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Bitcoin Island where a solution to inflation affecting the UK was found

Bitcoin Island where a solution to inflation affecting the UK was found

A few days after the Queen’s funeral, the British pound fell to an all-time low against the dollar. It is interesting that a couple of years the second. Prior to Queen Elizabeth’s coronation, sterling was worth more than $4, compared to the disappointing current exchange rate, which compounded by ever-increasing inflation.

All over the world, when the local currency continues to lose value, people there are gradually turning to cryptocurrencies. An example of this could be Turkey, or Argentina Also, from which we hear that more and more people are using it to maintain purchasing power or to transact with each other. Do you think something similar is happening in the UK?

Thanks to the media’s often prevalent stance against cryptocurrency, Brits generally don’t trust bitcoin, not just as an asset, but privately as money. There are constant statements like How can this be money if it is not legal tender? Or maybe what is the point of money that no one accepts, etc.

Bitcoin Island

However, there Like this place in the countryMost people and businesses accept cryptocurrency payments. And this is only Isle of Man.

Isle of Man. Source: bitcoinmagazine.com.

The orange logo is appearing in more and more places on the island, which some say is caused by two things. Firstly, many people believe in Bitcoin as the currency of the future, and secondly, because of the additional income opportunity provided by crypto-enthusiastic tourists. However, there are also residents who accept bitcoin as a method of payment simply without interest.

As we can read in the reports, we can meet our basic needs by paying with bitcoin, such as meals, hotel reservations and even shopping at a small pharmacy is possible.

Pay at a local bar. Source: bitcoinmagazine.com.

Once it is secured, let’s move on to more expensive things like, for example, a car. We should not be afraid of that either, because there are places on the island where we can also use our cryptocurrency in our wallet. Rey Motors, a car dealership, accepted bitcoin as a form of payment a few months ago, and it seems to have become an integral part of the company since then. According to them, there were customers who only bought them because they accept bitcoin.

We’ve also learned from customer experience that payments using the Lightning Network are usually seamless and reliable. All transactions work almost instantly and are at least as fast as using the traditional fiat currency payment method.

stablecoin

Based on what we have read, it seems clear to us that this small island of 86,000 has a very different attitude towards cryptocurrency than the majority of Brits. But why is this?

According to some assumptions, Bitcoin to present The most influential factor is people’s open-mindedness and willingness to take control of their financial future. In addition, the Coincorner team, whose service is used by most merchants, and the Bolt Lightning card provided by them, clearly played an important role. The constant enthusiasm and hard work of the company are local merchants in his education She played an important factor in his integration.

Source: bitcoinmagazine.com.

However, not only traders can take advantage of this. With the pound depreciating faster than it has in the past half century, all Britons should consider other alternatives that will be less affected by inflation.

See also  Index - Overseas - Nobody picks up a salad in the UK

It is worth noting that in the 70s of the last century, a pint of beer still cost 13 pence. However, in 2016, the same amount was 3.48 pounds, which is one hundredth of a bitcoin. Today, it is itself five times more expensive in pounds, but fifty times cheaper in Satoshi.

Exposing people in the Isle of Man already to other people in Country A financial future The way to it Of course, there are still gaps in society, but it must be treated as the fact that the most famous cryptocurrency in the world is now a stable currency in this part of the world.

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