• Mon. Mar 4th, 2024

Mexico Retail Store Now Accepts Bitcoin Payments

Dec 17, 2021

Mexico retail store, Elektra, has become the first to accept crypto payment for its goods. Ricardo Salinas announced on his Twitter handle that his store will henceforth accept BTC payments.

Elektra even went further to offer some incentives on BTC payments. According to the company, customers who use the flagship crypto to purchase goods at the store will get a 20% discount. This news comes when the crypto market is experiencing some ups and downs.

How Elektra’s BTC Payment Works

Elektra collaborated with prominent crypto payment service provider BitPay to integrate BTC payment. Customers will use BitPay to process their crypto transactions. 

Given the volatility of Bitcoin, the retail company stated that any return of purchased goods paid using Bitcoin would result in a refund paid in Mexican Pesos equivalent to the amount paid during the initial purchase. It will happen independent of BTC’s value during the refund.

Elektra also outlined the risks involved with cryptocurrency. The company noted that the security of the wallets and the access would be the owner’s responsibility. It added that the company would not be held accountable for anything wrong.

Elektra’s Owner Is a Pro Bitcoiner

Ricardo Salinas may not be a popular name in the world of crypto, but the businessman is a Bitcoin advocate who surely knows his way in the industry. Elektra isn’t the only company he owns to accept Bitcoin in Mexico.

In June, Ricardo disclosed that his bank Banco Azteca would accept the flagship crypto and be the first North American nation to do so. The man holds a large quantity of BTC. He once claimed that Bitcoin is crucial and that everyone should have it in its portfolio. He added that it is an asset of international repute, with considerable liquidity globally. 

This year, several companies have integrated BTC payments. United Wholesale Mortgage stated that it would integrate Bitcoin to its payment methods for home loans before 2021 ends, making it the first in the housing industry to leverage on crypto for payments.

Tesla, the electric automobile company owned by the world’s richest man Elon Musk, once accepted BTC payments. However, the billionaire ended support for the crypto, citing the high amount of energy used in minting it as the reason. 

Musk outlined the environmental impact of mining BTC and started advocating for green energy use. He, however, said that Tesla would begin accepting Bitcoin when more than 50% of its output is mined through sustainable and zero-carbon energies.

Bitcoin shot up to $49k after the Fed’s announcement on unchanged interest rates. However, it couldn’t sustain the momentum, falling back to below $48k as of the time of this publication. With BoE altering interest rates, experts speculate that Bitcoin will drop further. Traders are hoping the reverse becomes the case.

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