• Novotel Bahrain Al Dana Resort – one of the most luxurious hotels in Manama, Bahrain – has announced it will be accepting crypto payments.
• The move is pushing the goals of bitcoin and its digital counterparts closer to being achieved.
• Telecom operator STC Bahrain and Carlton Real Estate in Bahrain are also embracing cryptocurrencies.
Luxury Hotel 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. This move is pushing the goals of bitcoin and its digital counterparts closer to being achieved as they were initially designed to serve as payment tools.
Crypto Adoption Grows In Region
Novotel is the first resort in the region to accept crypto. Despite the terrible crash of 2022, the crypto arena appears to be growing like crazy in the nation of Bahrain. In December 2020, telecom operator STC Bahrain announced it would start accepting crypto payments for utilities and similar items. Last November, Carlton Real Estate in Bahrain also embraced cryptocurrencies by introducing Bitcoin as a payment option for real estate deals with their customers overseas.
Eazy Pay Offers Technology To Support Crypto Payments
Novotel has signed an agreement with crypto firm Eazy Pay to accept digital payments. The company will offer the luxury resort with technology so that it can say „yes“ to assets like bitcoin, Ethereum, and others. Eazy Pay’s services are also supported by Binance mobile app which makes it easier for users to make transactions using their cryptocurrency wallets on-the-go.
Advantages & Disadvantages Of Crypto Payments
Cryptocurrencies have taken on speculative or even hedge-like statuses in recent years but what many people forget is that they were built to push checks, credit cards, and fiat currencies aside as a payment tool. However due to its volatility there have been some drawbacks when stores accept cryptocurrency payments without trading them into fiat right away which can result loss if prices go down within 24 hours time frame after transaction is made..
Enterprises like Novotel Bahrain Al Dana Resort understand this purpose of cryptocurrencies and are trying to transform them into usable tools that everyday people can benefit from by offering technology that allows easy transactions on-the-go using cryptocurrency wallets via Binance mobile app .