Cryptocurrencies was once a topic only discussed by fintech professionals and investors. But now the everyday person is starting to understand what this is about and beginning to buy it. Learn more and where you can spend it in Wales here.
What Really Is Cryptocurrency?
Cryptocurrency, blockchains, Bitcoin – what’s it all about really? You’ve probably heard about cryptocurrency in the odd news article or pretended to nod in understanding when tech-savvy friends mention it. Still, there is no shame in not understanding what it really is.
Crypto is a term for all types of digital currencies, and there are many of them. The most famous and valuable is Bitcoin, but Ethereum and an array of others are often grouped together under the term ‘altcoins’.
These are currencies that have a value just like the British pound has a value against the euro. They can be used to buy everyday things like coffee and sandwiches – and some websites now accept them for payments for flights, hotel bookings and more. A few people have even bought homes with crypto before.
These payments are processed by people or supercomputers that record the transaction on the blockchain. Think of a blockchain as a chain of blocks with each block containing information about a payment made.
But blockchains have other uses too, such as helping Welsh farmers.
Of course, some people don’t want to spend their new form of cash and hope to hang on to it and watch it grow in value. This can be a profitable investment for some (millionaires have been made). Of course, this currency is always a risky investment because it can change in value while you sleep. There are great alternatives such as established spread betting, stocks and shares, gold and more.
Which Companies Already Accept Cryptocurrencies?
There are thousands of independent businesses across the world that have chosen to start accepting crypto payments. One reason for this is because it can be cheaper than using banks to accept payment from customers – and it is just as, or arguably more, secure.
Some of the biggest names to accept this new money in different corners of the globe include KFC (yes you can get a Bitcoin bucket in Canada), Subway, Burger King, Microsoft, Wikipedia, Express VPN and many more. You’ll notice that many tech and hospitality businesses lead the way when it comes to embracing crypto.
Where Can I Spend Crypto in Wales?
Crypto and its enthusiasts have been in Wales for years. In Cardiff, you can find a Bitcoin ATM that has been there since before 2015. It is here where those enthusiasts would congregate to buy and trade Bitcoin – with many of them making significant profits since they began.
Today, Bitcoin ATMs and online platforms to purchase the money are easier to find and access in Wales. You can usually find a café or restaurant in the major cities that accept crypto payments.
Some of the other Welsh businesses that have made a name for themselves among blockchain news sites for accepting digital currencies include Hudson Pipes, a handmade pipe making businesses in the Usk Valley. Now, Freerein Riding Holidays, a holiday provider based on horse-riding in the great Welsh outdoors, is accepting Bitcoin for their excursions.
Thus, Wales is proving that it is not just tech companies and catering businesses that can adopt crypto successfully.
Image by WorldSpectrum from Pixabay