Sunday, May 26, 2019

Using Cryptocurrency As Payment Means For Goods Across Borders

Business

As per trusted sources from Bitcoin news, things are now getting better and better for cryptocurrency and blockchain technology. Over time, the crypto assets have now started applying in the everyday lives of the people. More innovative and technologically feasible ideas are getting unraveled and people are getting stunned on seeing such a good growth of cryptocurrency and how much potential the blockchain technology holds.

Using Cryptocurrency in Making Payment for Goods

As per the sources, it has been reported that Bitcoin was used in the Argentina-Paraguay border and other crypto currencies are also being used in making several transactions. For the first time in the history of cryptocurrency transaction, crypto coins are being used to make payment for goods exchange between the borders. For the past few years, continuous efforts are being made in order to incorporate this cryptocurrency in the international market business but there was no success. Many companies have already laid their plans in the past and some of them are still in pipeline, however, the trade paid through Bitcoin between Argentina and Paraguay can be considered as successful.

The trade between Argentina and Paraguay involves the export of pesticide and some fumigation products. The goods worth of 7,100 USD in crypto coin, Bitcoin was agreed between both the parties. With the help of crypto firm Bitex, the equivalent amount of Bitcoin got converted to Argentina pesos. In that region, Bitex is considered to be the largest firm for crypto exchange. It has made international trade easier, cheaper and faster. The conventional way of payment charged a substantial amount of percentage fee.

Market Analysis of Bitcoin Price

As per the market analytical chart, the BTC price has seen some hike of 0.10% and it has marked at 3,822.11 US Dollars.

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