Bahrain allows regulated crypto payment gateway.

Pmalek

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Quote from: Flyingjack123 on September 22, 2022, 01:53:15 PM

With such positive developments, i hope crypto winter will be over soon and Bitcoin will rise again to moon.

The general state of the world economy isn't good and Bitcoin can't grow in such conditions. The prices for gas and electricity are going through the roof, and as a consequence, prices rise for almost anything you can think of. If you told someone in the Western Europe they will struggle to pay their bills next year, they would probably laugh at you. But to some, that is exactly what is happening. So, people have to break their piggy banks and unfortunately sell assets such as bitcoin they intended to hold much longer.

I think we will need to be patient and it will take a while before better days will come.

CryptoHeadlineNews

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Quote from: Flyingjack123 on September 22, 2022, 01:53:15 PM

Now Bahrain is allowing crypto payment gateway Eazypay to allow payments in crypto currency including bitcoin through 5,000 point-of-sale (PoS) terminals. once again validates that future belong not to Fiat but to crypto.
EazyPay’s crypto payment system will be “first regulated and approved crypto payments service offering” in the Middle East and North Africa region. Says Binance CEO.

Point of sale "PoS" is actually the easiest way now common in Africa where people get access to cash easily without the stress of going through the queue at bank ATMs, as it could be found in every nook and cranny in towns and cities. So this is good news, and I'm sure this new development, it's going to create more awareness among many who never believed in Bitcoin that it is indeed the future of money, and it will create easy access to buying and selling of Bitcoin using fiat currency just like p2p

Flexystar

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That is good move for Africa. If we think about it carefully then implementing such kind of payment processors is not really big thing and crypto can be or could have been merged already if governments would have loosen up some strict rules following the use of it. I wish services like EazyPay becomes available throughout the world. There are so many apps, easy to scan payment systems, contactless cards and much more which could be easily used to pay off via Crypto Currencies. All you need is your wallet linked to a plastic card and there you go, just swipe/touch and pay the payment. Though there have been many such services already, the only problem they are not getting popular is because of the borders regulations and their restrictions on using them. I am afraid EazyPay might struggle with such net of rules and regulations. Let us hope they wont and get to set an example of using crypto in real world.

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Highly doubt it would put an end to the winter, or add any more for that matter. I'd compare it to how more exchanges opening up doesn't mean anything in the grand scheme of things. It is a nice way to spread adoption, though it's going to take a long time before it could matter. I also think crypto winning over fiat is not going to happen, both living together without doing anything to each other is what would be for the best imo. Highly doubt the Government would let fiat die (nor could they kill crypto tbf).

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Quote from: avikz on September 23, 2022, 07:12:59 AM

Baharin is the follower of Sharia law so it is little surprising to know that their King has allowed such things which cannot be directly controlled by them. But all is well that ends well. I hope the crypto transactions will be regulated in a positive way. Because over-regulation can ruin this entire initiative.

I don't think this will help bitcoin to aim for moon once again because the population is Baharin is extremely low even though they are extremely wealthy. But let's hope for the same!

It is really a welcomed development considering the rigidity of most countries in the Middle East. These Islamic nations are so strict in accepting changes because of their Islamic law. But Bahrain has recently become a pacesetter in the crypto space. The country is considered one of the freest economies in the Middle East because of its recent flexible economic policies. Although the impact of this news on the bitcoin space might be insignificant, yet it is indeed a win for the industry. The population of Bahrain might be small but they can help spread the message of the benefit of bitcoin in their region. Maybe other countries in that region might also consider taking the same step.

rendravolt

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Bitcoin does have an important role in the global economy, but I think it is still difficult to replace fiat as a whole. There are many countries other than Bahrain that are also doing the same, but in reality it is only temporary hype and will only become a thing of the past. For the crypto winter I think it will be a long time until the bitcoin halving again in 2024.

maydna

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One good news is coming from Bahrain, and soon, the other good news will come for crypto, and that could be the sign to see the next trend. But I admitted that crypto needs more good news to lift the price bounce to the up trend again because the bearish trend still appears on the market. But this is good news for crypto. At least Bahrain people have the other payment gateway option when they want to use crypto itself. We still need to be patient to wait for the market moves higher.

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Quote from: Flyingjack123 on September 22, 2022, 01:53:15 PM

once again validates that future belong not to Fiat but to crypto.

Probably make that assumption once the volume of bitcoin/crypto payments at least comes close to the volume of fiat payments. Today, bitcoin/crypto is merely just an alternative that the huge minority uses.

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Quote from: Flyingjack123 on September 22, 2022, 01:53:15 PM

With such positive developments, i hope crypto winter will be over soon and Bitcoin will rise again to moon.

Don't worry, it will be over soon with or without this news of adoption. Note that the market enters a cycle and that's why it's assuring that this winter is going to end soon.
And once it's done, there we go again to the bull run for which many will be hyped for sure. But for this news, it's a good one and with the number of POS in their country. It means wide adoption is at range and ready to get introduced to its citizens.

avikz

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Quote from: Flyingjack123 on September 22, 2022, 01:53:15 PM

Now Bahrain is allowing crypto payment gateway Eazypay to allow payments in crypto currency including bitcoin through 5,000 point-of-sale (PoS) terminals. once again validates that future belong not to Fiat but to crypto.
EazyPay’s crypto payment system will be “first regulated and approved crypto payments service offering” in the Middle East and North Africa region. Says binance CEO.

With such positive developments, i hope crypto winter will be over soon and Bitcoin will rise again to moon.

Baharin is the follower of Sharia law so it is little surprising to know that their King has allowed such things which cannot be directly controlled by them. But all is well that ends well. I hope the crypto transactions will be regulated in a positive way. Because over-regulation can ruin this entire initiative.

I don't think this will help bitcoin to aim for moon once again because the population is Baharin is extremely low even though they are extremely wealthy. But let's hope for the same!

Husires

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Based on this data from the year 2020, the population is 1.702 million (2020) and therefore the number of people who will use crypto will be much less.
This adoption is generally good, but it will not change in the long term or quickly.

The number of users among these 5000 points of sale will be less than 1%, which means less than 5 points of sale.

n0ne

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This is good for the future. Small countries are making big plans and are executing the real time usage of cryptocurrency on different needs. Bitcoin as payment gateway will make more people know about it. In a country with population less than 2 million it is an easy task to implement new innovations.

The plan is really welcoming and these small move will make big changes in the real time usability of crypto in the long run. Though El Salvador is a small country it served as an example of considering bitcoin as legal tender. Maybe some other countries can follow the footprints of Bahrain.

Rengga Jati

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I read the news here and read this qute, this is interesting enough:

Quote

Bahrain’s central bank approved a partnership between EazyPay and Binance enabling 5,000 POS and online payment gateways to accept bitcoin and crypto.

Source: Bahrain Approves Bitcoin, Crypto Payments For Over 5,000 Merchants

This is very good news, at least, many more regions accepting Bitcoin and also other cryptocurrencies as payment for certain merchants is widening.
However, as @Upgrade00 said, this doesn't mean that this news can really pump the market highly, moreover making this market out of the crypto winter and being to the moon, is not as easy as we think, mate.
This current bearish market is still happening, although the news has been released several hours ago, there is no high impact of this. The crypto winter is still ongoing and this is likely still in the scheme of the bearish era. So, be patient with this current situation.

Piesel

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This is too small news that can bring an end to the winter market, as others have rightly said, acceptance is far different from adoption and this news can not have any significant effect on the market.

This is no different from the other payment gateways that we have around and this type of development can only make bitcoin services to only become centralized and controlled by the government since those payment gateways are developed to follow government regulations.

jackg

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Quote from: Upgrade00 on September 22, 2022, 02:06:13 PM

Quote from: Flyingjack123 on September 22, 2022, 01:53:15 PM

With such positive developments, i hope crypto winter will be over soon and Bitcoin will rise again to moon.

Ideally, you should include a link to news you post. Also, this single update is not going to turn the market around or take Bitcoin to the moon.

It'll take a lot of small moves for sure. Some news about acceptance isn't as bullish as you'd expect it to be on the shorter terms (combinations of these sorts of news are good). I think the issue is acceptance normally means the market might need higher levels of liquidity in order to cope with the pressure of it as well as acceptance not being the same as adoption (when stores started accepting cards, I doubt many people had one they could use or trusted the technology - that could be the same with bitcoin in these areas).

Upgrade00

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Quote from: Flyingjack123 on September 22, 2022, 01:53:15 PM

With such positive developments, i hope crypto winter will be over soon and Bitcoin will rise again to moon.

Ideally, you should include a link to news you post. Also, this single update is not going to turn the market around or take Bitcoin to the moon.

Flyingjack123

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Now Bahrain is allowing crypto payment gateway Eazypay to allow payments in crypto currency including bitcoin through 5,000 point-of-sale (PoS) terminals. once again validates that future belong not to Fiat but to crypto.
EazyPay’s crypto payment system will be “first regulated and approved crypto payments service offering” in the Middle East and North Africa region. Says binance CEO.

With such positive developments, i hope crypto winter will be over soon and Bitcoin will rise again to moon.

Edit..
I have added the link after suggested by member..

https://www.google.com/amp/s/www.nasdaq.com/articles/bahrain-approves-bitcoin-crypto-payments-for-over-5000-merchants%3famp

Topic: Bahrain allows regulated crypto payment gateway. (Read 248 times)