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How Can Use Bitcoin as a Currency? Everything You Need to Know

How Can Use Bitcoin as a Currency? Everything You Need to Know
Bitcoin
How Can I Use Bitcoin as Currency? All You Need to Know

The use of Bitcoin instead of fiat currency as a form of payment has started to gain acceptance around the world, including in India.

  • In India, cryptocurrency is neither legal nor illegal
  • Cryptocurrency trading in India is not yet regulated
  • Several Indian companies have started taking cryptocurrencies

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Bitcoin is the largest cryptocurrency in the world and possibly the most popular. It was created in 2009 by Satoshi Nakamoto, although the actual identity of the creator remains a mystery. So what is Bitcoin exactly? It is a digital currency that has no physical form. It is not endorsed or issued by any government or bank and exists in a digital ledger that keeps a record of all transactions made with Bitcoin.

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The digital ledger is transparent and people around the world can access the stored information. Although Bitcoin is not "legal" currency, it is slowly starting to gain acceptance as a currency in many countries around the world. Many major companies are starting to accept cryptocurrency as a form of payment for their products, including in India.

Bitcoin as a currency

Bitcoin as a currency in India

Bitcoin: the Original Vision

Value and Uses of Bitcoin as a Currency

Bitcoin as a currency

The American sandwich chain Quiznos has begun to accept Bitcoin as a form of payment in its restaurants. Quiznos is one of the largest restaurant companies in the US and has been working with digital asset company Bakkt to enable payments via cryptocurrency. Another American company, AMC Entertainment, owner of Odeon Cinema, has decided to dabble in Bitcoin payments.

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The chain of cinemas that has theaters in the US and Europe recently announced that it would allow viewers to pay for tickets and concessions with Bitcoin by the end of the year. The price of Bitcoin in India stood at Rs. 36.39 lakhs at 4pm IST on August 22.

Bitcoin as a currency in India

In India, cryptocurrency is neither legal nor is it illegal. The cryptocurrency trade in India is yet to be regulated but Indian companies are slowly warming up to the idea of accepting cryptocurrency as a mode of payment. Several Indian businesses have begun taking cryptocurrencies like Bitcoin and Ethereum as payment for their products. 

Also Read - How Does Blockchain Technology Make Cryptocurrency Trading Secure?

A Delhi-based home decor company called The Rug Republic, an electronic goods company called Purse, and Suryawanshi Restaurants located in Bengaluru are some of the Indian businesses that have welcomed cryptocurrency payments. Ethereum price in India stood at Rs. 2.56 lakhs as of 3:30pm IST on August 22.

Bitcoin: the Original Vision

Bitcoin, unlike a government issued currency, promises lower transaction fees than most traditional online payment mechanisms. It is operated by a decentralized authority. Bitcoin was one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. 

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The people and companies that participate in the Bitcoin network, known as Bitcoin miners, are in charge of processing transactions on their blockchain network. They are motivated by rewards such as transaction fees paid in Bitcoin. Online businesses can easily accept Bitcoin as a currency if they add it among their online payment options.

Bitcoin as a Currency

Value and Uses of Bitcoin as a Currency

Currently, Bitcoin is being welcomed as a currency, but development is still in its infancy. Therefore, its use is limited. It can only be considered as a valued currency in companies, restaurants and shops that accept it as a form of payment. You cannot try to use Bitcoin to buy products in a store that does not use it for its daily transactions. 

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In terms of its commercial use, Bitcoin has yet to grow in terms of value beyond its established market value. However, Bitcoin can easily be sold to other cryptocurrency investors and miners, or exchanged for a different virtual currency or even fiat currency, such as the Indian rupee or the US dollar, through a cryptocurrency exchange

How Can I Use Bitcoin as a Currency? Everything You Need to Know

Disclaimer

The information on this website is not intended to be financial, business, investment or other advice, and you should not consider the content of the website as such. crypto.onlinenews.live does not recommend that you buy, sell or hold any cryptocurrency.

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