How to Buy Products with Cryptocurrencies?
If investing in cryptocurrencies has become popular among investors, why not buy products and services using this payment method? Although it is still in its infancy in the country, it is already possible to use crypto assets to buy, for example, clothes, wines and furniture, among other products and services.
According to Coinmap, a website that monitors the acceptance of cryptocurrencies worldwide, 940 establishments in Brazil accept payments in virtual currencies. Worldwide, according to the survey published on April 6, there are already 29,306.
According to information from Mercado Bitocoin, in Brazil there are really few stores that accept bitcoin, because most of them direct customers to an intermediary (gateway) that receives the cryptocurrencies and sends the money back to the seller.
Lucas Cardeal, a cryptoeconomics expert and CEO of Lunes, a Brazilian blockchain technology company that was founded in 2016, says that cryptoassets are currently seen mostly as investments, but acceptance in commerce is the first step towards their popularization in Brazil. “The constant fluctuation in prices is one of the factors that still prevents the widespread use of cryptoassets,” he said.
Check out companies that already offer the possibility of paying with crypto:
Furniture Store
When it comes to cryptocurrencies, Bitcoin is the most well-known form of payment in the world. More and more companies are starting to accept Bitcoin or Ethereum as a legitimate form of payment.
So how can we buy Furniture using our Bitcoins you might ask.
It's simple!
From now on, Toth Móveis accepts Bitcoin, Ethereum and others as payment methods!
Simply choose the product and select Cryptocurrencies as the payment method at Checkout.
Wine
This week, the wine subscription club Wine began accepting Bitcoin as a form of payment. In the physical or online store, simply access the company's app and choose the cryptocurrency when paying for the product. A QR Code is then generated and the consumer can make the purchase, a process similar to PIX.
The operation was developed in partnership with Redecoin, a fintech company from the SCF Brazil group. “We know that consumers are increasingly connected and that cryptocurrencies are already part of the daily lives of many of them. We decided to invest in this innovation to bring an even more complete experience to our partners and customers and also because we believe that, in the near future, this form of payment will become common,” highlighted Clayton Freire, Wine’s technology director, in a statement.
Real Estate
In December of last year, construction company Even began accepting Bitcoin and Ethereum for payment of real estate, through a partnership with Mercado Bitcoin. According to the company, the limit for using crypto can reach up to 100% of the total value of the projects, but the customer does not need to pay the entire amount in virtual currency. They can use cryptocurrencies and reais as payment methods. According to the company, all of the company's projects will be available for this method.
The initiative aims to meet the growing demand of this market. “We want to make life easier for our customers and offer the possibility of quick payment in this type of currency that has grown significantly or in others that may emerge,” said Marcelo Dzik, executive director of incorporation at Even, in a statement.
Also in the real estate sector, anyLife, which specializes in managing residential apartments for owners through its rental platform, this week began accepting Bitcoin and other crypto assets as a means of paying rent.
Clothes
In December 2018, fashion company Calvin Klein began accepting Bitcoins as a form of payment in four of its physical stores in São Paulo: Oscar Freire, Shopping Morumbi, and the stores at Iguatemi São Paulo and Shopping JK Iguatemi. The brand was one of the first fashion retailers to accept payments for purchases of any amount in bitcoins in the country.
In practice, the payment system is processed via Cloudwalk, a payment platform that creates a Bitcoin sales order within Foxbit, a partner cryptocurrency exchange company. The store has no contact with the Bitcoins, which are sold at market price by Foxbit at the time of purchase. The money is deposited into Calvin Klein's account within 24 hours.
Is it worth paying with crypto?
Information from Mercado Bitcoin indicates that when using a credit or debit card, payment intermediaries take a cut that can reach up to 4% of the purchase value. Therefore, as a way to encourage the adoption of cryptocurrency and avoid paying fees, some stores offer discounts to those who use this method, which can be advantageous for the consumer.
Last Tuesday (19) the vote on Bill No. 3825/19, which aims to establish the regulatory framework for the crypto market in the country, was postponed. According to information from the Senate Agency, the project defines regulatory guidelines to guide infra-legal regulation, consumer protection and defense, combating financial crimes and transparency of operations.
The text is in line with the recommendations of the Financial Action Task Force (FATF), an intergovernmental body that combats money laundering. If approved, the bill still needs to pass through the Chamber of Deputies.
However, it is worth remembering that the Central Bank does not regulate, issue or guarantee virtual currencies. On its website, the BC also clarifies that in the case of using virtual currencies to buy and sell goods or services, the parties assume all associated risk.