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Does Alibaba accept Bitcoin?

alibaba accept bitcoin

January 26, 2021 | 

JOHN K MWANIKI |  0 Comments| 

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Cryptocurrency payment solutions offer businesses various benefits. Such companies have systems in place that accept payments from any country in exchange for goods and services. They also ensure fast and secure transactions owing to the nature of the blockchain technology. Another advantage is its low and fixed transaction fees. These fees are a lot cheaper than those offered by banks, making it cheaper for both the buyer and seller. With these cryptocurrency payment solutions, crypto automatically converts into fiat currency. In turn, merchants can avoid the volatility of the crypto market. But, not all of them provide this automated service.

Bitcoin is the most popular cryptocurrency in use since its start. Due to the widespread acceptance of bitcoin and other cryptocurrencies, many businesses have begun accepting bitcoin payment services. You can now shop on your favorite online store on Amazon using bitcoin like you would when using a credit card. But, does Alibaba accept bitcoin?

Alibaba Group has not yet adopted cryptocurrency payment methods. While other e-commerce giants like Amazon and PayPal have embraced digital cash, Alibaba does not seem to do so anytime soon.

Why doesn't Alibaba accept bitcoin?

Not only is Alibaba an e-commerce website, but it is a holding company for 13 subsidiaries. Its subsidiaries include a football team in Guangzhou and the main e-commerce site. The founder of Alibaba, Jack Ma, has referred to bitcoin as a bubble. He also stated that the company would not use cryptocurrency anytime in the future. At the moment, online shoppers use Alipay to buy goods and services from merchants on the site. Yet, there have been speculations that the company has been looking into blockchain technology.

Alternatives to using bitcoin payments on Alibaba

As mentioned earlier, Alibaba does not accept direct bitcoin payments. But, there are ways that you can use bitcoin to buy various items on the platform. They include:

1. Through bitcoin debit cards

You can buy goods and services on Alibaba using bitcoin debit cards. You can do this by funding your debit card using bitcoin. In turn, your card provider will convert the digital coin into fiat currency when you make a buy. Depending on your bank and preferred currency, this option should be available on the checkout page. 

2. Using gift cards

You can also buy goods from Alibaba using gift cards obtained through bitcoins. This is possible through various platforms, like Purse.io. But, few merchants on Alibaba accept gift card payments.

Usually, a buyer chooses their preferred product from Alibaba and the desired discount. The order goes in the order book for various levels of earners to view and fulfill it. Upon fulfillment, the earner receives Bitcoins while the online shopper receives the Alibaba gift card. The discounts offered vary between 5% and 33%. Also, an earner fulfills an order faster when the discount the buyer requests is less. 

There are different earner levels available on the platform. Those that can receive orders of lower discount requests are on higher levels.

Which other e-commerce platforms accept bitcoin payments?

Although Alibaba does not accept bitcoin payments, other major e-commerce giants do. More so, the nation of Japan has officially recognized it as a mode of payment, with more than 250,000 vendors and food stores accepting it. So, let us see which e-commerce giants have embraced this digital token world.

1. PayPal Holdings, Inc.

As one of the largest online payment platforms, PayPal Holdings, Inc. offers crypto enthusiasts a chance to buy goods using digital currency. The company announced that moving towards digital payment methods is inevitable. These methods aid with financial inclusion, speed, and efficiency. As a result, its 26 million merchants can convert crypto into fiat currency at the current Pay Pal rates. Upon conversion, the merchant receives the balance in their bank account or digital wallets.

Account holders can also buy, sell, and hold various cryptocurrencies using the platform. They store them in their PayPal digital wallets. Upon its grant of a conditional Bitlicense by NYDFS, PayPal account holders in the U.S have access to this feature. PayPal also offers its users educational content to better understand the world of crypto and the opportunities available.

2. Overstock

Early 2014, Overstock became the first major online retailer to accept bitcoin payments. Through Bitpay's payment services, crypto enthusiasts can buy various household goods and furniture. Also, Overstock not only allows bitcoin and other crypto payment methods, but it also allows its users to hold it. 

3. Shopify

Shopify is a Canadian multinational e-commerce giant that easily allows any business to create an online store and retail point-of-sale. As of late 2013, the e-commerce giant allowed its users to pay for services using bitcoin. As a result, many online merchants allow their customers to pay using bitcoin payments. Thus, they expand their pool of customers and improve user experience. You can also use Coinmap 2.0 to find local and international bitcoin-friendly merchants.

Will Alibaba accept bitcoin payments in the future?

Despite various speculations of Alibaba finally embracing cryptocurrency, it seems that it is not gearing up to accept bitcoin payments any time soon. But, China appears to be coming up with a new digital currency for its citizens soon. According to Bloomberg, the digital currency, backed by China, will serve as an electronic version of a coin or banknote but stored in a smartphone's digital wallet. It will be faster and easier to use. But, this digital currency has not been released. Some sources say that its rollout will begin early this year in major cities in China.

Conclusion

If you search hard enough, it is possible to spend your bitcoins anywhere these days. Even though not directly, crypto enthusiasts can still enjoy making purchases through bitcoin and other cryptocurrency payments. All in all, bitcoin's popularity continues to increase. Sooner than later, almost every company will embrace this technology.

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