A few days after the Queen’s funeral, the British pound fell to an all-time low against the dollar. Interestingly, a couple of years the second. Before Queen Elizabeth’s coronation, the pound sterling was worth more than $4, compared to the now disappointing exchange rate, compounded by ever-rising inflation.
All over the world, as the local currency continues to lose value, the population is gradually turning to cryptocurrencies. An example would be Turkey or Argentina, where we hear more and more people use it to maintain purchasing power or to do business with each other. Do you think something similar is happening in the UK?
Thanks to the mainstream media’s anti-crypto stance, Brits are generally distrustful of bitcoin, not just as a tool, but especially as a financial instrument. There are constant statements like how can that be money if it’s not legal tender? Or maybe what is the point of money that no one accepts, etc.
Bitcoin Island
However, there is Like this place in the country, where the majority of people and companies accept cryptocurrency payments. And this is just that Isle of Man.
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 offered by cryptocurrency enthusiast tourists. However, there is also a population that accepts bitcoin as a form of payment simply without interest.
As we can read in the reports, we can fulfill our basic needs by paying with Bitcoin, such as meals, hotel reservations, and even shopping at a small pharmacy.
Once secured, let’s move on to more expensive things like, say, a car. We don’t have to 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 ever since. According to them, there were customers who only bought from them because they accept bitcoin.
We also learned from customer experience that payments with the Lightning Network are usually seamless and reliable. All transactions work almost instantly and are at least as fast as using a traditional fiat currency payment method.
stablecoin
Based on what we have read, it seems clear to us that this small island of 86,000 inhabitants has a very different attitude towards cryptocurrencies than the majority of Brits. But why is that?
Some speculate that the biggest factor influencing bitcoin adoption is people’s open entrepreneurial spirit and willingness to take control of their financial future. In addition, the Coincorner team, whose service most merchants use, and the Bolt Lightning card provided by them, clearly played an important role. The constant enthusiasm and hard work of the company played an important factor in the education and integration of the local merchants.
However, not only traders can take advantage of this. With the pound depreciating faster than it has in the past half century, all Britons must consider other alternatives that will be less affected by inflation.
It should be noted that in the 1970s a pint of beer still cost 13p. However, in 2016, the same amount was 3.48 pounds, one hundredth of a bitcoin. Today, it is the same five times more expensive in pounds, but fifty times cheaper in satoshi.
The people of the Isle of Man are already showing the rest of the country the way to a financial future. Of course, there are still gaps in the community, but it should be treated as the fact that the most popular cryptocurrency in the world is now a stablecoin in this part of the world.
