It was in 2009 when one fine day, the world came to know about something called a ‘virtual currency’ for the very first time ever. The currency was Bitcoin and the creator was Satoshi Nakamoto, who apparently is still a mystery for the global population even after a successful run of cryptocurrencies for a decade now. The curiosity and suspense around the currency were unmatched not only because of the fact that people were witnessing the start of an era of invisible or intangible money but more because of the suspicious identity of the originator himself. What attracted the most to the people about Bitcoin was the blockchain technology, which formed the core background for the virtual currency. Soon, the market got flooded with speculations being made on the future of Bitcoin.
Luckily, after crossing all the hurdles and correcting the majority of limitations, Bitcoin emerged itself as the pioneer of virtual currencies in the world. Today, it forms a part of payment systems in some of the biggest business entities, government organizations, banking institutions, etc. A wide range of industrial domains, including healthcare, retail, education, tourism, and many others. As Bitcoin became popular, investment from the rich and influential people started flowing in promoting development and innovation for the cryptocurrencies. The payment settlement mechanisms were made simplified so that crypto can reach out to a wider section of society. Bitcoin ATMs, crypto-based debit cards, etc. have now become accessible in different parts of the world.
Just like any other form of legal money or payment settlement mechanism, cryptocurrencies too require a well-drafted legal framework to enlighten the trust of people. To make cryptocurrencies mainstream, government and financial organizations worldwide have been putting in joint efforts to bring out a unified regulatory framework. An array of protocols are designed to streamline payments, trading, and exchange in cryptocurrencies amongst investors across the globe while being assured of security, transparency, and trustworthiness. Recently, the Indian government lifted the ban on the use of cryptocurrencies imposed by the Reserve Bank of India. The decision was wholeheartedly welcomed by the small yet powerful crypto community sustaining in the country and speculations suggest that the crypto industry will soon see some major projects and investments coming in from India.
Presently, the world is reeling under the plight of the deadly coronavirus, which has resulted in a constantly surging global death rate. In this situation, people from around the world are sending donations to aid the ailing people. With a view to pool in funds for medical assistance, the Italian Red Cross community launched a BTC fundraising campaign to buy an advanced medical post for pre-triaging corona cases. In three days, the organization achieved its goal of collecting nearly $10,710. This triggered it to start another similar campaign dealing in BTC for purchasing of emergency equipment like a defibrillator with a vital signs monitor screen.
Despite constant efforts, there remains a sense of vagueness concerning virtual currencies, and this restrains its mass adoption. However, some countries have opened doors for cryptocurrencies and are actively encouraging people to employ them in day to day operations. Given below is a list of major cities that have become hubs for Bitcoin. Have a look:
- New York, U.S.A
The highly developed city has a strong community of nearly 122 Bitcoin accepting merchants and 117 Bitcoin ATMs rendering services to the population. It also shines as the home ground for the prestigious Wall Street-built Bitcoin exchange, Coinsetter.
- London, U.K
The capital city is home to 88 merchants and traders dealing in Bitcoin. The city has 74 Bitcoin-powered ATMs to cater to the requirements of its whopping population. It also has been the center for startups such as Elliptic, a Bitcoin vault, and a Bitcoin exchange named Coinfloor.
- Zurich, Switzerland
Being the financial hub of the Swiss region, Zurich has 64 merchants dealing in Bitcoin and accepting payments. The count of bitcoin ATMs is 13 in the city serving a population of 366,000.
- San Francisco, U.S
With a population of 837,000, San Francisco has 177 merchants accepting Bitcoin and 29 Bitcoin ATMs making it a prominent place for crypto lovers worldwide. The highlight of this amazing city is that it serves as the origin of one of the world’s most trusted Bitcoin wallet service startup, Coinbase.
- Vancouver, Canada
Vancouver has 86 Bitcoin accepting merchants and traders serving the crypto enthusiasts in the city. The Bitcoin ATMs stands at a count of 48. It is home to the headquarters of the Quadriga CX Bitcoin trading exchange and was also the city in which the world’s first Bitcoin ATM was launched.
- Amsterdam, the Netherlands
The capital city boasts of 74 merchants accepting Bitcoin and one Bitcoin ATM to cater to the requirements of 779,000 people. The city is the home ground for startups like BitFury and BitPay. Neighbor cities like Utrecht and Hague are also considered a hub for crypto lovers.
- Tel Aviv, Israel
The startup hub of the country, Tel Aviv, has 58 Bitcoin accepting merchants and four Bitcoin ATMs to serve nearly 404,000 people. The prestigious Israel Bitcoin Meetup group in Tel Aviv is one of the most active groups in the world comprising of 1,785 members.
Malta is one of the most promising places for the development and evolution of cryptocurrencies. The city has become a hit-shot destination for a majority of leading crypto firms, including TRON, BigONE, OKEx, etc.
Cryptocurrencies involve high risks, and these risks often restrain people from getting involved in investments in the virtual currency sector. However, presently, the market boasts of several automated trading solutions that wither away such risk factors. One such prominent solution is the CryptoSoft review, which analyzes the market and automatically executes trades for the customers, making them take advantage of price fluctuations. The customers earn profits in a simplified and economical manner.
Cryptocurrencies have been on a roller coaster ride ever since their inception in 2009. With the passing of time, the industry witnessed some major investments from the biggest names in the industry, which eventually led to its expansion and proliferation in heaps and bounds. Based on the blockchain technology, Bitcoin trading and dealing are free from tampering or frauds, which makes it a significant tool for cross-border payments as well as bulk payments. The introduction of ATMs triggered the popularity of Bitcoin as it helped people to adopt it in their day to day operations. It will be interesting to see if Bitcoin and other cryptocurrencies become mainstream in the near future.