Today Bitcoin changes the long-ago established systems in many countries, especially in those where social classes’ conflicts still take place, giving the opportunity for social mobility to all classes in the countries, such as South Korea. Giving a chance for a stable financial life to the distressed countries, such as Venezuela and Lebanon. And being home for crypto startups and successful businesses, like Switzerland.
Together with us, let's dive deep into different countries' economics, and see how Bitcoin made their populations live a better life.
- South Korea
There has long been a history of social class conflict in South Korea, known as the “spoon theory.” Kids born into a wealthy family inherit the privileges of their families, while children born in a less privileged environment sometimes find it difficult to overcome poverty. For a long time, prosperity in Korea has been considered to be an inheritance rather than an achievement. Today bitcoin gives each South Korean a chance to live better, no matter which family they came from.
The Motherland of the world`s biggest corporations LG and Samsung, South Korea today is one of the leading countries to adopt the latest technologies. It has one of the highest mobile payment and smartphone penetration rates in the world. So what about payment with bitcoin? South Korea did not pass by cryptocurrencies. Imagine shopping in 7-Eleven and the cashier offers you to pay with bitcoin? Millions of stores across the country accept bitcoin as payment, from the largest malls, luxury shops to small stores, all of them have the option of today's most advanced payment method.
Besides, 7-Eleven offers you to buy bitcoin in every store around South Korea. Goto Mall, the largest underground shopping mall in South Korea, is now considered to be a “bitcoin mecca”! That’s how they call it since 2017. The biggest, most fantastic bitcoin conferences usually take place in South Korea.
- China
During the years China is facing upside-downs in the cryptocurrency industry. In 2017 Beijing banned exchanges and fundraising via cryptocurrencies known as Initial Coin Offering. Now each of us can agree with the fact that Bitcoin in China got only stronger within all the rules and restrictions. Recovering from all the bans on bitcoin, let’s see how China is dealing with digital currency today.
Despite the very little tolerance from the government, it is not illegal to buy, sell, hold bitcoin, or accept it as payment. The People Bank of China even encourages developing and implementing blockchain technology, only if it serves the “real economy”. Many banks in China have done experiments and made progress on the use of blockchain technology to improve their transaction systems, as reported.
Let's broaden the case of receiving bitcoin as a form of payment in China. Seniors of the People Bank of China not only publicly encourage the use of blockchain technology to improve the convenience and low cost of payments. In fact, PBOC has established its own Digital Currency Research Institute with the aim to issue digital money.
Nowadays, various papers issued by the government not only contribute to blockchain technology and moreover, place blockchain technology in the same category of big data and artificial intelligence (AI). Many local governments sponsor and invest in blockchain startups and applications.
- Venezuela
As Venezuela is sinking into the worst economic crisis in its history, it is becoming a unique illustration of how the potential of cryptocurrency makes aid possible and decreases suffering in needy countries. When Venezuela`s economy continues undergoing hyperinflation, more businesses start to accept bitcoin as a form of payment. Over 20,000 enterprises now receive crypto payments and, as reported, bitcoin improved their financial situation significantly.
The inflation now in Venezuela bridged a million percent and could reach 10 million percent by the end of the year, as reported. Basic needs like food and medicine are too expensive. Local people cannot afford it and bitcoin is a way to help the whole country to get out of the worst time of their lives. There is a number of charities that accept bitcoin to save lives.
There’s also been an experiment with direct crypto transfers. GiveCrypto, a charity from San Francisco, provided temporary assistance to hundreds of vulnerable families in Venezuela through weekly crypto deposits worth around $7. Every week from February to April, families received the deposits through a smartphone app, which they were then able to trade for local currency through online transfers.
The ability of bitcoin to help people get basic goods like food and its role in helping reestablish market mechanisms in a distressed economic situation — all this shows the greatest bitcoin philanthropic potential.
- Lebanon
Lebanese people are another nation whom bitcoin is helping getting out of a big financial crisis. Fears that the Lebanese banking system could collapse have led many to invest their cash in bitcoin rather than keep it in the banks.
Local banks have administered informal capital control that forces people to withdraw their savings in Lebanese pounds at the official exchange rate that values their savings at 40% less than what it worths.
Foreign currency withdrawals are limited to between $50 and just a few hundred dollars a month. Thus, many are seeking to move money and pay loans via bitcoin.
According to Coindesk, one anonymous OTC trader, who has been operating in Lebanon since 2013, estimated the Lebanese people trade between $1 million and $5 million a month using informal networks, which dwarfs the $54,916 worth of Lebanese bitcoin transactions tallied over the past year on Paxful and LocalBitcoins combined.
But most of the transactions happen via referral. Some buyers and sellers meet through groups on popular messengers like WhatsApp or Telegram. This means they meet up in a coffee shop and exchange the physical money for bitcoin by simply transferring.
- Turkey
Are you going to Turkey for a vacation? You can already rent an apartment, pay in the hotel, do groceries, and many other activities using bitcoin.
Can you believe that Turkey has the highest percentage of people who use or own cryptocurrency in the whole world? The western Asian country has occupied the center stage in the world's blockchain industry of 2020. Konya, a Turkish city with a population of more than 2 mln citizens, is now developing its own “City Coin” to power blockchain in the country.
Turkey is planning to move to crypto payments in government corporations’ activities, public transport, and environmental services until the end of 2020. Blockchain is going mainstream, as one of the biggest Turkish crypto exchanges BitTurk is now sponsoring women's and men's soccer teams.
It is now one of the most advanced blockchain countries, where you can pay with bitcoin almost anywhere, starting with local shops, to buying real estate. The whole world is curious about what is next on the crypto agenda in Turkey!
- Switzerland
Being the home of the Crypto Valley and the King of cryptocurrencies, Switzerland is highly promoting the use of bitcoin in everyday life.
It is completely legal for corporate, government, and private enterprises to accept payment in bitcoins.
Zermatt, a Swiss municipality, and Zug, a Swiss canton are now accepting bitcoin as a form of payment for government services, including taxes. Besides, Switzerland features some business-friendly laws that work well with the crypto business.
Recently, the country’s largest online retailer, Digitec Galaxus, started conducting tests for crypto transactions revolving around a bank-issued stablecoin.
Bitcoin is a legal form of payment in Switzerland and it is not state-controlled. This means that bitcoin-based businesses and other crypto businesses in Switzerland are accepting virtual currencies, and these currencies may also be used to purchase anything from foods to hotel rooms to insurance companies and private banks, and in addition, you can donate to some churches in bitcoins! In addition, Switzerland installed 82 ATMs in its 16 biggest cities.
- France
Earlier this year, you would hardly find a place for everyday shopping or other needs that accepts bitcoin as a payment in France. But lockdown in the pandemic has input many corrections into the daily life of French people. Let's see how big these changes are!
Food delivery service Just Eat France has started accepting Bitcoin payments for orders placed from over 15,000 restaurants around the country, using Bitpay as its Bitcoin payment provider.
According to the official website`s payment terms, Just Eat does not charge any fees for payments in Bitcoins.
Besides, using gift cards, you can pay with bitcoin when shopping online on Amazon, Zalando, and Mango. Also, Footlocker and Primark accept bitcoin as payment when shopping online/offline.
In France, you can also pay with bitcoin for games, music, or tv on Google Play, Netflix, iTunes, Steam, or PlayStation Network.
Do you want to accept bitcoin as payment in your business but think it's a difficult and long process? We prepared for you the simplest and fastest steps on how you can start accepting bitcoin right now!
First, choose your payment-processing provider and open a bitcoin account.
Then add your bank account information to avoid having your bitcoin transactions limited.
Simply choose your currency and enable bitcoin payments.
And the last one, decide when and how to cash out or keep your bitcoin for future payments.
You have now stepped into the most advanced form of payment that will change your financial life to a tremendously positive stream. Enjoy!
