Largest European Theme Park Endorses Bitcoin Payments
The largest theme park resort in Southern Europe has announced that it will start accepting Bitcoin payments. The PortAventura World entertainment resort will roll out this new payment method in 2022.
The acceptance of Bitcoin by this resort is a major endorsement as the establishment attracts around five million visitors annually.
The resort comprises two theme parks and six hotels. One of the notable features of the resort is the Red Force roller coaster, which is the tallest and fastest one in Europe. The roller coaster can achieve speeds of up to 180 km per hour.
Because of the large number of visitors that this resort attracts, adding this payment method is a positive move for Bitcoin, whose popularity has been increasing by the day.
Endorsing Bitcoin is in line with the objectives of PortAventura World to achieve digitalization and boost innovation.
The theme park is currently developing a software solution that will make it easy for visitors to make payments easily and securely. The firm is yet to provide a roadmap on how the Bitcoin payments will be made and processed.
One of the main protocols being used by firms endorsing Bitcoin for payments is the Lightning Network. The network offers scalability in crypto transactions, and it has seen increased endorsement lately.
Bitcoin Payments On The Rise
Bitcoin as a means of payment has seen increased popularity in the European region. Recently, Chedi Andermatt, a five-star hotel situated in the Swiss Alps, started accepting Bitcoin payments.
It is now possible for guests staying in the hotel to use either Bitcoin or Ethereum to pay for their hotel stay and other services. Crypto payments will be accepted when a customer is paying more than $218.
AMC Entertainment, a leading movie theatre chain, also announced that it would start accepting Bitcoin for payments by the end of 2021. Bitcoin will be used to pay for movie tickets and concessions purchased online.
Besides Bitcoin, this movie theatre chain will also include other cryptocurrencies such as Ethereum and Litecoin. The company stated that it was developing its IT infrastructure that would make it possible to accept crypto payments by the end of the year.
Besides Bitcoin getting endorsement in the leisure and entertainment industry, it is also finding its way into the real estate sector. Magnum Real Estate Group, one of the leading real estate firms in New York, announced that it would accept Bitcoin as a payment option for three ground floor shops in Manhattan.
The three shops are being sold for $29 Million. If an investor buys the three shops in Bitcoin, it will be the largest single sale involving Bitcoin in the real estate sector.
The recent endorsement comes at a critical time when the prices of cryptocurrencies are showing signs of volatility.
Recently, the price of Bitcoin dropped to a monthly low of below $40,000. Despite a price recovery the fluctuation in price continues.
On the other hand, regulations have also been high in the crypto sector. Various jurisdictions are coming up with new ways of monitoring Bitcoin transactions because of increased adoption.
While these regulations may affect prices in the short term, some experts believe that they will be good for the industry in the long run.