Hashing for Hash: Canadian Hydro Equipment Firm to Accept Cryptocurrencies

As digital coins are becoming mainstream, Canadian hydroponic growing equipment vendor GrowKit is now accepting multiple cryptocurrencies as payment.

According to its website, it accepts payment in Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and other unspecified cryptocurrencies too.

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It has not integrated a crypto payment gateway like Bitpay for cryptocurrency Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term - customers have to email the GrowKit team to get the merchant's wallet address for sending cryptocurrency payments.

Created in March 2017, GrowKit is the brainchild of a 20-year-old Canadian student who started selling indoor plant growing components after finding it difficult to grow vegetables outside. The site currently lists tents and LEDs required to set up an indoor plant growing environment.

The Toronto-based company works as the Canadian distributor of hydroponic growing equipment manufacturers based in Australia, the UK and the USA. It ships all over Canada.

With the rising popularity of Bitcoin in 2017, a large number of online and retail businesses have started to accept major cryptocurrencies as payment. From US online bullion giant to Japanese car dealership, many mainstream businesses have now integrated Bitcoin into their payment systems.

Global payment giants are also partnering with Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term firms to provide cryptocurrency-based debit cards. These cards come in very handy as they are accepted by all merchants that use the gateway. Recently, credit card giant VISA launched debit cards leveraging Bitcoin Cash and a few other cryptocurrencies.

For e-merchants, platforms like Bitpay and Zotopay are also constantly developing integration support for emerging cryptocurrencies. These payment platforms are making it easier for merchants to accept and clear crypto payments.

But recently, the online gaming platform Steam has stopped Bitcoin as a payment option, citing the volatility of the coin.

Though soaring prices are luring people into the crypto world, they also present a major challenge when it comes to acceptance as a payment option. Bitcoin also has other issues with its network, like small block size and hefty transaction fees, which make it challenging to accept as payment. Blockchain firms like Ethereum and even Bitcoin’s own fork Bitcoin Cash are developing more scalable and sustainable networks to overcome these issues.