Payment for goods and services by cryptocurrency. Prospects and risks.

Payment for goods and services by cryptocurrency. Prospects and risks.

Despite the seeming complexity, cryptocurrency payments for various goods occur everywhere. The first payments occurred in 2010, when 2 pizzas were purchased for 10,000 BTC in a well-known fast food network. At the end of 2018, slightly less than 1% of Moscow citizens already tried the digital method of payment for goods in shops and online stores. Today, the cryptocurrency market has developed so much that you can buy hundreds of goods for digital coins. For example, food, electronics, travel tours, and even pay a check in a cafe or a restaurant.

What are the benefits?

In most cases, use of cryptocurrency to pay for goods is associated with a lack of desire to additionally convert coins into fiat money. For example, a person has 0.5 BTC on the account. The withdrawal procedure is rather difficult, and banks may have claims to receive a large amount without declaring. The solution is simple – paying with digital money. After all, no one will track such a payment. The commission is usually minimal, and transactions take place at any time of the day.

No one will purposely replenish cryptocurrency wallets for such transactions. This usually happens when a user owns digital coins – this payment method is actively used by investors, IT-specialists, and miners of any level. There are over 2 million holders of cryptocurrency in the CIS (what is known for sure), according to statistics. And this fact should not be ignored. Therefore, the classical payment market is replenished with cryptocurrency settlements.

How do you pay for goods and services with digital coins?

Before going to description of the payment process for goods by Bitcoin, we shall list the most popular online stores in the CIS, where digital coins are accepted.

• Bigmag.ua (Ukraine, electronics and gadgets);

• Pesto Cafe (cafe network, Ukraine);

• Eco Shop (food, Ukraine);

• Rechi.Ua (Ukraine, clothes and shoes);

• Tix24 (Ukraine, electronics);

• MyBitShop (Russia, electronics);

• G-SHINE (Russia, clothes and shoes);

• BurgerKing (cafe network, Russia);

• FIRMA (barbershop network, Russia);

• Wheely (taxi network, Russia).

The list contains the most popular places in Russia and Ukraine that accept cryptocurrency. To learn more about such locations, you can use the service https://coinmap.org. The world map shows all offline / online places where the cryptocurrency is accepted. The process takes several minutes. Transactions are carried out by the online store according to the wallet number with the confirmation of the transaction (similar to bank card payments). In offline stores, the transaction occurs through the wallet application on the smartphone (almost any exchange supports the online payment function). The procedure does not bear any difficulties. But recently stores are reducing the possibility of payment with digital coins.

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