My Favorite Cryptocurrency – How Can We Get Businesses to Accept as Payment?

Hello Everyone

Cryptocurrency is digital money that does not just limit to investment but also a mode of payment for various products and services in many countries. In India cryptocurrency is in a neutral state which means that anyone can easily trade and hold coins but there is no legal framework defined by the government. Because of this problem, many people who are interested to be part of crypto are hesitating to join and I hope once things are clear from the government then a major chunk of people will join crypto space.

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My Favorite Cryptocurrency

Well, This answer is so simple and its none other than STEEM I have some reasons to prove it. Although steem was not my first crypto here I share some reasons to prove.

• STEEM is the first crypto that I have earned while to own other cryptos I had to pay.
• My crypto holding has the highest amount of STEEM and this steem holding is giving me returns since I have staked it to make it seem power. This SP is paying me returns everyday known as delegation/curation reward.
• STEEM is easy to use and there is no transaction fee while with BTC and other coins charges are applied.
• STEEM transfer happens instantly unlike Bitcoin or ETH that require a minimum of 30 minutes or more to get the transactions successful.

When did I learn about cryptocurrency and how long have you held it？

My cryptocurrency journey was started in 2017 when I got to know about Bitcoin one of my friend. That time the bitcoin price was quite low and in Indian currency (INR) it was 50k approx. My friend purchased 1 bitcoin at that time but I did not dare to buy because I was not well aware of it and when its price started to increase in oct then I purchase for almost 500k INR.

My first cryptocurrency is Bitcoin that I purchased in Nov 2017 and within 3 months I got to see the bull run in the market. Since I was new in the market so I got greedy and did not sell anything because there was any news that it will touch 50k USD that never happened. My investment was double in a few month so I was highly impressed with it and this was my biggest mistake. I still hold that bitcoin because I have long-term vision however I could have taken out the money with some profit but I changed my mind.

What makes you like the cryptocurrency most and how do you use it?

Crypto is new money and builds through the highly advanced technology. The best part of crypto is that works 24x7 and 365 days and I can send or receive anytime. 2 years back when I was in Singapore, I used to send my money using crypto and it was not just saving high bank transfer charges but also many times I got the benefit of the price increase. Fiat is our money but banks have control over it and I can withdraw as their rules whereas with crypo I can do the transition at my convenience and choice. So I get complete control with crypto but on the fiat its not like this.

Which platform you like to trade cryptocurrency？

I started my crypto journey with https://zebpay.com/ in 2017 but they stopped their operation so I lost my trust in them and then I switched to WazirX and Bitbns and both the exchanges are doing great in India.
Since these exchanges have some limitations of crypto so I also use Binance because its a leading cryptocurrency exchange and they huge liquidity and have listed almost all popular coins including the steem. Last year Binance acquired Wazirx exchange so both my preferred exchanges have become and it offers a great trading experience.

How can we get businesses to accept cryptocurrency as payment? Share stories about how you have made payment via cryptocurrency.

I am in crypto for the last 3 years but I never had the opportunity to pay using cryptocurrency however I had the opportunity to buy bitcoin using my SGD in Singapore through the Bitcoin ATM.

Here I am sharing the photo of Bitcoin ATM which is located in @ TIONG BAHRU PLAZA Singapore ( 302 Tiong Bahru Road. First level opposite AXS machines and photo booth near to the taxi stand. Behind Tino's Pizza)

Google Map- https://goo.gl/maps/xvo3i3ij47TraeBT9

This was so easy to use-
1- Insert the SGD in the machine ( minimum 20$)
2- Put QR of the wallet on Screen
3- Get Bitcoin in your wallet within minutes.

In India, there is no such place or website where I can pay through crypo, and its because of no legal framework by the govt.

Accepting crypto especially steem will be so easy because transactions are free and happen instantly. Currently, in India, wallet payment is quite popular because its contactless and free to use. This type of QR you can see in almost every shop. Its easy to use and very fast because I just need to scan the QR using the wallet, enter the amount and enter the PIN to authorize the payment. Its easy and helps to main social distancing too along with the convenience.

Merchants are happy to receive the payment online since it saves their time and physical involvement. This can be done using STEEM easily because steem also offers free transactions and transaction is processed instantly. Merchants can have a similar QR for their wallet and any user can pay it easily.

I suggest a few steps can make it easy to pursue this further-

• Since people are moving from physical money to digital money so we need to share education about crypto. recently ZeBpay exchange has started crypto advertisement in mainstream media and its a great step taken by them. This will certainly help more people to get interested and join the crypto space.
• Its easy to set up and does not require any IT infrastructure and only the Wallet app is sufficient to manage it easily.
• India is a growing market in smartphones and this is also an opportunity to bring them to the cryptocurrency sphere.
• STEEM has an advance over here and it can get certainly be a great option for merchant payment because of free and fastest transaction processing however even bitcoin is not that much easy because the majority of people would not like to pay for transaction fee.

I working on a plan to own business in the next few years once I have then I will surely consider an option to offer crypto payment. The Crypto payment option will give a boost to mass adoption and its going to help price hike as well.

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This is my submission for My Favorite Cryptocurrency – How Can We Get Businesses to Accept as Payment? by @steemitblog @steemcurator01, @steemcurator02 . Steemit team is working hard and doing great work to bring such great challenges.

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Thank you so much.

Have a great weekend.

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