Topic: A supermarket in Mexico now allows Bitcoin payments for all their items - page 4. (Read 905 times)
December 24, 2021, 12:10:41 PM
The bad mindset of some wanting bitcoin down just can't happen because the adoption keeps spreading and advancing. Bitcoin is undoubtedly too late to put a stop to.
December 24, 2021, 12:06:55 PM
Apparently, the idea is not to stop here. I’ve been going over a twitter thread of his on the topic (see https://twitter.com/RicardoBSalinas/status/1471563667439120384), and when being asked about payments using the Lightning Network, Salinas said that it’s planned for Q2 2022 (see https://twitter.com/p_n_rodriguez/status/1471566879902908416).
Salinas also answered affirmatively to a question regarding whether Elektra was going to hold BTC on their balance sheet (see https://twitter.com/Mgsmith4Smith/status/1471569767337054212 and https://twitter.com/CGDMedici/status/1471576030162956294).
Salinas also answered affirmatively to a question regarding whether Elektra was going to hold BTC on their balance sheet (see https://twitter.com/Mgsmith4Smith/status/1471569767337054212 and https://twitter.com/CGDMedici/status/1471576030162956294).
Ahh cool,
That means Ricardo is planning to improve the Bitcoin payment system at his store for the long run.
As you said before, he invested 10% of his liquid portfolio to buy Bitcoin last year at this time, Q4 of 2020, right?
Now, I'm 100% sure Ricardo is guessing another mega bull run like Q4 of 2020. He is planning to open LN channel cause he truly wants to adopt Bitcoin payment gateway for both big & small purchases. I think those limitations about using promo will be reduced in the near future and they will open Bitcoin payments for all products in his store.
December 24, 2021, 10:21:31 AM
Apparently, the idea is not to stop here. I’ve been going over a twitter thread of his on the topic (see https://twitter.com/RicardoBSalinas/status/1471563667439120384), and when being asked about payments using the Lightning Network, Salinas said that it’s planned for Q2 2022 (see https://twitter.com/p_n_rodriguez/status/1471566879902908416).
Salinas also answered affirmatively to a question regarding whether Elektra was going to hold BTC on their balance sheet (see https://twitter.com/Mgsmith4Smith/status/1471569767337054212 and https://twitter.com/CGDMedici/status/1471576030162956294).
Salinas also answered affirmatively to a question regarding whether Elektra was going to hold BTC on their balance sheet (see https://twitter.com/Mgsmith4Smith/status/1471569767337054212 and https://twitter.com/CGDMedici/status/1471576030162956294).
December 24, 2021, 09:52:47 AM
This is how One day, the whole world will accept bitcoin. Everywhere we go, every grocery store, every payment section, we will see bitcoin payment options like our currency, and they will not ask for money; instead, they will simply say "please pay with bitcoin," or the customer may request the bitcoin QR code.And I believe that this will happen, guaranteed. We just have to wait for that day. I know it will take time, but it will happen. And the bitcoin price that day, you can't even imagine it.
December 24, 2021, 09:52:29 AM
This is really amazing. The 20% extra discount for BTC payments is what really excites me. They are basically encouraging people to use bitcoins which is indeed a good thing.
I wish I could get this offer at a store in my location. I would be more than happy to use bitcoin payments.
Although bitcoin is currently being used more like an investment to make profits it's main motive was to be used as a P2P payment method.
Keeping that in mind and having most of my money into crypto I would choose BTC to pay and receive the extra discount.
May be I would buy that particular amount of BTC back and be happy with the 20% discount.
I wish I could get this offer at a store in my location. I would be more than happy to use bitcoin payments.
I don't even believe in a rare case of bitcoin payment in a Mexican supermarket because bitcoin's current default function is no longer in the sense of payment, it is in the sense of future and investment, a user who owns bitcoins cannot be without such rudimentary updates and based on the theory that everyone knows what they are using, plus a greedy personality and aversion to losses, spending in the country's currency will have absolute frequency while bitcoin is kept at zero. Such a supermarket is just a marketing skill, bring noise in the community to gather consumers
Although bitcoin is currently being used more like an investment to make profits it's main motive was to be used as a P2P payment method.
Keeping that in mind and having most of my money into crypto I would choose BTC to pay and receive the extra discount.
May be I would buy that particular amount of BTC back and be happy with the 20% discount.
December 24, 2021, 09:48:00 AM
Great to see more countries opening doors for bitcoin and now we have Mexico registering its support for cryptocurrencies which is a big thumbs up! Am just hoping that the government does not bring laws that will try to suppress this technology in the long term when people keep showing interest for bitcoin and other digital currencies.
December 24, 2021, 09:41:47 AM
Great to hear this kind of news as usual. They might have their own ulterior motives behind this scheme, but I am just happy that BTC adoption keeps rising slowly and steadily which is what primarily matters at the end of the day.
The payment speeds could trouble them, but the fees aren't really an issue anymore unlike ETH fees which are still horrendous currently.
It is hardly worth agreeing that Bitcoin's transaction speed and transaction fees suit everyone. But the decision to accept bitcoin as payment for goods and services is one thing, but whether there will be many who want to pay with bitcoins is another. I would like to know how often citizens will pay with bitcoins in this trading establishment in Mexico. I think there will be few of them. After all, bitcoins are mainly bought in order to have a profit some time after the growth of their price.The payment speeds could trouble them, but the fees aren't really an issue anymore unlike ETH fees which are still horrendous currently.
December 24, 2021, 09:35:36 AM
How I wish we could all see that here in the Philippines and the rest of the world. I had envisioned that one day it’ll happen here in our country. There was a time before the pandemic began, I had proposed to my dad that we would accept crypto payments for his planned milk tea business. However, he was still skeptical and just stick to his own plan. However, the milk tea business he planned backfired due to various circumstances.
I don’t really wish to start my own small traditional business, but I really want to see these businesses like supermarkets, grocery stores, convenience stores to start accepting cryptocurrency payments here now and then.
I don’t really wish to start my own small traditional business, but I really want to see these businesses like supermarkets, grocery stores, convenience stores to start accepting cryptocurrency payments here now and then.
December 24, 2021, 09:15:35 AM
A great idea to force costumer to use bitcoin as well. Lol and for sure it will spread within the country wherein so on some stores will adopt bitcoin because of that reason. that's what it is, i mean that's how the adoption start as it will become the common way when it come paying bills and etc. Big thumbs up to them.
December 24, 2021, 09:04:19 AM
Elektra Mexico belongs to Ricardo Salinas, whom, at least a year ago, was the second richest person in México, and apparently had, at the time, 10% of his liquid portfolio (not total portfolio) invested BTC. That probably accounts for part of the motivation for accepting bitcoin at his stores.
So, he invested in Bitcoin last year! very brave and yummy!! maybe this early bird is able to catch the right song of institutional investment.
Last year the height price of Bitcoin was $29K. MicroStrategy invested in August and then TESLA, after their announcement the price jumped to $29K in a sudden, many people thought $29K
is the limit of Bitcoin and max it can go $30k for a little while. But still, I can remember BTC has made new ATH in every week during Q4 of 2020 and Q1 of 2021. Investors at that time had passed a glorious moment.
Now we are in the exact same time when BTC was pumping last year. So, the expectation is high, maybe he guesses something that's why he open Bitcoin payment at his stores.
December 24, 2021, 12:48:31 AM
Elektra supermarket in Mexico recently started accepting Bitcoin payments and is encouraging their clients to do so, as they offer a 20% discount when paying with it (until end of the year).
THAT is the best incentive to convince HODLers/Bitcoin users to spend their coins. Because if it isn’t used as a censorship-resistant, peer to peer tool to buy Heroine from the Dark Markets, what’s the use? HODLing Bitcoin will be better, and use fiat where it can be used.
December 23, 2021, 07:00:30 PM
Elektra supermarket in Mexico recently started accepting Bitcoin payments and is encouraging their clients to do so, as they offer a 20% discount when paying with it (until end of the year).
Here's the promo banner (in Spanish):
-snip-
Now people in Mexico are able to buy groceries, and retail in general using Bitcoin directly.
An interesting thing to consider is that the parent company, Grupo Elektra, has operations in these countries: Mexico, US, Guatemala, Honduras, Peru, Panama, and El Salvador.
source: https://en.wikipedia.org/wiki/Grupo_Elektra
That means that they already accept Bitcoin directly from at least 2 countries: Mexico, and El Salvador. Some of the other countries in that list could potentially be the next one.
Good initiative by them. They are aware that bitcoin has a huge potential to attract more users eventually. Giving a huge 20% discount on top of that means that they are actually serious about accepting bitcoin and wants more user to use it. I am sure more online stores and shops will eventually follow the same step.Here's the promo banner (in Spanish):
-snip-
Now people in Mexico are able to buy groceries, and retail in general using Bitcoin directly.
An interesting thing to consider is that the parent company, Grupo Elektra, has operations in these countries: Mexico, US, Guatemala, Honduras, Peru, Panama, and El Salvador.
source: https://en.wikipedia.org/wiki/Grupo_Elektra
That means that they already accept Bitcoin directly from at least 2 countries: Mexico, and El Salvador. Some of the other countries in that list could potentially be the next one.
How are their customers able to pay in Bitcoin? Is there a local wallet app in the country that is popular that could be used for the grocery transactions between customers and the store? I am asking because if transactions are all done on-chain, I might end up paying a bigger amount for fees than the groceries I'm buying. I might end up paying more for my transaction to be confirmed than the packs of coffee I'm buying. Or are they possibly making use of lightning network?
They can use their own wallet. The fees right now is very reasonable and not that high at all. It would be totally worth it for them to pay the fees since they will be getting a huge 20% off. Would be an issue when the network gets congested, yeah. But I guess they will be adding more currencies soon. December 23, 2021, 04:40:54 PM
One of the benefits of bitcoin is for transactions like this. interesting to know because not many countries have implemented it and of course it will help bitcoin to be better accepted by the public. that way, bitcoin will also develop better there. many countries have accepted bitcoin but they have not been able to use Bitcoin as a transaction like this. but after this it might be possible to follow it so that people are more familiar with bitcoin but indeed this is more focused on countries that can manage and use bitcoin well. whatever it is related to Bitcoin if it makes a good impact then I'm happy to see it.
December 23, 2021, 04:38:03 PM
Elektra supermarket in Mexico recently started accepting Bitcoin payments and is encouraging their clients to do so, as they offer a 20% discount when paying with it (until end of the year).
This is a really good news, and this shows the progress of the cryptocurrency community. At first it started with bigger institutions and companies, now it’s coming down to the smaller ones and the medium businesses. The adoption of Bitcoin keeps on spreading every time, and by next year the rate of adoption would be really huge. Just like someone pointed out in the forum the other time that by next year the adoption of Bitcoin is going to be about 1 billion people.It is quite possible that we can achieve that with the rate at which the adoption is going. It's just spreading really fast, and if it should continue like this, then the rate of adoption should be very much higher by 2022. I really can’t wait to see the much progress.
December 23, 2021, 03:12:18 PM
~snipe~
Fortunately these are the few that would enjoy the good decisions they make today in the later feature and raise questions in the minds of other competitors on how they got to grow so fast in the space of few years. This is because, there is a possibility of hodling while the profit keeps multiplying as bitcoin appreciates.It's certainly some good news to every crypto enthusiast and Mexicans who are looking out for some way to spend there bitcoin and feel the currency vibe of it. Its cool, hopefully others would learn.
December 23, 2021, 02:58:24 PM
Great to hear this kind of news as usual. They might have their own ulterior motives behind this scheme, but I am just happy that BTC adoption keeps rising slowly and steadily which is what primarily matters at the end of the day.
The payment speeds could trouble them, but the fees aren't really an issue anymore unlike ETH fees which are still horrendous currently.
It is hardly worth agreeing that Bitcoin's transaction speed and transaction fees suit everyone. But the decision to accept bitcoin as payment for goods and services is one thing, but whether there will be many who want to pay with bitcoins is another. I would like to know how often citizens will pay with bitcoins in this trading establishment in Mexico. I think there will be few of them. After all, bitcoins are mainly bought in order to have a profit some time after the growth of their price. The payment speeds could trouble them, but the fees aren't really an issue anymore unlike ETH fees which are still horrendous currently.
December 23, 2021, 02:28:31 PM
Elektra Mexico belongs to Ricardo Salinas, whom, at least a year ago, was the second richest person in México, and apparently had, at the time, 10% of his liquid portfolio (not total portfolio) invested BTC. That probably accounts for part of the motivation for accepting bitcoin at his stores.
The important thing though is to distinguish the promo from the form of payment per se. The promo does have some limits as mentioned previously on this thread, but I figure payment with bitcoin on any other item is less constricted (some products are off-limits to payments in BTC as per their TOS).
The important thing though is to distinguish the promo from the form of payment per se. The promo does have some limits as mentioned previously on this thread, but I figure payment with bitcoin on any other item is less constricted (some products are off-limits to payments in BTC as per their TOS).
December 23, 2021, 01:54:11 PM
I have always said that if someone wants to offer Bitcoin as a payment option, then they have to give some incentive to get people to pay with it. The 20% discount is a very good incentive for people to pay with Bitcoin, so adoption will grow very quickly. 
I hope this will flow into adoption in other countries too, because El Salvador has sparked a new revolution ...and if they are successful.. then other countries will follow their example.
I hope this will flow into adoption in other countries too, because El Salvador has sparked a new revolution ...and if they are successful.. then other countries will follow their example.
December 23, 2021, 01:37:39 PM
If you ask me I would say there are much more places where you can use your bitcoins to buy stuff some of them are online and easy to find and access for many people but others are offline and traditional shops where they use many possible methods to accept and allow using bitcoin for their clients because the huge demand from people who are looking to spend their bitcoins directly instead of exchange it to other currencies in the other hand this can be profitable for the marketplace to do not get tracked by the government and pay less tax to them.
December 23, 2021, 01:26:06 PM
Hey!
Am I the only one to think the following:
Since BitPay requires a KYC verification, who's interested to send the personal documents to verify the ID? And to do this, just to pay a retail store? Only a few. On top of that, not everything can be paid with BTC?
There are already more and more people who refuse to finalize their online purchases when they see Bitpay, so imagine IRL...
Not only you, many users especially gamblers, whose money came from sports betting or online casions do not like to share their personal Identity to 3rd party organizations. Am I the only one to think the following:
Since BitPay requires a KYC verification, who's interested to send the personal documents to verify the ID? And to do this, just to pay a retail store? Only a few. On top of that, not everything can be paid with BTC?
There are already more and more people who refuse to finalize their online purchases when they see Bitpay, so imagine IRL...
Personally, I do not like to verify KYC. But Bitpay is good, they work as an escrow service, Sometimes we have to use such types of services.
Its target is people with a low income. If they have no money basically, what makes you think they suddenly will have money to buy BTC?
They don't have to buy suddenly. Poor or rich everyone has a savings account to save money for the future, so they can buy Bitcoin occasionally instead of gathering money in a bank account.Sound attractive on the paper, but in reality not so much and rather not very convenient for everyday life. It smells a future flop.
It's like going to the bakery and being asked for your ID card if you want to pay in BTC. You can pay for the bread with BTC but not the cakes and pastries.
It is an initiative, maybe it will develop more in the future and KYC requirements should be terminated for small purchases. It's like going to the bakery and being asked for your ID card if you want to pay in BTC. You can pay for the bread with BTC but not the cakes and pastries.
Jump to: