Úno 14

13% Have Used Bitcoin to Buy Stuff Online: Kaspersky Labs Study

Researchers at cybersecurity firm, Kaspersky Labs say one-in-ten people have now used Bitcoin and other cryptocurrencies to make purchases online. Also, data from Bitcoin directory service platform, Coinmap shows that businesses accepting Bitcoin have surged by more than 700 percent within the last six years.


Online Retailers Accepting Bitcoin

According to a survey by Kaspersky Labs, about 13 percent of people have used cryptocurrency as a payment method. The study collected responses from more than 12,000 consumers in 22 different countries.

The results of the survey show that crypto use is still the least popular method with 81 percent of respondents saying they used credit/debit cards for online purchases. However, the implication of having 13 percent of people across multiple countries using Bitcoin is profound from an adoption point of view.

13 percent of people have used Bitcoin

Commenting on results, Vitaly Mzokov of Kaspersky Lab said:

Despite a fall in cryptocurrency prices, there is still a strong desire for digital transactions amongst consumers. Our consumer research has found that 13% of people have used cryptocurrency as a payment method, which was surprising to see.

Cryptocurrency prices fell by more than 80 percent in 2018. However, a fraction of internet shoppers seem to have no problems using virtual currencies. More importantly, online retail outlets aren’t shying away from accepting cryptos.

These results also counter the mainstream narrative that cryptos fund no utility in the online retail arena. Critics like JPMorgan would have people believe that merchants aren’t accepting BTC and crypto’s only appeal comes via risky speculative investments.

Bitcoin Acceptance Continues to Grow

Concerning the pace of BTC acceptance, data from Coinmap shows that businesses that accept Bitcoin across the globe have increased by 702 percent since December 2013.

Global Bitcoin Acceptance Heat Map

According to Coinmap, there are now 14,346 venues that accept BTC as against 1,789 recorded almost six years ago.

Coinshares CEO, Ryan Radloff, showed this massive increase in BTC acceptance over the past five years in a tweet posted on Tuesday (February 12, 2019). With increasing adoption in countries like Ecuador and Venezuela, the BTC acceptance heat map for the north of South America looks a lot different than it did six years ago.

Reports show that these avenues aren’t restricted to online shopping platforms as brick-and-mortar establishments like Montessori schools and high-end restaurants are also adopting crypto payments. In stores across the United States, Europe, and Asia, the sign “Bitcoin accepted here,” is becoming less of a novelty.

Have you used Bitcoin to pay for goods and services online? Share your experiences below!


Images courtesy of Kaspersky Lab, Coinmap.org, Twitter (@RyanRadloff), Shutterstock

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Úno 13

IMF Proposes to ‘Fork Off’ Cash From E-Money

Interest rates in many countries around the world are still languishing at near-zero levels since the last financial crash. Which doesn’t leave much space to move in the event of, say, the next financial crash. At least as far as cash is concerned. So the Intentional Monetary Fund (IMF) have been looking at solutions to make negative interest rates a viable option.


Less Than Zero

Recessions require tough measures, which has historically resulted in around 3-6 percent cut from interest base rates. But with many nations still maintaining near-zero rates from the last financial crisis, that doesn’t leave them much wiggle room.

The problem, of course, is cash, which has a lower-bound interest rate of zero by design. A negative base rate would necessitate commercial banks to either compress their margins or charge interest on deposits. And charging negative interest on deposits would likely cause a mass withdrawal of cash.

The IMF notes that:

…instead of paying negative interest, one can simply hold cash at zero interest. Cash is a free option on zero interest, and acts as an interest rate floor.

So why don’t we just get rid of cash?

Cashless Society

A cashless society would not be limited by a lower bound on interest rates of zero percent. Central banks could reduce the rate to a negative figure, forcing consumers to pay interest on deposits. This would encourage investing or simply spending money as a preferable option, boosting the economy.

ECB

But if cash exists then this cannot happen. People would simply hold cash at zero percent interest rather than paying for bank deposits in safes and mattresses.

Interestingly, countries such as largely-cashless Sweden have already pushed rates slightly below zero. The inconvenience and expense of taking out and holding large amounts of cash has deterred most depositors from doing so.

But cash still plays a significant role for payments in many countries such as Japan, Switzerland and Hungary. People kinda like the ‘P2p’ (person-to-person) nature of it.

Hard Fork

The solution proposed by the IMF would be to enact a divorce between cash and electronic money, creating two separate currencies. In doing this, a central bank could make cash as costly as a bank deposit with a negative interest rate.

Sounds great, doesn’t it? How can we make cash more costly? But it’s all to maintain the inflation target at all costs, according to the IMF. An excerpt reads:

While a dual currency system challenges our preconceptions about money, countries could implement the idea with relatively small changes to central bank operating frameworks. In comparison to alternative proposals, it would have the advantage of completely freeing monetary policy from the zero lower bound. Its introduction would reconfirm the central bank’s commitment to the inflation target, rather than raise doubts about it.

Anyway, the electronic currency (e-money) would pay the policy rate of interest (either positive or negative). Then cash would have an exchange rate to the e-money. In times of negative interest, the cash exchange rate would depreciate at the same rate as the negative interest.

Prices would be advertised separately in e-money and cash, so in terms of goods or e-money, there is no benefit to holding cash.

“This dual local currency system would allow the central bank to implement as negative an interest rate as necessary for countering a recession, without triggering any large-scale substitutions into cash,” the post reads.

Or you could always take your suitcase full of cash to a shady geezer you met on LocalBitcoins, and swap it for some shiny inflation-free Bitcoin.

IMF

Seriously. When the banks cause another financial crash, then tell us that they want to make all our money worthless. At that point, will anyone still have any faith at all left in the banking system?

It’s no wonder IMF’svery own head, Christine Lagarde, thinks fintech will “shake the financial system.”

Will central banks succeed in phasing out physical cash in the next 10 years? Share your thoughts below!


Images courtesy of Shutterstock

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Úno 12

Chinese Billionaire, Zhao Dong, Says Get Bitcoin Now ‘While No One Really Cares’

Zhao Dong, Bitcoin billionaire and one of China’s biggest OTC traders, has taken to WeChat to opine on the industry. He predicts no thaw of crypto-winter this year, but says now is the best time to stock up and hodl.


The Public Chain Alliance Crossing The Bulls And Bears Elite Team

Dong made his comments in the WeChat group for ‘The Public Chain Alliance Crossing The Bulls And Bears Elite Team’. One can only hope that sounds better in Chinese.

He said that obviously fewer people are following bitcoin now than during 2017’s bull run, hence the natural price drop. Furthermore, he suggested that these people would not start paying attention again until the price returns to tens of thousands.

For most people, if they don’t pay attention to Bitcoin now, they won’t pay much attention to most of the time, so for them, only how many tens of thousands of bitcoins will break them will be noticed again. If you and I believe in the future of Bitcoin, so it is best to hold as much as possible when nobody cares.

A Man For All Seasons (Except Autumn)

When asked about industry trends, he said that for 2019, everyone should just try to have a good winter. 2020 would bring the spring, he thought, with summer not expected until 2021. Incidentally, back in November 2018, Dong predicted a bitcoin price of $50,000 by 2021, on microblogging site, Weibo.

He explained his rationale for investing, and why to buy in a bear market, thus:

In the bull market, I don’t persuade people to buy Bitcoin, because it seems easy to make quick money but in fact it is not. Now [in the bear market], I start to talk people into buying Bitcoin.

It Was The Best Of Times, It Was The Worst Of Times

Back to 2019, Dong cautioned not to be too optimistic or pessimistic, saying that more companies and projects would die. However, he went on to say that some hope will be born of it because the next wave of projects will emerge from this period.

This, he said, would make 2019 both the best time and the worst time for entrepreneurs and investors. Despite the deaths of more companies and projects, good projects are cheaper to invest in. And entrepreneurs can take advantage of competitors at their lowest point.

Dong signed off with a simple piece of advice for investors and entrepreneurs alike:

The only thing you need is patience.

…only in Chinese, obviously.

Do you agree with Dong that patience is key? Share your thoughts below!


Images courtesy of Twitter, Shutterstock

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Úno 10

Bitcoin Pioneer: Next BTC Price ‘Act’ Will See $250K

Mark Jeffrey, author of 2013 book, ‘Bitcoin Explained Simply’, remains bullish on the future of bitcoin, despite the current climate. Drawing analogies to a supercharged dot-com boom-and-bust cycle, he predicted future growth to a price of $250,000.


Coin Wars

We may be currently experiencing crypto-winter, hodling together for warmth, but Mark Jeffery thinks this should not be surprising. The early Bitcoin-pioneer was talking on ‘The Next Billion Seconds’ podcast:

I think this is very much like the dot com boom and bust cycle that we saw in the late nineties, early 2000s

Certainly, the period in late 2017 was analogous to the early days of the dot-com boom. Eager investors, desperate not to miss out, were remortgaging their homes, just to throw the money at anything that asked.

And certainly, when investors realized they were buying into nothing more than a vague promise of something, they panicked.

The Market Strikes Back

But Jeffrey suggests that the process has been greatly compressed with cryptocurrency:

So in the dot com boom and bust cycle it was about four and a half years, maybe five years. In the crypto world, it was about a year and a half. So it was a lot faster.

Just over a year into our crypto-winter, it would be warming to see an end to it within the next six months. Whilst Jeffrey stops short of predicting when it will happen, he is confident that the current ‘dead’ period will end.

But this is not the end of the story. This is the middle part. This is the second act. The third act is return of the Jedi and we’re not there yet.

bitcoin price bottom

Return Of The Bitcoin

So we’re at the end of ‘Empire’; Bitcoin has lost its hand, and Ethereum has been captured and frozen in carbon. And of course, thousands of grunts have been slaughtered in the process.

But Amazon and Google rose phoenix-like from the ashes of the dot com boom, to become the giants they are today. And Facebook didn’t even exist at the time, appearing having already learned the lessons of the boom-and-bust.

The tokens with real value will push through, and who knows what may still appear to become the Facebook of crypto. Jeffrey insists ‘this is coming’, and stands by his early prediction of a $250K bitcoin.

We’ll know the tide has changed when the Ewoks appear.

Do you agree with Jeffrey? Share your thoughts below!


Images courtesy of Shutterstock

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Úno 10

Bitcoin and Various Altcoins Now Accepted by H&M Distributors

In its slow-but-steady crawl towards mass adoption, Bitcoin (BTC) will now be accepted at American wholesaler H&M Distributors. 


Not to be confused with the Swedish multinational clothing-retail company Hennes & Mauritz AB, H&M Distributors instead deals in cost-effective lighting — specifically, replacement ballasts, lamp holders, and accessories for lamp holders.

Though this may not be the most glorious or exciting announcement in the Bitcoin’s history of acceptance as a means of payment, it nevertheless is another brick laid on the road to mainstream adoption.

H&M Distributors will use the cryptocurrency e-commerce platform Chimpion to facilitate purchases with the market-leading cryptocurrency.

However, Bitcoin isn’t the only digital asset accepted by the company. Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH), Bitcoin Diamond (BCD), and others are also accepted. (Though, it’s legitimately difficult to imagine anyone purchasing replacement ballasts with Bitcoin Diamond.)

bitcoin accepted sign

The decision to accept Bitcoin and other cryptocurrencies comes after the company realized that the nascent asset class breaks down financial barriers (by removing the need for banks) and allows it to sell its products to a wider international market.

H&M Distributors founder and CEO Herb Needham stated in a press release:

After more than 20 years in the business, we consider ourselves experts in specialty lighting. Accepting cryptocurrency payments allows us to share that expertise with even more clients by removing many of the barriers that made it difficult to sell internationally before. What sold us was the settlement system, which allows us to convert crypto payments to a USD equivalent right away.

The press release also claims that the acceptance of cryptocurrencies allows the company to “pass on even more savings to [its] customers” by way of “drastically reduced transaction fees […] and freedom from chargebacks.”

What do you think of H&M Distributors’ decision to accept Bitcoin and other cryptocurrencies? Let us know your thoughts in the comments below!


Images courtesy of Shutterstock.

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Úno 09

CBOE and CME Bitcoin Futures See Lowest Volumes Since Launch

Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE) have seen the lowest Bitcoin futures volumes since they launched to much fanfare in December 2017. 


Battle Of The Markets

New research by TradeBlock shows that at their summer 2018 peak, combined trading volumes reached near-parity with spot trading volumes across five top US exchanges.

Bitcoin futures trading volume has fallen significantly since peaking in the summer. The latest numbers from December 2018 show the lowest volumes since the products were launched in December 2017.

What’s more, the vast majority of that volume has been through CME. Whilst the two markets were initially neck-and-neck, the gap between them has steadily widened since February 2018.

Volume grew rapidly following the products’ launch, reaching a high-point in July 2018 when it topped $5 billion. At the same time, spot trading volume was falling at digital currency exchanges in the US. Across five of the largest US exchanges (Coinbase, itBit, Kraken, Bitstamp, and Gemini) it fell dramatically, from over $20 billion, down to just over $5 billion.

Between January 2018 and October 2018, spot-trading volume fell 85%, following the general trend of the bitcoin price 00. Although volumes did start to pick up again in November and December 2018.

Back To The Futures

Meanwhile, following the peaking of the futures market in July and August 2018, volumes almost halved in September and have fallen steadily since. The exception to this was November, when volumes spiked, following volatility and a number of price crashes.

This decline in futures trading over H2 2018, coupled with the resurgence in spot trading, has seen spot trading volumes pull ahead again at the start of 2019.

But 2019 will see the launch of several new bitcoin futures products, from firms such as Bakkt, Nasdaq, ErisX, and CoinFLEX. It will be interesting to see the effect of these platforms on volumes as they come live over the next few months.

And of course, we may need to factor in the effects of volatility in price, should any also occur during this period.

Will futures volumes rebound with increasing price? Share your thoughts below!


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Úno 07

How to Accept Bitcoin Payments for Your Business

If you run a small business and want to attract more customers by offering bitcoin payments, you may be wondering where to start. Keep in mind that it’s definitely not a way of avoiding taxes. Bitcoin is simply another legal way to receive payment for goods and services. So, you’ll have to declare the payments as you would with traditional ones.


Use QR Codes or Run a Full Node

If you run a physical store, your customers should be able to pay through a mobile phone app or hardware terminal. There are several apps that generate QR codes for mobile and wallets that support QR code scanning for payments.

This makes payments much simpler as customers don’t have to enter an address. They can use a quick recognition (QR) code that is machine-readable, like a box made up of black and white squares.

If your business is web-based, you’ll need to run a full node (or ask a proficient programmer to implement one for you). This is especially important if you sell big-ticket items.

While you can use payment processors such as BitPay or Coinbase, running a full node will give you greater speed when it comes to transaction confirmations. It will also give you additional security of genuine payments with no possibility of fraud.

Hang a ‘Bitcoin Accepted’ Sign

If you’re going to accept bitcoin payments, you’ll need to let people know. This means adding a “We Accept Bitcoin” sign to your door if it’s a physical store, or to your website for online businesses.

According to a new study, more than 50 percent of retailers utilizing Square Inc.'s checkout technology would be willing to accept Bitcoin (BTC) as a form of payment.

People can then contact you for details of how to pay using bitcoin. You’ll probably find that this won’t make up a significant portion of your business just yet. However, you will increase awareness among customers curious to learn more.

Add Bitcoin Payments to Your Invoices

If you already add a line explaining what payment options are available (VISA, PayPal, etc.) you can simply add Bitcoin as well, even if customers have to contact you to find out the steps.

If you’re good at programming or know someone who is, an effective way to track bitcoin payments is to generate Bitcoin addresses and print them on each new invoice. This will cut out the customer having to contact you for the details. It will also ensure that when the payment arrives, you’ll know where it’s meant to go.

Be sure to let the customer know how much BTC to send since the fluctuations in price are likely to confuse them. While Bitcoin addresses on a paper invoice are incredibly cumbersome, according to Bitcoin Wiki, you should probably add them anyway. Most people need some kind of paper trail when it comes to accounting. Having the address will allow the customer to prove the transaction took place through Block Explorer.

If your customers are paying via your website, simply provide them with a URL to visit that displays the Bitcoin address to send the payment. If they can do this just by entering the invoice number, so much the better. They can also copy and paste the address easily.

Be sure to use a new address for each invoice–that you use only once. This way, you can keep track of who the payments are coming from and for what.

How Do You Set a Price in Bitcoin?

This is not an easy question to answer since, with bitcoin’s volatility, prices can vary on any given day, sometimes dramatically. The way most merchants manage this is to quote clients based on the current market rate at the time of the price quote to the customer. This will likely be determined by a weighted average basis of prices across multiple exchanges.

When you receive bitcoin payments, the best practice is to immediately convert it into the fiat currency you need to run your business and cover costs. Holding onto bitcoin payments can be risky. If you’re holding onto payments in the hope that the price will go up, you’re placing your business at risk and may leave yourself open to headaches from the IRS. Immediate exchanges will remove the risk of price fluctuations for bitcoin payments.

If you do want to take payments in bitcoin, check with your account first for advice on how to report them since tax compliance will vary depending on where you live. Also, there will always be some discrepancy between the price you quote and the price you receive, which may need to be accounted for in a specific way.

As a rule of thumb, however, Bitcoin payments are really just like cash, so consider how you handle cash transactions and whether you pay tax on them and do the same for Bitcoin.

How About Simpler Solutions?

As mentioned, there are easier and faster payment gateways for accepting bitcoin, but you give up full control over the transactions.

If you want to work with a payment processor but keep the benefits of running a full node, try BTCPay Server. It’s one of the best open source payment processors out there and includes an invoice API that’s compatible with BitPay.

BTCPay

You can also migrate your code base to your own self-hosted payment processor, which gives you all the benefits of running a full node with less of the hassle. BTCPay is easy to deploy via the one-click deploy on Azure.

There are further details on how to install BTCPay here. And if you’re not completely confident, simply ask a programmer for help. Either way, be sure that you run a full node for web payments unless you’re simply planning on experimenting with small infrequent translations.

What other ways can businesses start accepting bitcoin? Share below!


Images courtesy of Shutterstock

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Úno 06

Cryptocurrency Lenders Bite Back At Bitcoin Bear Market With Record Volume

Cryptocurrency loans continue to capitalize on the longest bear market in Bitcoin history, with one company generating $630 million in its first six months.


Records Not REKT

Launched as a mobile app in July 2018, the Celsius Network reported the statistics in an update February 4.

The app has seen 40,000 downloads, $50 million in coin deposits and paid out maximum interest of 7.1 percent, CEO Alex Mashinsky revealed.

“One of the most surprising trends we saw during 2018 was the resilience of our HODLer community; despite BTC and ETH losing half of their value during the second half of 2018 we saw 184 out of 191 days in which deposits outnumbered withdrawals,” he wrote.

P2P Loans

Celsius’ performance and client habits touch on a trend which has continued since last year – Bitcoin HODLers are accumulating, not trading.

While this habit has caused anxiety for some market participants such as miners, as Bitcoinist reported, the crypto consumer loans sector has seen a surprisingly strong boom.

“We did not liquidate a single loan and we did not have a single default from any of our borrowers. We did not lose a single crypto asset or dollar from all our lending activities in 2018,” Mashinsky added.

Loans Meets Options Trading

Instigating loans with cryptocurrency as collateral provides a potential bonus for investors whose crypto holdings would otherwise lie dormant or gradually lose value in a bear market.

Starting out with only a few well-known names such as Bitbond, the market has grown rapidly with the emergence of various projects catering to itchy HODLers.

InLock, another startup new to the space, this month launched an additional product opening up crypto loans to options trading.

Csaba Csabai, Inlock CEO

Dubbed ‘Superposition,’ executives plan for the feature to act as a value preservation tool. Its release coincided with that of the Inlock Base Index, a mechanism for “protecting” the exchange rate of the company’s native ILK token, CEO Csaba Csabai explained to Bitcoinist.

What do you think about the cryptocurrency loan sector’s growth? Let us know in the comments below!


Images courtesy of Shutterstock

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Úno 06

Bottom Feeders’ Time to Shine

Big news this morning that everyone’s talking about…


The article on cheddar seems to be the source of this news as little has been confirmed by Facebook themselves save for the fact that they’ve hired a few members from Chainspace team.

All we know at this point, Facebook has roughly 40 employees led by top FB exec David Marcus in their new blockchain team. What they’re working on or how it will be rolled out is still very much a mystery as the behemoth company is holding their cards very close to their chests.

In $FB‘s latest earnings report they announced 2.32 billion monthly active users, which if accurate, is a third of the world’s population. So it makes sense that they’re hiring the folks from Chainspace who are reportedly experts in smart contract platform scalability.

What might not be obvious is the unbelievable deal they’re getting due to the bear market. The company was trying to raise less than $4 million when Zuck’s offer came along. No doubt that during the bull market of 2017 valuation could have been ten times higher as we’ll explore below.

@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

Days to next Shutdown: 10 | Days to Brexit: 52

Google Flop or Not?

Crypto Industry Bottom Feeders

Please note: All data, figures & graphs are valid as of February 5th. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

With volumes down across Asia, the European open hinges only on Japan and Australia… who seem to be going in opposite directions.

Nevertheless the European open has been fairly positive as investors remain optimistic in the face of extreme geopolitical tensions.

Gold has come off its highs. Crude Oil remains stable. While the US Dollar has bounced nicely off the lows.

Google Earnings Surprise

In a shocking earnings report yesterday, Google announced that they’d far surpassed all expectations. Just as we saw with FB’s announcement last week, online advertisers are hitting their respective markets hard.

Alphabet shares however, managed to fall slightly in after hours. This seems to be because Google is now paying more out to their partner websites who host the ads.

This is very similar to what happened with Amazon who’s strategy to invest rather than take profits is putting off investor appetite.

Earnings season continues to be the shining light of the stock market and there are more than 40 companies reporting today.

Bottom Feeders

As most of the world’s greatest investors will tell you, the best time to make a great investment is when prices are low. We saw above how David Marcus seemingly got a great deal hiring the geniuses behind Chainspace, though the amounts are of course undisclosed.

As we’ve discussed, the bear market is a time when smaller businesses get tested but it’s also a time for consolidation for the larger players. We’ve seen several projects close and downsize already with the latest among them being Canadian exchange Coinsquare.

Where some see trouble others see opportunity. Take for example, this excerpt from a letter I just received from Kraken exchange.

Another perfect example of discounted prices is Circle. The crypto startup has raised millions with the help of Goldman Sachs and others…

…but now their shares seeing a fire sale in the secondary market.

I guess it’s just a sign of the times. In any traditional market, this is the sort of place where value investors step in. Certainly, this emerging technology is risky. However, in my opinion, for larger players looking to make long term investments in this space at advantageous valuations, now could be an excellent time.

As always, feel free to contact me directly with any questions, comments, or feedback. It’s always a pleasure to receive.

Best regards,
Mati Greenspan
Senior Market Analyst


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Úno 05

First Cinema in Brazil to Accept Bitcoin for Tickets

A cinema in the city of Florianopolis has reportedly become the very first one in the country to allow its customers to buy movie tickets using Bitcoin. 


Going to The Movies With Bitcoin

In 2018, Bitcoinist reported that Major Cineplex Group – the largest movie theater chain in Thailand, was set to start accepting cryptocurrencies as a means of payment for a broad range of services such as the purchase of movie tickets and even popcorn.

Now, Brazil has also seen its first cinema to begin accepting Bitcoin for movie tickets.

cine multi brazil

It’s called Cine Multi and it’s located in the city of Florianopolis. This is the capital and the second largest city in the state of Santa Catarina.

The move is made possible through a partnership between the cinema venue and the Bancryp App, which will facilitate the Bitcoin payments.

Speaking on the matter, the owner of Cine Multi, Fernando Costa, said:

For Cine Multi, which already follows the path of culture, pioneering an innovative market is a huge step forward. Now all the customers besides being in a pleasant environment, will also be pioneers to pay a cinema with Bitcoins.

Brazil’s Interest in Bitcoin and Blockchain

In 2018, one of the presidential candidates – João Amoêdo, expressed his thoughts on Bitcoin and cryptocurrencies, in general.

Noted Amoêdo:

As a means of payment, I see no doubts that bitcoin can be understood as a legal payment method. If both parties want to exchange a product via bitcoin, I do not see any legal barriers to doing so.

Additionally, in January 2018, Bitcoinist reported that Brazil turned to Ethereum’s blockchain to monitor and keep track of political expression and a hotel chain has been accepting BTC since January 2017.

What do you think of Brazil’s first cinema to allow users to buy movie tickets with cryptocurrencies? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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