Mercado Libre Brazil will be able to accept payments with cryptocurrencies in its digital platform, thanks to an alliance with BitPay.
Despite the collapse of Bitcoin prices in recent days, it was announced that the renowned online buying and selling platform, in its Brazilian section, Mercado Libre Brazil, has partnered with BitPay so that users of this platform can purchase and sale their goods using cryptocurrencies.
One of the main disadvantages and problems for cryptocurrency users is that Bitcoin is an asset which is certainly difficult to use to make small purchases of goods.
In the market there are no large varieties of stores that accept cryptocurrencies as a payment method and many times users only have these assets to generate profits. Then, they must exchange them for fiat currency to execute operations such as purchase of goods and services. Among these things and the fact that it is also difficult to make a financial investment with this asset, slows the growth and adoption of cryptocurrencies.
It is important for Bitcoin to acquire the most important power that a currency must have and it is the action of being used for the purchase of services or products.
Due to these difficulties about exchanging cryptocurrencies for goods and services, the Bitcoin application BitPay emerges. It is a tool that allows cryptocurrency users, especially those who use Bitcoins, to use the asset with the aim to buy products and services simply, quickly and safely.
As the traditional payment system establishes, the customer who wants to pay for a product or service using BTC should only have the debit card granted by BitPay and use it in a special point of sale for these assets. Thus, the money in Bitcoin is discounted from the client’s wallet.
The Bitpay agreement with Mercado Libre Brazil
For the subsidiary of Mercado Libre in Brazil, this agreement represents an important advance in the development of new technologies. In this way, it is something very important for a traditional trading platform such as Mercado Libre.
Like the agreement that BitPay has with Amazon, which is about cryptocurrency payment methods within its web platform, the process will work in a similar way with Mercado Libre Brazil.
That is, users who are interested in buying with BTC can do so from the website without any problem. They can also purchase Gift Card from the web platform. The value of this tool will be adjusted to the current conversion of the cryptocurrency and thus define the amounts of the Gift Cards.
It is known that, in addition, the money for the user to pay can be added to the platform. It would be as a kind of warehouse for cryptocurrencies. At the beginning, users would be able to use BTC and BCH on the platform. Also, it is expected that the offer can be extended to another digital currency like ETH.
The use of this tool on an important platform such as Mercado Libre makes the tool an option that accelerates and facilitates the future of the crypto-industry.
By María Rodríguez