republic must contact the company via a link on its website. The Rug Republic is now using the WazirX and Binance platforms for peer-to-peer crypto transfers. It does, however, intend to create an in-house cryptocurrency payment mechanism.
Purse is one of the few online marketplaces that accepts cryptocurrencies other than Bitcoin, such as Bitcoin Cash. Purse is an electronic device retailer that operates online. If you ever have some BTC or BCH in your wallet and want to buy something electronic, you don't have to convert it back to fiat. Go to Purse to make a purchase without having to go via a third party. You can also turn your Bitcoins into gift cards that you can use to shop on Amazon.
You may purchase products from Sapna with Bitcoins from anywhere in India. When a user decides to pay with crypto tokens, the payment is handled via the Unocoin crypto exchange in under 30 seconds. Sapna is also one of India's most popular online stores, specialising in books and electrical gadgets, as well as gifts, health care products, and children's toys. Both Pdf and hardback books are available for purchase.
Things to check before making Bitcoin payment
You must keep your wallet secure. Bitcoin allows you to easily transfer value anywhere while also allowing you to keep control of your funds. If utilized appropriately, Bitcoin can give extremely high levels of security. Always keep in mind that it is your responsibility to follow proper procedures in order to safeguard your funds.
Bitcoin price is volatile
Because of its changing economy, unique nature, and often illiquid markets, the price of a bitcoin can fluctuate wildly in a short period of time. Many service providers can convert Bitcoin payments to your local currency if you receive them.
Bitcoin payments are irreversible
Bitcoin can detect errors and won't let you send money to an invalid address by accident, but it's still a good idea to have rules in place for further security and redundancy. Additional services may be available in the future to give businesses and consumers greater options and protection. A Bitcoin transaction may only be repaid by the person who received the funds; it cannot be reversed. This implies that you should only do business with persons and organisations you know and trust, or with whom you have a good reputation.
Government taxes and regulations
Bitcoin is not a government-issued currency. However, most countries still require you to pay taxes on everything with value, even bitcoins, including income, sales, payroll, and capital gains.