The bitcoin boom of late 2017 and early 2018 seems like an age ago in the world of cryptocurrency. The bubble well and truly burst midway through last year and the market for all digital tokens crashed. Since then, the buzz around bitcoin has faded somewhat, but Satoshi Nakamoto’s creation could be slowly bouncing back. There are many who still believe that an internet currency will be the future of online payments, and bitcoin is well-placed to be that currency. In assessing whether it will become as big as some envisage, how widespread is its usage in Canada right now?
Retail
There are numerous retailers in Canada which accept bitcoin payments, giving those who believe in the currency an outlet to spend their wealth. As it stands, bitcoin is accepted by a great number of online businesses, with fewer land-based companies involved. Some of the standout examples include Microsoft, which allows Xbox players to use the cryptocurrency in the online store. Bill Gates is known to be a big advocate of the technology and believes it is better than traditional currency.
There are some brick and mortar establishments in Canada where bitcoin can be used. As you may expect, quite a lot of computer stores are into the cryptocurrency. Free Geek Vancouver, for instance, is known to take bitcoin payments. This is a refurbished computer hardware shop where customers can get custom pieces of kit for their PCs. Quantum Properties accepts bitcoin as well, and some people have been known to purchase condos with it.
Online Casinos
The online casino sector was one of the first major industries to get on board with bitcoin, and bitcoin casinos have been around for more than five years. Casino Seal can help those interested find a bitcoin casino in Canada, where the gambling industry is thriving. Being able to use bitcoin to add funds makes bitcoin casinos an attractive option to customers from overseas, as bitcoin transfers don’t come with high fees for these sorts of payments and can even offer anonymity. They are also extremely fast, so players can add funds and be playing with them within a matter of minutes. It is especially advantageous for players to gamble at bitcoin casinos in times when the currency is in a bullish market.
Restaurants
Restaurants are flying the flag for bitcoin well, and there are a few major brands in Canada in which users can pay for their food with the e-currency. KFC Canada is one of the most notable examples, and the chicken chain used Twitter to drum up support for this form of payment. Some smaller restaurants are also taking bitcoin, including India Gate in Vancouver. Starbucks and a number of independent coffee shops are supporters of the cryptocurrency in Canada as well.
The way for bitcoin to become a solid currency is for it to start enjoying mainstream usage. The more companies that start accepting it, the better it will be for bitcoin. Canada has a great many places for people to spend bitcoin, so could lead the way in its promotion.
