In the world of Cryptos, there are many people who think that they can get rich by buying them and dreaming that they will rise in value. Others are hoping to sell blocks of Cryptos when they grow in value.
But a lot of people do not know how they can use these Cryptocurrencies as a payment gateway and what countries accept the same.
This article provides an overview of 5 countries that accept Cryptocurrencies as a form of payment. So, let’s get started with it.
Five Countries That Accept Crypto Payment Gateway
In 2017 alone, more than 1.2 billion people made over $150 million USD worth of Cryptocurrency transactions. The rise of Cryptocurrency isn’t a recent thing either — it started as early as 2009 with Bitcoin and Ethereum.
Several websites like bitcoin up have been established over the years to guide investors and digital currency holders to make the best financial decisions. After El Salvador was the first country to accept Crypto payments, a list of other nations queued in.
United States
The USA started accepting Cryptocurrency transactions when Bitcoin was introduced in 2009. But, why did it do so?
The reason why the United States accepts Cryptocurrency as a mode of payment is that it is cheaper than other methods. It is also faster and more efficient than other payment methods.
The number of businesses in the country that accept Crypto transactions is increasing every day. There are over 5,000 businesses that accept Cryptocurrency payments in the US.
Canada
Canada started accepting Cryptocurrency as a mode of payment in 2013. Several businesses in Canada have started accepting Crypto transactions and a few of them even offer discounts for paying in Crypto.
The first Canadian company to accept Crypto payments was Overstock.com, which started accepting Bitcoin in 2011 and Litecoin in 2013.
In 2014, Steam also began accepting Bitcoin payments for games and has been doing so ever since. Shopify started offering discounts for paying using Cryptocurrencies like BTC and Ethereum as well in the year of 2016.
In 2017, the government of Canada introduced legislation called Bill C-31, which made it legal for banks to work with companies that use Crypto or blockchain (the technology behind Cryptocurrencies).
This meant that Canadian banks could now issue credit cards that could be used to pay for goods online using Cryptocurrencies such as Bitcoin or Ethereum.
Australia
Australia has been accepting Cryptocurrency as a mode of payment since late 2017. It’s also been quite popular among businesses in the country to accept Cryptocurrency payments.
While there’s no way to say exactly how many businesses in Australia currently accept Cryptocurrency payments, it seems like it’s becoming more common every day.
It’s hard to say precisely when Australia started accepting Cryptocurrency payments, but we know that it was sometime around 2017 or 2018.
European Union
The European Union is the largest economy in the world, so it’s no surprise that they have a lot of businesses and people who are interested in making purchases with Cryptocurrency.
At this point, there are over 300,000 businesses in Europe that accept Cryptocurrency payments. The European Union began accepting Cryptocurrency payments in 2010, so it’s been around for a while!
The first businesses in the European Union to accept Cryptocurrency payments were cafes, bars and restaurants—so if you’re looking for something fun to do on your next vacation, this might be one of your options!
Israel
Israel’s first business to accept Crypto payments was Israeli bank Leumi in April 2016. It was followed by El Al Israel Airlines in April 2017, which became the first airline to accept Crypto payments on its website.
In May 2018, it was announced that the Israeli government had started accepting Cryptocurrencies as an official method of payment for tax payments.
Conclusion
Investing in Cryptocurrencies can be a potentially good decision with their rising popularity. It is predicted that very soon, the world will start accepting digital money as a medium of exchange.
Stay updated on the Crypto world news to notice any development. For any further questions, please leave your comment in the section below.
