• Novotel Bahrain Al Dana Resort, a luxury hotel in Manama, has announced it will accept crypto payments for room and vacation items.
• The move is to make bitcoin and other digital currencies more usable and achieve their original purpose of becoming payment tools.
• Bahrain is embracing crypto with telecom operator STC Bahrain accepting crypto payments and Carlton Real Estate allowing people to buy properties with digital assets.
Novotel Bahrain Al Dana Resort Accepts Crypto Payments
The Novotel Bahrain Al Dana Resort – one of the most luxurious hotel spots in Manama, the capital of Bahrain in the Middle East – has announced it will be accepting crypto payments for items like room stays and other vacation staples.
Bitcoin’s Goal of Becoming Payment Tool Moving Closer
The move is pushing the goals of bitcoin and its digital counterparts closer to being achieved. What many people likely forget is that while bitcoin and many of its crypto cousins have taken on either speculative or even hedge-like statuses in recent years, many of them were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that continues to drag them down.
Risk Involved In Store Owners Accepting Crypto Payments
It is extremely hard to understand when bitcoin and its crypto family will go up or down when it comes to their prices. Many stores and companies have been reluctant to say „yes“ when it comes to accepting crypto payments for this reason, and to a degree, we can’t blame them. Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t trade the BTC into fiat right away and about 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40. The customer gets to keep everything he or she bought, but the store has lost money in the end. Is this a fair situation? Not everyone thinks so.
Novotel Signs Agreement With Crypto Firm Eazy Pay
That’s what makes enterprises like Novotel Bahrain Al Dana Resort so important. They understand the initial purposes of bitcoin and digital currencies and are trying to transform them into usable tools that everyday people can benefit from. Novotel has signed an agreement with crypto firm Eazy Pay to accept digital payments. The company will offer the luxury resort the technology it needs so that it can say „yes“ to assets like bitcoin, Ethereum, and others. Eazy Pay’s services are also supported by the Binance mobile app..
Crypto Arena Growing Like Crazy In Bahrain
Novotel is the first resort in region to accept crypto despite 2021’s crash which made many companies be hesitant about accepting cryptocurrency payments due its volatile nature . Nevertheless , telecom operator STC Bahrain announced last December they would start accepting crypto payments for utilities . Last November Carlton Real Estate allowed people buying properties with cryptocurrency .