Bitcoin

Unlike Bitcoin Price, Bitcoin Adoption is on the Rise

Although the price of bitcoin is testing the patience of investors and enthusiasts, the journey of bitcoin adoption tracks its own path. Recently, Karma Automotive, a luxury electric vehicle manufacturer based in Southern California, has started accepting bitcoin payment in one of its stores.

Due to the latest development, Karma Newport Beach, which as the name suggests is located in Newport Beach, will be allowing customers to purchase a car while using bitcoin. Explaining the reasons for accepting bitcoin payments, Karma CEO Dr. Lance Zhou said:

We are opening our platform to serve as a test bed to help convert theoretical blockchain applications to practical use.

Moreover, it was revealed that the company will be collaborating with Chinese Wanxiang Group to develop and test various blockchain applications. Actually, the Wanxiang Group is the primary shareholder of Karma as back in 2014, Wanxiang paid about $149.2 million to Fisker Automotive to buy Karma.

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Both parties, vowing to deploy and explore blockchain, particularly shook hands at Shanghai International Blockchain Week 2019, organized by Wanxiang Blockchain Lab. Confident on offering VVIP treatment to customers, the CEO of Karma sharing optimism for the partnership added:

Karma’s flagship store will support our efforts to prove emerging technology and provide the latest VVIP customer treatment offerings by accepting Bitcoin cryptocurrency,

Apart from the luxury car manufacturer, Aliant Payments has also taken an initiative to increase cryptocurrency adoption. The U.S based firm has recently announced to pay a fraction of employee’s salaries while using cryptocurrencies. According to Aliant CEO Eric Brown, both, earning and spending crypto, are part of the adoption process. In this regard, his exact words were:

Adoption happens when you’re able to earn cryptocurrency, and then go on to spend it.

A few months ago, a 5 star Swiss Hotel, The Dolder Grand also started accepting crypto payments. Besides accepting bitcoin payments, the hotel also decided to compensate the salaries of its employees with the help of bitcoin as well. At that time, the sentiments of the management representing the hotel were:

We are very proud to have taken a step towards accepting crypto currency.The Dolder Grand is the very first luxury hotel in Switzerland where guests can pay with Bitcoin.

Although bitcoin is popular mostly due to speculation, the success of bitcoin is highly dependent on its mass adoption. In all the aforementioned cases, bitcoin somehow replaced the fiat currencies. Let’s see if bitcoin is able to disrupt the financial system of the world that circulates fiat currencies with the help of banks and other financial institutes.

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Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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