Bitcoin Forum

Bitcoin isn't for payments?

While that may be the popular narrative of late, don't tell that to Bellatorra Skin Care, a luxury brand that has found the opposite as it's expanded internationally into markets such as China and India.

Not only is bitcoin (which has seen years of declining interest from merchants as the network bumped up against its limits) a sought-after choice for business-to-business (B2B) payments, but for retail payments, other cryptocurrencies are finding a foothold as well.

"We expanded our business internationally this past year, and have had strong demand [for cryptocurrency] from customers in markets such as China and India, where fiat cross-border transactions have inefficiencies," said Nathan Halsey, the CEO of Bellatorra, based in Beverly Hills, California.

Halsey told CoinDesk:

"We have found cryptocurrency to be a viable solution for resolving these challenges, and we see other companies with international business adopting the same practices."

Indeed, one of the early use cases highlighting bitcoin's innovation was cross-border payments where there were bottlenecks and high fees for transacting.

Bellatorra ran into these hurdles in Asian markets and says its wholesale customers began asking for the option of paying in bitcoin. So in July 2017, the company began a relationship with bitcoin merchant services provider BitPay.

"We have completed multiple six-figure transactions, without an issue, and have settled funds from the time of customer payment to settling in U.S. dollars in our U.S. bank accounts in less than one business day," Halsey continued.

And according to BitPay CEO Stephen Pair, Bellatorra's experience in circumventing cumbersome traditional payments rails with crypto isn't uncommon. Cosmetic companies such as Nuciya Beauty in Canada have found that people tend to spend more per purchase when they use cryptocurrency.

As such, Bellatorra is looking into adopting other cryptocurrencies, and making them a bigger segment of their business, in the future.

"We are definitely pro-cryptocurrency as a payment option," Halsey said, adding that the company has started holding onto small amounts of the cryptocurrencies it accepts instead of immediately cashing out.

Full article: https://www.coindesk.com/crypto-payments-are-booming-in-asia/

well, asia has proved to be a continent that supports bitcoin, but at the same time there are Asian countries that are taking radical measures never seen in other countries of the world, countries like china are a great danger for bitcoin and all bitcoin community and even for other countries of the world.

China: Blockchain Conference Shut Down By Police, Organizers Claim ‘No Legal Issues’ (https://cointelegraph.com/news/china-blockchain-conference-shut-down-by-police-organizers-claim-no-legal-issues)

Bitcoin Dips Below $7k Amidst News of China’s Full Ban of Cryptocurrency Exchanges (http://Bitcoin Dips Below $7k Amidst News of China’s Full Ban of Cryptocurrency Exchanges)

Ban Complete: China Blocks Foreign Crypto Exchanges To Counter ‘Financial Risks’ (https://cointelegraph.com/news/ban-complete-china-blocks-foreign-crypto-exchanges-to-counter-financial-risks)

With China Tightening Regulations, Crypto-related Ads Reportedly Gone From Local Websites (https://cointelegraph.com/news/with-china-tightening-regulations-crypto-related-ads-reportedly-gone-from-local-websites)

India is another country that is following the same path as China

India’s Central Bank To Stop Dealing With All Crypto-Related Accounts, ‘Not Ban On Crypto’ Commenters Say (https://cointelegraph.com/news/indias-central-bank-to-stop-dealing-with-all-crypto-related-accounts-not-ban-on-crypto-commenters-say)

India’s HDFC Joins List Of Banks Banning Crypto Purchases Via Card
 (https://cointelegraph.com/news/indias-hdfc-joins-list-of-banks-banning-crypto-purchases-via-card)

Former Indian Gov’t Official Shaktikanta Das: Crypto “Should Not Be Allowed At All” (https://cointelegraph.com/news/former-indian-govt-official-shaktikanta-das-crypto-should-not-be-allowed-at-all)

Citibank India Bans Both Credit And Debit Cards For Crypto Purchases, Cites ‘Risks’ (https://cointelegraph.com/news/citibank-india-bans-both-credit-and-debit-cards-for-crypto-purchases-cites-risks)

Indian Banks Suspending Bitcoin Exchange Accounts (https://cointelegraph.com/news/indian-banks-suspending-bitcoin-exchange-accounts)

India’s Ministry of Finance Compares Bitcoin and Cryptocurrencies to ‘Ponzi Schemes’ (https://cointelegraph.com/news/indias-ministry-of-finance-compares-bitcoin-and-cryptocurrencies-to-ponzi-schemes)

This is a great news in Asia. It is amazing to start something new in the said horizon where it is initially thought of being less susceptible to adaptation brought about by cultural conservatism. I hope when this happens, governments too will promulgate rules and regulations for the protection of all cryptocurrency investors. This way, people will be enticed with such market thereby helping economy bloom, in general. Governments should not just be interested at the gains they get from crypto investors through correlative taxation but they should be more cautious about protecting them from fraudulent transactions and whatnot. This way, governments can be certain that there will be more people who will invest in cryptos and eventually, governments, too, will gain more collectibles through taxation. From here we can perceive a win-win situation.