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@ croxroadnews
2024-04-24 01:06:57Table Of Content
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Content
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Conclusion
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FAQ
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Have you ever considered making a purchase using bitcoin? More than 2,000 companies in the United States currently accept cryptocurrencies as payment. Whether you're purchasing lunch at Pizza Bar in Miami or tickets to a show at the Seacoast Repertory Theater in Portsmouth, you can use bitcoin.
While Bitcoin has its detractors, it's undeniable that more and more businesses and events are accepting the cryptocurrency as payment. In this piece, we take a look at which metropolitan areas are leading the charge in adopting cryptocurrency.
KEY TAKEAWAYS
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In 2009, the first bitcoin was mined, and since then, hundreds of businesses across the globe have begun accepting the digital currency as payment.
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Bitcoin may be bought at thousands of ATMs across the world by enthusiasts.
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As the nation's epicenter of innovation, San Francisco naturally ranks high on our ranking of bitcoin hubs.
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Several local governments are attempting to woo the crypto industry by easing the use of bitcoin.
It wasn't until 2021 that El Salvador made bitcoin a legitimate currency.
How to Measure Bitcoin Adoption
We considered three factors while compiling this list: the density of bitcoin-accepting businesses, the availability of bitcoin ATMs, and the size of the local population in relation to the bitcoin market. We researched merchant information by consulting Coinmap, a community-driven database that lists and maps bitcoin-accepting establishments, and Coin ATM Radar, a map that displays the locations of bitcoin ATMs. As a secondary factor, we looked at how many prominent crypto companies and executives were in the area.
As of October 10, 2021, the following are the top 10 cities in terms of bitcoin adoption:
1. San Francisco
The United States' technological epicenter naturally ranks high on our ranking. Coinbase and Kraken, two major cryptocurrency exchanges, are headquartered in the San Francisco Bay Area. Bitcoin is accepted at over a hundred different businesses, ranging from eateries and bars to hotels and shops. The San Francisco metro area is home to 65 of the 437 bitcoin ATMs in the greater Bay Area. very respectable for a city of its size (880,000 people).
2. Vancouver
Canada has taken legislative efforts to accept virtual currencies like bitcoin, and as a result, it has a vibrant Bitcoin ecosystem. QuadrigaCX, the cryptocurrency exchange that allegedly lost $180 million in customer assets following the death of its founder, was based in Vancouver. More than fifty establishments in Vancouver and its environs accept bitcoin, while two hundred and twenty-one places sell it.
In reality, on October 29, 2013, the first bitcoin ATM was installed at Waves Coffee House in Vancouver.
There are more than 631,000 people living in the city.
3. Amsterdam
Bitfury, a manufacturer of mining gear, and BitPay, a supplier of digital currency payment services, both have European headquarters in Amsterdam. More than forty businesses in Amsterdam's city center accept bitcoin payments, from bike shops and barbershops to cafes and bookstores, and Coinmap has you covered. About half a dozen bitcoin ATMs are accessible to the city's 840,000 citizens. You may also use your Bitcoin at shops in Rotterdam, The Hague, and Utrecht.
4. Ljubljana, Slovenia
Even though it is the biggest city in Slovenia and the country's capital, Ljubljana has the lowest population of any city on our list with just over 289 thousand. Bitstamp, a leading Bitcoin exchange, was established in Slovenia before expanding to Luxembourg and London. There are eleven bitcoin ATMs in and around Ljubljana, and an estimated 200 businesses that accept the cryptocurrency.
5. Tel Aviv
Israel's financial capital and one of the world's top cities for startups has nineteen establishments accepting bitcoin and seven bitcoin ATMs in a population of 451,000. More than 4,000 people are part of the active Bitcoin Meetup Group in Tel Aviv, Israel, making it one of the largest in the world.
6. Portsmouth, New Hampshire
There is a sizable crypto community in this very tiny seaside city. The downtown area, dubbed "Bitcoin Village" by locals, is home to a dozen or more crypto-friendly enterprises, such as the Free State Bitcoin Shoppe and the Seacoast Repertory Theatre.
For a city of approximately 22,000, Portsmouth has an impressive number of bitcoin services, including 21 ATMs and tellers in the area.
7. Miami, Florida
In addition to the shocking number of 651 bitcoin ATMs and tellers, there are reportedly over four dozen businesses in this big city that take bitcoin. It is also the site of the Miami Bitcoin Conference, one of the longest-running and best-attended events of its kind in the digital currency sector. To that end, Mayor Francis Suarez has suggested putting public money into bitcoin and possibly creating a municipal cryptocurrency to entice blockchain enterprises to locate there.
8. El Zonte, El Salvador
After receiving a large contribution in cryptocurrency, the local administration of this little tourist town has decided to rename itself "Bitcoin Beach," the first economy in the world to focus on bitcoin. In 2020, the first of El Salvador's planned 1,500 bitcoin ATMs was built in the city, signaling the beginning of the country's transition toward using cryptocurrency as legal cash. Foreign investors may now avoid paying capital gains tax by paying with bitcoin. The government has collaborated with private sector entrepreneurs to build a user-friendly bitcoin wallet that facilitates low-cost transactions.
9. New York
The Bitcoin Store in lower Manhattan and CryptoART in Morningside Heights are just two examples of the roughly three dozen businesses in the metro region that accept bitcoin. As the location of Consensus, one of the biggest yearly events in the crypto sector, New York is also a key center for crypto businesses and media firms like CoinDesk, Decrypt, and CoinTelegraph.
10. London
There are 8.9 million people living in London, 50 bitcoin ATMs, and about the same number of businesses that accept bitcoin as payment. Among the city's many startups is Coinfloor, which bills itself as the UK's first bitcoin exchange. London is home to hundreds of cryptocurrency and bitcoin Meetup groups.
Runners Up
Nations like Venezuela and Zimbabwe, which are facing economic instability and currency fluctuation, are also among the countries that are growing increasingly receptive to bitcoin and other cryptocurrencies.
Conclusion
Bitcoin has come a long way since the first block was generated in 2009. The rapid uptake of cryptocurrency seems to guarantee its continued existence. It's not shocking that major cities with large economies have adopted bitcoin, but the fact that smaller villages have is intriguing.
FAQ
Which is the first Bitcoin city? El Salvador's president, Nayib Bukele, gave a sneak peek at plans for the world's first city to be entirely supported by cryptocurrencies.
Where can you find the Bitcoin capital? The issuing of a $1 billion Bitcoin Bond would be used to finance the development of "Bitcoin City" in El Salvador. The settlement will rise near a volcano in the Gulf of Fonseca.
Which person has the most bitcoins in their wallet? The biggest Bitcoin wallets are held by Binance and Bitfinex. There are a total of 143,314 BTC in the other Binance cold wallet and 252,597 BTC in the first. Bitfinex, on the other hand, has 168,010 BTC stored in a cold wallet. Because they also store users' Bitcoin deposits, cryptocurrency exchanges may not really be in possession of all these currencies.
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