Rakuten allows its users to charge their Rakuten Cash balance with Bitcoin and other cryptocurrencies, which will allow its user to purchase goods and services in-store and online at Rakuten Point Card affiliate stores all over Japan, and Rakuten Pay.
In this article, we have arranged an enlightening discourse on Does Rakuten Accept Bitcoin?
How to use Bitcoin with Rakuten
Rakuten users can now use their Bitcoin to make purchases on Rakuten. This opportunity for a virtual money payment option has broadened the way customers can easily and seamlessly make payments for goods and services available on and with Rakuten.
Several requirements need to be met before a customer can purchase goods and services on Rakuten using a Bitcoin charge. These requirements include:
• The customer must be a Rakuten member
To be able to access Rakuten’s virtual money payment option, you must first be a member or join its membership. To join Rakuten’s membership, you must pay nothing as Rakuten has no membership fee.
You can easily register as a Rakuten member on their website by creating an account with it or using your Facebook or Google account to Sign up with it. As a new member, you get a Signup bonus of $20.
• The customer must own a Rakuten wallet account
As a Rakuten member, you are also required to have a Rakuten Wallet account for making purchases with Bitcoin charges on Rakuten.
Rakuten wallet is a virtual currency transaction service that allows users to trade Bitcoins and other cryptocurrencies (Ethereum and BTC Cash) and exchange those currencies for Rakuten Cash and Points. This is the only means allowed by Rakuten to charge your Rakuten cash with your Bitcoin to make payments and purchases on its platform.
• The customer will have to convert the Bitcoin to Rakuten Cash
A Rakuten member with a Rakuten Wallet account will have to use their Bitcoin to charge their Rakuten cash balance. Rakuten Cash is the online e-money created by Rakuten for users’ payment purposes on Rakuten Payment and at Rakuten Point Card affiliate stores.
Customers cannot directly make payments with Bitcoin to purchase goods and services; rather, they will have to use their Bitcoin on their Rakuten wallet to charge their Rakuten cash balance to make purchases with Rakuten.
• Rakuten allows users a range of amounts to be charged to their Rakuten cash balance
A Rakuten member who seeks to use their Bitcoin for goods and services payment on Rakuten will be required to charge their Rakuten Cash balance with a minimum of 1000 Japanese Yen ($7.63) and a maximum of 100,000 Japanese Yen ($763.20) per month with Bitcoin from their Rakuten Wallet.
Benefits of charging Rakuten Cash balance with Bitcoin
Rakuten gives its users some benefits when they charge their Rakuten Cash balance with Bitcoin from their Rakuten Wallet account. Some of those benefits include:
No handling fee
Customers are billed $0 for charging their Rakuten Cash balance with Bitcoin from their Rakuten Wallet. This is not limited to time or amount. Any amount between 1000 JPY and 100,000 JPY will require no fee to charge your Rakuten Cash balance.
Rakuten Points on-charge benefits.
Rakuten awards users some Rakuten Points when they charge their Rakuten Cash balance with Bitcoin. This reward varies depending on the amount charged into the Rakuten Cash balance by the user. Rakuten Points can be redeemed by users and used to make purchases on Rakuten platforms. 1 Rakuten Point is equal to 1 Japanese Yen.
The cons that come with charging your Rakuten Cash balance with Bitcoin
Charging your Rakuten Cash balance with Bitcoin comes with some unpleasantries or disadvantages, too, some of which include:
Cryptocurrency fluctuation
This is the danger & disadvantage that comes with Crypto exchange. Due to the unstable nature of virtual currency (of which Bitcoin is one), when you charge your Rakuten Cash balance with Bitcoin from your Rakuten Wallet, there is a chance that the amount of Bitcoin charged might reduce when it reflects on your Rakuten Cash balance.
Charge range limit
Users who seek to charge their Rakuten Cash balance with Bitcoin are given a minimum charge limit of 1000 Japanese Yen, which they can’t go below, and a maximum limit of 100000 Japanese Yen, which cannot be exceeded monthly. You will have to have a substantial amount of Bitcoin in your Rakuten Wallet that can at least meet the 1000 JPY limit.
Charges cannot be made with alien Crypto wallets.
Rakuten doesn’t allow users to charge their Rakuten Cash balance with Bitcoin, using Crypto wallets that are not Rakuten Wallet. You will need to have a Rakuten Wallet account you can use to charge your Rakuten Cash balance with Bitcoin.
Conclusion: Does Rakuten Accept Bitcoin?
With a Rakuten Wallet account, you can use your Bitcoin to make payments for goods on services on Rakuten pay and at Rakuten Points Card affiliate stores by charging your Rakuten Cash balance with a minimum of 1000 JPY monthly.
Can you trade Bitcoin on Rakuten?
Yes, you can. Rakuten Wallet allows users to spot three cryptocurrencies (Bitcoin, Ethereum, and Bitcoin Cash) against the Japanese Yen. You can buy and sell Bitcoin on your Rakuten Wallet, which will be measured with the Japanese Yen.
What can you use your Rakuten Points for?
After receiving your Points, you can redeem them and use them for purchases on Rakuten products and services. The Rakuten Point value is equal to the value of the Japanese Yen, where 1 Rakuten Point means 1 Japanese Yen.
