Elektra already accepts payments with bitcoin: purchases with cryptocurrencies arrived in Mexico, this is all you need to know

Elektra It already allows you to pay with Bitcoins the products of your store. The company broke the news with an announcement on its Web page where it details that cryptocurrencies can be used and also for a limited time make use of an additional 20% discount which is available until the end of December.

To do so, the company partnered with BitPay, a company incorporated in the United States to be able to process payments of cryptomones.

This is how the process works

According to the company itself, the first thing we should do is select some product from your microsite that can be paid with cryptocurrencies, enter our data, shipping address and then select the payment option with Bitcoin, for which we will have to Accept the terms and conditions of BitPay.

This is what the new payment option looks like

After this step the page will show us a window where it will confirm the creation of the order and give a margin of 15 minutes to make the payment with a quote (at a fixed price) of bitcoin.

Here we will be shown a series of instructions to do it, where we can scan a QR code with our smartphone and enter the amount of the purchase or copy and paste a BTC address in our Wallet and the total price in Bitcoin.

Buy Bitcoin Electra

These are the two payment options that Elektra allows

Once we go from this window we can go to the section of “My orders“where we can see its status and what it should show as”Processing payment“And if we go into the details like”Waiting for payment validation“.

If the transfer is successful, the user will receive a notification that this was successful and the products will be considered as paid, continuing with the normal process that with other forms of purchase. If this transaction is not confirmed, it will be considered unsuccessful and can be started a new purchase process with another quote which may vary from the one previously created.

Other additional considerations

Elektra also mentions in her Terms and Conditions that in case you decide to use this method, a mining commission is included that also will be indicated in the corresponding quote and that there is no other way than with BitPay to be able to make payments.

Btc Mining

It is necessary to mention that when using this purchase method you should wait for the transaction confirmation process to be carried out, which can take from minutes to two hours, but in the vast majority of cases it should not last less than an hour.

In addition, in the event that a cancellation or return is requested, the user must be aware that the reimbursement of mining commissions will not proceed indicated in the quotation.

What does Banxico say about it

Bank of Mexico still does not have specific official communication about Elektra offering products in purchases made through bitcoin. Banxico’s previous rejection of virtual assets occurred when Ricardo Salinas Pliego said that Grupo Salinas bank Banco Azteca would soon accept bitcoins. Just one day later, Banco de México issued a statement saying that “Financial institutions that carry out and offer operations with so-called ‘virtual assets’ without authorization would be in breach of regulations and will be subject to applicable sanctions.“.

Banxico

But Elektra, it is clear, is not a financial institution. It is a commercial chain. Perhaps in the same spirit of not being reached by Banxico’s communication, Elektra includes in its terms and conditions regarding payments in bitcoin that “Elektra Com does not provide the user with the means for the user to be able to safeguard, store or transfer cryptocurrencies, since Elektra Com only makes available to the user a Payment method with Bitcoin, which is processed solely and exclusively by Bitpay.“.

Even in the terms and conditions it is read that “Payment with Bitcoin is not, nor can it be understood as sending remittances, transfer of funds, exchange of virtual assets, or purchase or sale of virtual assets“.

In other words, Elektra is being emphatic that the cryptocurrency service is offered by a foreign company, and that the commercial chain, although it has the current offer in which it sells products in exchange for a virtual asset, the transfer of the virtual asset does not happen with ElektraAnd by the way, neither with Banco Azteca.

Photo: Icarus Messiah

We want to say thanks to the writer of this short article for this outstanding content

Elektra already accepts payments with bitcoin: purchases with cryptocurrencies arrived in Mexico, this is all you need to know

Dispensary Business News