8 Signs Bitcoin Adoption is Accelerating Globally
With Bitcoin price recently surpassing $8,000 for the first time since May, 2018, investors are wondering if the bull market is here to stay. While the recent surge in Bitcoin price is expected to accelerate its adoption even more, it cannot be denied that transaction speed, security and transparency offered by Bitcoin have always contributed to its global acceptance — even during Bitcoin bear market.
The following 8 real-world signs help get the picture of Bitcoin mainstream adoption, and that it would continue to increase:
Several U.S. States are Allowing their Residents to Pay Tax Using Bitcoins
As the government bodies have started accepting Bitcoins and other cryptocurrencies for tax payments, people find cryptocurrency more legitimate. In several states of the U.S., Bitcoins are being used to pay taxes. Ohio is one of the first states to implement this, while other states like New Hampshire, Indiana, California, and Arizona are planning to legitimize cryptocurrency for tax payment.
The acceptance of Bitcoin in U.S. states seems to resonate globally. For instance, Zug, Switzerland started accepting Bitcoin for municipal fees in early 2016. A UK member of parliament has also petitioned a file for acceptance of Bitcoin for tax payment in that country.
Argentina Accepts Bitcoins for Public Transit Fees
Can Bitcoin be utilized for daily needs other than tax payment? Well, in Argentina yes!
Argentina is the first country to accept cryptocurrency for public transit tickets. Residents of Argentina can now top up their transit cards and utilize them while travelling without any hassle. This also solves the problem of inflation for the country, while encouraging more residents to use Bitcoins.
The acceptance of Bitcoin is eventually fueling the demand of Bitcoin exchange development.
Germany’s Largest Food Delivery App Accepts Bitcoin Payments
If we talk about other daily needs, food delivery has become very common these days. A matter of fact is that — “60 percent of U.S. consumers order delivery or takeout once a week”. Which leads to Bitcoin’s another implementation — a Germany based food delivery app Lieferando has recently started accepting Bitcoins as a mode of payment.
Lieferando is a food delivery app that offers 13,000 restaurants to choose from and has a whooping user base of millions. Its parent company Takeaway.com allows Bitcoin payments in other European markets like Belgium, Poland, Bulgaria, Luxembourg, the Netherlands, Switzerland, Portugal, Austria, and Romania.
Lightning Network Lets you Buy Domino’s Pizza with Bitcoin
Lightening pizza allows people to satisfy their cravings for pizza using Bitcoins. In the U.S., people can pay for Domino’s pizza with Bitcoins while using the lightening Network. The service offers 5% discount on pizza orders, and ensures the transaction time to be 30 seconds and delivery time to be 30 minutes.
Australian Residents are Accepting Bitcoin for Property Sales
If pizza and tax may not have convinced you that Bitcoin is gaining mainstream adoption, how about using Bitcoin for the largest purchase that people will ever make throughout their lifetime. Yes! We are talking about real estate. Even though the crypto market has been bearish, landlords are still offering properties for sale in Bitcoin. Australia, with properties priced as high as AU$ 799,000, has its readily accepting Bitcoins for their high-end properties. Turkey is also considered to be the biggest growing market of cryptocurrency. Recently, a real estate company of Turkey announced their support for Bitcoins, encouraging the possibilities of Bitcoin adoption.
National Governments are Paying for Trade Deals Using Bitcoin
Governments are not only allowing their residents to make Bitcoin payments but are also paying for their own bills in cryptocurrency.
Of late, a trade deal for fumigation products between Argentina and Paraguay was paid with Bitcoin. Although the trade was just for $7k, both countries realized the worth of Bitcoin in terms of its transaction speed, security, and low transaction fees. This is a huge indication that Bitcoin adoption is in full gear.
Wyoming Becomes the First U.S. State to Pass Blockchain-Friendly Legislation
The state of Wyoming recently became the first U.S. state to enact blockchain-friendly legislation. There are total 13 laws in this legislation, its major responsibilities include: recognizing digital asset property rights, approving state support for Blockchain based banking services, and bundling digital assets under the existing commercial legal framework.
The Largest Online Retailer of Japan is Pro-Cryptocurrency
Rukuten, deemed the amazon.com of Japan, has recently recognized the potential of Bitcoin and revamped its entire corporate structure to incorporate cryptocurrency exchange into it. The next application update of Rakuten will support cryptocurrency payments as well.
The current scenario of Bitcoin demonstrates that cryptocurrency adoption is in its full pace. As the governments are adopting Bitcoins, it has instilled a sense of security and stableness in people who were/are planning on investing in the crypto market — whether as a trader or to venture into Bitcoin exchange development.
The real-life implementations of Bitcoin aforementioned are enough to indicate that Bitcoin is disrupting all major business sectors of the world.
