Bitcoin have become a new currency for the people. Though it is not thoroughly used worldwide, you can certainly use Bitcoin and other cryptocurrency to pay your utility bills, restaurant bills, and much more.
Recently, the popularity of Bitcoin has spiked up. It has helped the people trust Bitcoin; today, you will find that there are many facilities and businesses accepting payments in cryptocurrencies.
It was possible because of the trust that has been built up over the past few years among the people.
Bitcoin is the first cryptocurrency and has seen its share of problems in the market. Initially, people were wary of using Bitcoin. They thought this currency was only usable for illegal purposes. However, with time, traders and investors understood the importance of Bitcoin and could gauge the hidden potential.
Soon traders and investors started using this new currency in the trade market. There were ups and downs, but after the successful rally in 2017, people were convinced that Bitcoin has more to offer.
How are Cities Investing in Bitcoin?
To see the changes Bitcoin has brought in the market and how its presence has influenced cities, we have done thorough research to see what some of the world’s top cities have to say in the usage of the cryptocurrencies and Bitcoin.
- San Francisco
It is not a surprise that the technological capital, San Francisco, is at the top of our list. San Francisco is the home of the top Bitcoin base platform Coinbase and Kraken. Given the population of a little over 800,000, you get more than 30 merchants who accept Bitcoin payments and have more than 20 Bitcoin ATMs. What’s more, even celebrities of San Francisco are interested in cryptocurrency. You can find more details here: bitcoinscircuit.com
- Amsterdam
Amsterdam is one of the vital centers for mining Bitcoin. The Bitcoin payment application BitPay is also from Amsterdam. Amsterdam is a city where more than 800,000 people reside. You will find dozens of Bitcoin ATMs within this small population, and famous merchants like Hague, Rotterdam, and Utrecht deal in cryptocurrency. This city’s key highlight is that you can rent bikes, buy jewelry, and have a haircut with cryptocurrency payments.
- New York
New York is also a cryptocurrency hub. You will find that the citizens of New York City are well aware of the existence of virtual currency and how these currencies help boost the nation’s economy. This is the reason why you will see that a city where 8.4 million people reside has more than 40 merchants who accept payment in any form of cryptocurrency and have more than 15 bitcoin ATMs. New York is also home to one of the famous crypto exchange platforms, Gemini.
- London
London is one of the famous centers for Bitcoin. With over 8 million citizens, there are more than 130 Bitcoin ATMs and have more than 50 merchants willing to accept payments in the form of cryptocurrencies. These numbers might be little compared to the city’s total population, but it certainly shows that people have started to adapt themselves to the new current trend. You will also find one of the earliest start-ups based on the cryptocurrency Coinfloor in London.
- Slovenia
Ljubljana is the capital of Slovenia. It is the largest city on our list; however, it has the lowest number of citizens. The prominent Bitcoin exchange platform that we know is a Bitstamp. You will be surprised that Bitstamp has originated in Ljubljana. It has only five Bitcoin ATMs; however, it has the most merchants that cater to Bitcoin payment services.
The Bottom Line
After the first mining of cryptocurrency in 2009, the road to a new currency system substantially improved. The rate at which people adapt to the virtual currency shows that virtual currencies play a pivotal role. Hence, we are not surprised that the internal financial system has adapted to the new currency, but even the small cities are showing their interest in it.
