Many crypto enthusiasts find it more exciting to see the practical application of the endless possibilities offered by crypto adoption. There is an excitement in knowing that Bitcoin will be around forever, and that the world will embrace crypto, despite all the hurdles. For many years it was impossible for people to imagine the world without traditional currencies, but overtime the trend has changed and now many of the countries provide excellent space for crypto usage. In this article we will review most crypto-friendly European cities, where paying with crypto has become everyday reality for many of its residents and tourists.
What is Crypto Currency?
Crypto currency is a digital currency in which encryption techniques are used to regulate the generation of units and verify the transfer of funds, operating independently of a central bank.
Crypto currencies are not controlled by any government or banks. There is no central authority that can issue new crypto currencies. The value of crypto currencies is determined by market forces and they don’t have any intrinsic value like fiat money.
The word “crypto” comes from Greek words which means hidden or secret. The word “currency” comes from Latin and means “a circulating medium of exchange.” This is why crypto currencies are sometimes called virtual currencies, because they are not physical coins or bills but exist solely electronically.
In short, Crypto Currency is a digital form of money that uses cryptography for security and anti-counterfeiting measures.
Why Crypto Has Become So Popular?
Online transactions offer security and safety, but it was the investment options that attracted attention. Access to online cryptocurrency gave an alternative way to invest for those who couldn’t access traditional banking products. There are many benefits to investing in cryptocurrency, that also have become the main reasons why Crypto has grown into popularity so much. Some of these benefits include:
- Avoiding Government or Bank imposed transaction fees.
- Accessibility to different investment opportunities.
- Directly controlling the investment without fearing that the government or the bank has the access to your funds.
These benefits are why Bitcoin and other cryptocurrency rose from being skeptical in 2009 to becoming a highly sought-after resource a mere ten years later.
Most Crypto-Friendly European Cities
As mentioned already many of the governments are giving Crypto currency credit for its usage. Some of the countries, like El Salvador even adopted Crypto Currency as the legitimate way to pay for products and services. Crypto is becoming even more popular in Europe and many of the cities are already adjusting to new economic ecosystem where crypto has become the part of daily lives.
Madrid is well-known for its crypto attractions. One of these is the “Crypto Plaza”, a co-working space and technical infrastructure that allows applications to run on the blockchain network.
Over 1,200 companies are believed to be based in Spain and work to create alternative digital currencies. There are hundreds of Spanish businesses that accept crypto payments, not to mention the widespread availability of Bitcoin ATMs in the region.
Amsterdam is an exceptional case in Europe. It seems to be eager to promote crypto adoption and growth in the region. The Bitcoin Embassy is a unique location in the green city that serves as a hub for Bitcoiners and newbies looking to develop their crypto businesses and share business ideas.
Amsterdam is a great place to start crypto projects and gives businesses the chance to prosper. These forums can only be possible because there are no regulations prohibiting the trading or use of cryptocurrency in the Netherlands.
Amsterdam is a Bitcoin haven. It’s a great place not only to spend your cryptocurrency but also for event organizers and businesses.
London, United Kingdom
London, capital of the United Kingdom, and home to more than 8 million people is another popular spot for crypto payments. It is clear that London is a popular tourist destination, so it was only natural for cryptocurrency to gain popularity as a preferred payment method for tourists.
London is a tourist destination and does not have specific cryptocurrency laws. However, crypto assets are legal tender. However, the U.K. recognizes crypto assets as property and allows them to be taxed or owned within its borders.
This allows individuals and businesses to use crypto as a payment option without being punished. The capital, which is home to the Queen of England, has over 550 crypto-friendly business and close to 100 Bitcoin ATMs.
It might be surprising to see tiny Ljubljana among the giants of this list. However, Ljubljana is one of the most crypto-friendly cities, providing more than 200 merchants that accept crypto-payments. Moreover, the city has become so invested in crypto that one of the biggest shopping malls is called BTC – Bitcoin City.
The number of physical locations in Ljubljana that accept crypto is higher than in the whole United States. The crypto is so popular in the country, that the government of Slovenia wants to implement a flat 10% tax on crypto-to-fiat exchanges. This applies to all crypto-based purchases.
Prague, Czech Republic
Prague’s historic center is best known for its Old Town Square. But did you know that it has been a home to many Bitcoin vendors. There are many businesses that accept bitcoin, even in rural areas.
Zatec is little town on one hour ride from Prague. Though the city has the population of only 20,000, it offers a great opportunity to locals and travelers who want to make use of their crypto during their trip.
It is clear that Crypto-payments are becoming more popular than ever. This means one thing – the list of the crypto-friendly countries and cities will only increase in the coming years. Especially even travel industries. As seen already, many of the merchants and shops already accept crypto currency as the legitimate way of payment. So, who knows maybe more and more governments will adopt crypto as their currencies and maybe we will soon be able to pay for governmental services (for our passports; visas; insurance; medical bills; fines) using crypto.