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Terra Exports accepting cryptocurrency payments

Terra Exports accepted its first Bitcoin transaction in early November this year, when a customer in Singapore casually mentioned they were looking into using cryptocurrency at a business level. Terra Exports was happy to accept payment in Bitcoin, and was excited to learn more about this new form of currency in the process.terra

“We’re all about entrepreneurial thinking and embracing change, so if that means we need to innovate on how we get paid, we are happy to do it,” said Nils Goldschmidt, president of Terra Exports.

Since then, Terra Exports has received Bitcoin payment in three other occasions from customers both in the United States and in India.

“Personally I see cryptocurrency as a game-changer that’s here to stay, and what our customers need today," said Goldschmidt. "Our role as Terra Exports is to simplify and stream-line our customers’ purchasing needs, so they can in turn focus on what really matters to them. If accepting Bitcoin facilitates this, then we are happy and proud to say we are already making it happen.”

Terra Exports does a significant amount of its business with China and India. While it is aware Bitcoin is taking off significantly in both countries, it is not making it a point to switch entirely to cryptocurrency. Offering the ability to be paid in Bitcoin goes hand in hand with the company’s entrepreneurial vision, but it’s not something it is pushing onto customers.

When asked about the currency’s stability, Goldschmidt said, “I’m not nervous about a bubble at all, because we’re not holding the coin and speculating — that’s not our business. As soon as we receive payment, we convert it to USD immediately and deposit the funds into our bank account. While we’re all about embracing change and innovation, we’re also quite risk-averse and fiscally conservative.”

Terra Exports is using the currency as the mystery founder of Bitcoin, Satoshi Nakamoto, originally envisioned and published in 2008, describing Bitcoin as “a peer-to-peer electronic cash system,” an “electronic coin” that would replace money transfers that are currently controlled by the financial system.

“Accepting Bitcoin has really forced us to take a crash course on the entire crypto phenomenon, so if anything I can say we’ve learned a ton during the past few months," said Goldschmidt. "It has also helped our team reinforce our philosophy that we embrace change and enjoy the process. As far as our future goals, we will continue to accept payment in cryptocurrency as long as our customers require it.”