A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.

There is a growing discretion on the crucial roles of cryptocurrencies. In April 2017, the total market cap for all cryptocurrencies combined was slightly higher than $25bn. The same market cap shot up by 300% and touched $100 billion within two months.

Recent Growth
Cryptocurrencies have enjoyed an enormous growth in the global markets, with Bitcoin and Ethereum leading the pack. The top five biggest currencies — Ethereum, Ripple, Litecoin, Dash, and Monero — now account for 20% of the market. The first quarter of 2017 saw dramatic price gains for the top cryptocurrencies, as the total market added nearly $7bn in value. The cryptocurrencies, with a market cap greater than $30m, saw aggressive growth during the same first quarter. Cryptocurrencies also posted a median price increase of 180.56% over the course of the quarter.

Countries like Japan recently recognized Bitcoin as a legal method of payment and have seen a huge surge in Bitcoin demand as a type of asset. The Estonian government, on the other hand, is implementing blockchain technology for healthcare, banking services, and even governance.

Due to restrictions in foreign currency remittances and allowable overseas investments, Indians did not get to trade in international financial instruments; therefore, it became a late entrant in adopting cryptocurrencies. Indians were struggling to transfer money to the overseas Bitcoin exchanges and thereby missed the Bull Run during the time when Bitcoin was rising in China. However, a demonetisation drive announced by PM Narendra Modi uplifted cryptocurrency acceptance in India.

Regulations and Legal Struggles

From June 2013, Holland gave Bitcoin the status of an item of barter meaning it needed no specific licensing or compliance requirements. Norway, on the other hand, declared at the end of 2013 that Bitcoins didn’t fall under the usual definition of money or currency and therefore made them subject to the usual capital gains tax laws. Russia at one point did not allow individuals or legal entities to use Bitcoin or any digital currency, but has recently made a change in it’s digital currency stance. In Taiwan, Bitcoin ATM installations are banned; The country does not consider Bitcoin as a currency and therefore it is not accepted by banking institutions or individuals.

However, Japan has been friendly towards Bitcoin. The country declared in March 2014 that Bitcoin should be treated as a commodity and subject to no specific laws. Japan also pushed for a reversal on the commodity taxation treatment of Bitcoin and just impose a set of taxes on certain forms of transactions. The Authority of Digital Assets was formed to provide a principle base or code of conduct format for Bitcoin only platforms. Currently, about 4,500 stores in Japan accept Bitcoin as payments.

And there are even more stores accepting Bitcoin and other cryptocurrencies around the world! Here’s just a few:

*Online and Offline Stores:

Bitcoin, as well as other digital currencies, have been added as payment options to many brick-and-mortar stores as well as online establishments with some of the world’s largest online commerce companies such as Rakuten and Overstock.com accepting Bitcoin and other cryptocurrencies as forms of payment.

Token Specific Online Stores:

Unocoin, an Indian Bitcoin exchange, has launched a ‘merchant gateway’ which enables business entities to accept Bitcoins. SapnaOnline is the first mover in this segment to accept Bitcoin in India. Bitcoin enables instant P2P transactions at Sapna Book House using a bus ticket booking portal eTravelSmart.

General Online Stores:


The American Overstock.com partnered with digital asset exchange company ShapeShift. Through this integration, any one of Overstock’s customers will now have the option of making a purchase by using any one of the cryptocurrencies available, including Ethereum, Litecoin, Dash, and Bitcoin Cash. Overstock is now the first major retailer to accept multiple forms of cryptocurrencies as payment.


Lurento is an Estonian marketplace for high-end car rentals, added Bitcoin as a payment option. Discerning travelers rent luxury and sports cars in 70 cities in Europe and pay the rent with BTC.

Octagon Strategy

OCTAGON Strategy, a Hong Kong-based commodities and digital assets trading house, took a huge step into the world of cryptocurrencies when they announced that they would formally commence trading Ethereum on it’s OTC trading desk.

Offline Stores / Brick and Mortar:


Coinify, a Danish firm, which has acquired BIPS and Coinzone, offers POS solutions for both brick-and-mortar and online stores. Merchants can get paid in bitcoin or fiat currency – or a mixture of the two – and it’s mobile app, Coinify POS, works with both Android and iOS devices. For online sellers, Coinify offers various integration tools, such as payment buttons, and  shopping cart plugins or hosted invoicing.


CoinKite offers a Bitcoin payment terminal similar to the over-the-counter chip-and-PIN terminals. This handset reads a bitcoin-based debit card, also offered by CoinKite. The handsets can also serve as a Bitcoin and Litecoin ATM, as well as offering the option to print QR codes for customers to scan with their smartphone apps.


Coinbase is another payment processor that provides a point-of-sale app (Android) for brick-and-mortar retailers. While it currently only supports US bank accounts as a funding source, it offers extensive e-commerce support. Not only does it offer an HTML code segment for easily inserting payment buttons into your website, it also provides plugins for WordPress, WooCommerce, Megento, and ZenCart.

Recruit Lifestyle

Recruit Lifestyle is partnered with the Japanese Bitcoin exchange Coincheck to enable over 260,000 retail stores to accept Bitcoin through it’s point-of-sale app, Air Regi app.

Dhaward International School

Dharwad International School in Karnataka is the first school offering a facility for using Bitcoins for their annual fees.

The Pink Cow

The Pink Cow (for dinner in Tokyo Japan) also accepts Bitcoin as a form of payment for their services.

Need More Bitcoin Accepting Merchants? Read this article by DinarDirham.

Adoption and acceptance of digital currencies as payment options with merchants online and offline are growing. Our Blockchains.my wallet is proud to be helping to move this forward, as well as aiding in instantaneous transactions around the world. We also offer a map to help you find cryptocurrency accepting merchants near you (or you can become one yourself).