Where are the Bitcoin hotspots around the world?
Bitcoin is trending all around the world. As the cryptocurrency has become more widespread, it’s become increasingly attractive to many people, especially millennials.
Just a few years ago, there were very few opportunities to pay for goods and services using Bitcoin. But now, paying with Bitcoin for services and goods in some places has become commonplace. With the maturation of cryptocurrencies, a larger number of merchants are accepting Bitcoin payments.
Today, more than a million merchants around the world accept cryptocurrency transactions. The United States alone hosts thousands of merchants adopting Bitcoin payments.
Today you can use Bitcoin to buy anything from groceries to jewellery items in places that accept the cryptocurrency. Bitcoin hotspots have many merchants who accept Bitcoin payments, as well as Bitcoin ATMs. To get a brief overview of cryptocurrency trading, check this Bitcoin article.
In this article, we’ll explore what makes a Bitcoin hotspots, and learn about three Bitcoin hotspots around the world.
Bitcoin is going mainstream
A decade on from when miners minted the first Bitcoin (BTC), thousands of people are using cryptocurrency as a form of payment. Most merchants who accept Bitcoin payments accept Bitcoins and other cryptocurrencies like lite coin and ether.
Cryptocurrency enthusiasts are now using Bitcoin ATMs to make cryptocurrency purchases. ATMs also allow cryptocurrency fans to dispense cash. Following the China crypto ban, the US is a the newly-crowned global cryptocurrency hotspot.
What is a Bitcoin hotspot?
A Bitcoin hotspot refers to a place or city where the virtual currency payment system has become popular and widespread. Bitcoin hotspots have many Bitcoin ATMs and merchants ready to accept these payments. As per the guidelines, no one can force a merchant to accept digital crypto coin payments, thanks to the volatility of cryptocurrency. Here are three cities that are well known as Bitcoin hotspots.
El Salvador, a Latin American country, became a Bitcoin hotspot in the past year. The economy of El Salvador, El Zante, banks upon Bitcoin to a great extent.
The number of Bitcoin ATMs in this country is skyrocketing. Authorities hosted the first ever Bitcoin ATM in 2020, and now there are more than 1,000 Bitcoin ATMs in El Salvador. It has taken just a year for El Salvador to embrace cryptocurrencies.
As all as installing Bitcoin ATMs, El Salvador is the only nation to have a cryptocurrency as its national currency. With Bitcoin as a national currency, citizens can pay in BTCs for everything. In addition, to date, the country levies zero tax on capital gains. Many commercial places will be based on Bitcoin’s theme in its first-ever Bitcoin city.
Canada, which classifies cryptocurrencies as a commodity, is also a Bitcoin hotspot. In addition to classifying cryptocurrencies as a commodity, Canada classifies exchanges as MSB, or money service business. In short, every cryptocurrency exchange in Canada is regulated.
In Canada, cities like Vancouver are the leading Bitcoin hotspots. Vancouver had the first Bitcoin ATM in 2013, located opposite a coffee shop. In addition, several foreign cryptocurrency exchanges have their headquarters in Canada. The city alone has more than 500 places that accept Bitcoin payments.
As discussed above, the United States is the leading Bitcoin hotspot. In the US, a number of cities are increasingly embracing cryptocurrencies. These include San Francisco, Florida and New York. New York and San Francisco are both home to several cryptocurrency exchanges. New York has more than 100 merchants who accept Bitcoin payments. Popular cryptocurrency media organizations like coin desk emerged from New York, too.
San Francisco is the leading city staking a claim as a Bitcoin hotspot. This city alone has more than 500 Bitcoin ATMs. There are many hotels, restaurants and PVRs that accept Bitcoin payment. The number of merchants in San Francisco that accept Bitcoin payment extends to over 200.
European cities like London also have a high number of Bitcoin ATMs. And some debit card providers like Binance exchange offer services exclusively in London.