Cryptocurrencies are slowly gaining traction across the world. In fact, many businesses have now started accepting payments in crypto. But can we use bitcoin or any other cryptocurrency in India yet? While bitcoin is not a legal tender in the country, you can still use it for certain purchases. Here are three ways to buy things by spending bitcoin and other cryptocurrencies in India.
Buy Things Using Bitcoin and Other Cryptocurrencies in India
For starters, several multi-national companies like Microsoft, Shopify, Wikipedia, and AT&T have started accepting bitcoin as payments for certain services. There are also flight companies like Norwegian Air Shuttle and Virgin Galactic that accept bitcoin.
In fact, a country in Central America called El Salvador now accepts bitcoin as legal tender. It’s even offering incentives to citizens who adopt the currency.
However, in India and many other parts of the world, cryptocurrencies are more of a speculative asset rather than money. RBI has expressed serious concerns about cryptocurrency concerning financial stability. Plus, the Union cabinet might soon pass a bill to regulate cryptocurrency and its market in India.
Thankfully, crypto is not illegal in India. This means anyone can buy, sell, and trade cryptocurrencies. If you’ve got some bitcoins in your wallet, you can use them to buy Amazon, Flipkart, or other e-commerce gift cards, make bill payments, and more. Read on.
1. Unocoin- Buy Gift Cards Using Crypto
Unocoin- one of the popular crypto exchanges in India, is now allowing users to buy vouchers from over 95 different brands using bitcoin.
If you’re a Unocoin user, you can use bitcoin to buy vouchers for travel, restaurants, lifestyle, clothing, hotels, utility, and more, starting from Rs. 100 to Rs. 5,000. It requires you to be a KYC-verified customer with bitcoin in your digital wallet.
To use it, open Unocoin and go to the Shop tab. Here, select your desired voucher and its denomination. It’ll show you the required BTC you’ll have to pay to get that voucher. You can then click on pay to get the voucher code.
2. Bitrefill- Buy Amazon, Flipkart, etc. Vouchers Using Crypto
Bitrefill is a full-fledged platform for spending cryptocurrency. You can buy gift vouchers for various marketplaces with cryptocurrencies like Bitcoin (BTC), Bitcoin (sats), Litecoin, Ether, USDT, Dash, and even Dogecoin.
You can buy e-vouchers in various categories like e-commerce, retail, health, beauty, food, groceries, travel, entertainment, gifts, etc., using Bitcoin or other cryptocurrencies. Some of them are mentioned below.
- Google Play
- Tata Cliq
- Imagine Apple Premium Reseller
- Ola Cabs
- Big Bazaar
- HP Petrol
- Tata Sky
- Videocon DTH
- DishTV DTH, and more.
Besides, you can also recharge your mobile number using cryptocurrency. It supports Airtel, Jio, Vi, BSNL, and MTNL.
To make a purchase, select the gift card you want to buy. Select from the available denominations and preferred cryptocurrency.
You can then make the payment using your wallet to get your gift card.
3. Purse.io- Purchase Amazon Products Using Bitcoin
On Purse, you can order products from Amazon.com by paying through cryptocurrency. The orders are fulfilled by earners (individuals) who wish to exchange their Amazon gift cards for your cryptocurrency. In return, you get to encash your crypto and additional discount.
Here’s how it works:
- You select a product on Amazon.
- You add it to the cart in Purse and set a discount- the lower you keep, the faster the chances of getting fulfillment.
- Once done, add your address.
- Proceed with payment using Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Zcash, etc.
You can also modify your discount after placing your order if an Earner hasn’t picked up the order.
Once you place an order, it’s listed on Purse’ Earner order books. Here, individuals can pick up to fulfill your order to exchange their Amazon gift card for your cryptocurrency. Once they place your order and it gets delivered, Purse transfers them the crypto.
Amazon.in is not supported on Purse. But, you can still get a product delivered provided the seller ships to India. However, this may incur an extra shipping fee and even cost hefty custom duty and other charges. Please do your due diligence before making any purchase.
4. The Rug Republic- Buy Rugs, Carpets With Crypto
The Rug Republic is a Delhi-based decor brand that sells rugs, carpets, pillows, benches, etc. Besides the Indian rupee, you can pay using Bitcoin and other top cryptocurrencies for your purchases.
However, crypto payments aren’t yet integrated into the platform. To pay via cryptocurrency, you’ll have to contact them via the option given on their website.
5. Crypto Debit Cards
The other way to spend using crypto is to use cryptocurrency debit cards that let you make purchases with crypto and fiat currencies at point-of-sale.
For instance, the Wirex Multicurrency Visa Debit Card lets you spend in fiat currencies such as EUR, GBP, CAD, CZK, HUF, PLN, RON, HRK, USD, and crypto including BTC, LTC, XRP, ETH, WAVES, DAI, NANO, XLM.
Other options include Bitplastic debit card, MCO Visa card, Binance card, Crypto.com cards, Crypterium Card, Coinbase Bitcoin debit card, Bitpay debit card, and more. To get yours, go ahead on the respective websites and check your eligibility.
These were platforms where you can spend using Bitcoin and other cryptocurrencies to buy Amazon, Flipkart gift cards, and other items. Out of all, Unocoin and Bitrefill seem to be the exciting ones, but I’m yet to make any purchases. Anyways, do let me know your experience if you try any of the platforms above. Stay tuned for more such articles.
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