It is not an acceptance of payment in Bitcoin, but rather by using bank cards, credit cards and cryptocurrencies. This will be done through a partnership with the “Easy Pay” platform that specializes in providing solutions and means of payment, which in turn is in partnership with Binance, meaning that payment will be through the Binance application and not directly.
In addition, payment will be possible not only with Bitcoin, but also with many cryptocurrencies, including Ethereum and BNB, in addition to Bitcoin. Of course, users are forced to register with Binance, so they have to pass KYC.
In short, the news is good, but it is not an acceptance or adoption of Bitcoin.
Topic: Bahrainian Hotel accepts bitcoin Payment - page 2. (Read 276 times)
That's quite a big downside if you ask me and one of the worst crypto payment implementations I've seen lately. I thought that Binance is there just to exchange crypto to fiat and not to be an actual requirement in order to pay with crypto.
I'm not familiar with Bahraini laws and regulations, but since The Central Bank of Bahrain was behind this[1][2]. I think it makes sense (for them) to go this route when Binance requires KYC.
[1] https://www.binance.com/en/news/top/7209264
[2] https://www.binance.com/en/support/announcement/binance-launches-its-bahrain-platform-80aa2cd8d2a34474bf4064c00d61cc4f
This is good for adoption but there's one downside; the users must create Binance accounts if they haven't already. So if you have your BTC in your Electrum wallet, for instance, you can't pay and you must first transfer them to your Binance account.
That's quite a big downside if you ask me and one of the worst crypto payment implementations I've seen lately. I thought that Binance is there just to exchange crypto to fiat and not to be an actual requirement in order to pay with crypto. 
This is good for adoption but there's one downside; the users must create Binance accounts if they haven't already. So if you have your BTC in your Electrum wallet, for instance, you can't pay and you must first transfer them to your Binance account.
That's quite a big downside if you ask me and one of the worst crypto payment implementations I've seen lately. I thought that Binance is there just to exchange crypto to fiat and not to be an actual requirement in order to pay with crypto.
For those who don't know, Binance partnered with Eazy.net (a well-known payment provider in Bahrain) so now, any service using Eazy services, can start accepting bitcoin (many have already started doing that). This is good for adoption but there's one downside; the users must create Binance accounts if they haven't already. So if you have your BTC in your Electrum wallet, for instance, you can't pay and you must first transfer them to your Binance account.
My only concern is that, is Bitcoin legal at Bahrain ? If it is, then there won’t be any problem for the hotel to use Bitcoins as a payment.
Middle East nations are very opened and friendly with cryptocurrencies. You can see many blockchain summits and conferences that were hosted in Middle East nations. It's reasonable if you think it is legal in Bahrain that is located in the Middle East area.If you want to check and confirm your thought, you can read this report Countries Where Bitcoin Is Banned or Legal In 2022. Cryptocurrencies are legally restricted (not totally prohibited) in Bahrain and you need to have license for your business.
Quote
Bahrain. You need a license in order to use crypto-asset services in Bahrain.
Legality of cryptocurrencies in other nations are written in another report from ComplyAdvantage.
Cryptocurrency regulations around the world
Not sure but a progress for their CBDC is either in Research or Development phase but they did made an announcement for Digital Dinar by Central Bank of Bahrain (CBB) in 2018
https://cbdctracker.org/currency/bahrain-digital_dinar
https://www.atlanticcouncil.org/cbdctracker/
That’s really a great news for all the Bitcointalk community. My only concern is that, is Bitcoin legal at Bahrain ? If it is, then there won’t be any problem for the hotel to use Bitcoins as a payment. But will they able to deal with the inflation and price fluctuations of Bitcoins?
They are not accepting bitcoin directly but instead they are using 3rd party service to do that for them so they won't have to worry about storing bitcoin, its volatility etc as in the end they will get fiat. And if its not legal, do you think that they would offer that kind of service?Having said that, I don't think that this news is worthy of a topic anymore tbh. Maybe if it happened 7-8 years ago or if they accepted bitcoin directly, but like this not really (still good news though).
Finally, Bitcoin is going to enter the world beyond the borders of different countries of the world. A hotel in Bahrain "Novotel Bahrain Al Dana Resort" is set to become the first hotel in the world to offer services to customers through Bitcoin payments.
It's good to see another establishment accepting our lovely Bitcoin as a payment system, but you should know that it's not the first hotel and luxury house that accepts Bitcoin and other cryptos as payment systems. If you are in doubt, please visit the Nasdaq website: Luxury Houses Accepting CryptosNonetheless, I love the Binance preference, most people use it and by virtue of this, the transaction fee will be free within it, which is a very good deal for both parties.
That’s really a great news for all the Bitcointalk community. My only concern is that, is Bitcoin legal at Bahrain ? If it is, then there won’t be any problem for the hotel to use Bitcoins as a payment. But will they able to deal with the inflation and price fluctuations of Bitcoins? I mean it really takes guts to take such steps when large amount of money transactions is required. But great initiative by the hotel management, and this will also fetch them more customers, as they have additional payment option than the other hotels in that nation. Really Kudos to the management. Let’s see what more updates we can see from this amazing country.
We can already book some hotel rooms and flights with Travala using BTC and other cryptos.
But it is nice to see a merchand / hotel accepting direct reservations with BTC (without a third party website managing the reservations I mean). I would love to not involve Binance in it but we cannot have everything
But it is nice to see a merchand / hotel accepting direct reservations with BTC (without a third party website managing the reservations I mean). I would love to not involve Binance in it but we cannot have everything
Finally, Bitcoin is going to enter the world beyond the borders of different countries of the world. A hotel in Bahrain "Novotel Bahrain Al Dana Resort" is set to become the first hotel in the world to offer services to customers through Bitcoin payments. The payment system of this hotel will be through Binance App. The Central Bank of Bahrain has welcomed the hotel's payment system, and has assured that other hotels will be interested in recognizing the bitcoin payment system as implemented by the hotel.
News:https://cryptopotato.com/arab-world-crypto-adoption-leading-bahrainian-hotel-accepts-btc-payments-report/
News:https://cryptopotato.com/arab-world-crypto-adoption-leading-bahrainian-hotel-accepts-btc-payments-report/
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