Topic: Spain’s Largest Telecom Company Telefónica Now Accepts Bitcoin, Crypto Payments (Read 293 times)

Bitcoin in Spain is something dangerous, because I have a friend who is living there, she was a refugee and she tells me that she has been there for 4 years, but that when they have to pay the treasury it is 50% of her earnings, she tells me that every time who registers a profit must pay those taxes, I just repeat what they tell me, I don't live in Spain, but according to her, any business or something that they have to declare, the government takes away 50% and they remain in the air, almost without money, so if they allow you to pay with bitcoin, you should investigate cwer if you have to pay those high taxes, I would be well away from any government control.

That's good point considering technical aspects of bitcoin usage and it's bad history of wait+time. They have tackled it nicely with middle entity and I just hope same technical aspects are launched for various regions and various sectors out there to overcome the burden of waiting period and thus leading to the more adoption rather than its demolition by governments. I am grateful that Spain has promoted and supported the Telecom industries decision and let them adopt bitcoin payments. That is really futuristic approach and we need more in the list after such good news.

And I dont think that Bitcoin is dead, it's always proclaimed like that. . . but nope it isnt.

It could be that they are exposed to FTX which they now backing away from Bit2me. That's unfortunate if true. But it's good not to get involved in crypto exchange tokens such as B2M tokens (Bit2me).

Telefonica just has to ask for answers from different financial advisers to reevaluate decisions and focus on investing and self-custody BTC.
Everyone has to get in because even Central banks are encouraging the use Bitcoin.

This FTX saga doesn't mean so well for the crypto industry entirely, and this is one of the snow ball effect , imagine a whole million €30M that would have enter into crypto is now reduced to €5 due to FTX bankruptcy and this have left existing and incoming investors with fears of uncertainty. I suggest they should use the remaining funds and get some Bitcoin for the company rather than investing on this centralized exchanges that might go out of business tomorrow.

Just to point out that Telefonica has gone and got cold feet for this operation, and is pulling the reins to a halt essentially. Telefonica was going to invest around 30M € promptly in the Spanish cryto exchange Bit2Me, becoming the main shareholder in the event, but the current situation after FTX’s fiasco has led them to rethink it through, and is now seemingly only willing to go forward with a lesser investment of 5M € in the midterm.


See (Google Translated from the original source in Spanish):
https://www-elconfidencial-com.translate.goog/empresas/2022-11-24/telefonica-paraliza-su-mayor-inversion-en-el-mundo-crypto-tras-el-crash-de-ftx_3527673/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

We welcome everybody and any type of business organization to be accepting Bitcoin just like the usual money...heck even illegal monkey type of business can use Bitcoin how much more a very legal and known telecommunications company in Spain. The more firms accepting Bitcoin, the more it will be encouraging people to use BTC as their medium of payment. There is a big potential of BTC to be accepted everywhere if there will be more stores that caters to it. I am hoping Telefónica provides some form of incentive for Bitcoin users so they will not continue just being holders and speculators.

Regardless of the current bearish market some companies are still adopting Bitcoin as a means of payment for goods and services. This is a clear proof that Bitcoin is a key player in the world payments system and neglecting it would lead to the loss of a large client base.

This adoption might not be the ideal way we expected because of privacy and security challenges but at least this adoption is giving Bitcoin more publicity. People that have never heard of it would be opportuned to get information about it. It would also have ripple effects because other companies would also adopt it because they would not want to be left behind in this era of financial revolution.

The adoption might be slow but the beauty of it is that Bitcoin is moving. I always celebrate any form of Bitcoin adoption even if it was done by a small business.

I'm happy that another major company adopted Bitcoin. It also seems plausible that some other companies in Spain might want to follow if there's enough hype over the adoption by Telefónica. However, I wouldn't get too excited about it. Unfortunately, it doesn't seem like it's a domino sort of situation when one does a big step forward in terms of adoption, and then it triggers a series of movement. El Salvador made Bitcoin a legal tender, and since then Central African Republic was probably the only country to follow (and given the extremely poor level of Internet penetration in CAR, it's more likely a symbolic move than any real adoption). Many companies adopted or invested in Bitcoin at some point, but it's been many years without it triggering a major global adoption wave. So far, adoption is occurring quite slow, and these are all baby steps if we consider the population of our planet.

There will always be those people and enterprises that will tell about bitcoin's death. They're butthurt and they'll never accept that it's staying more than their business. It's been said to be dead hundreds of times.

As for this telecom, it's a good start and we're seeing that more companies are being open to bitcoin. Soon, the other companies that are going to accept it will see the reality about it that they can't skip the acceptance of it as there's a massive adoption that's happening.

They have nothing to lose if they accept bitcoin as payment.

This is what I also think that if common people are able to use bitcoin and pay for the service in their country it's good even it's through third party as you will pay in bitcoin only the same amount you have to pay in cash so nice move by the telecom provider.They also see it as business marketing by accepting btc and other cryptos and attract more customers towards them who are interested in this.

These kind of cryptocurrency acceptance as payment is getting all around. The acceptance of bitcoin as payment from different such companies surely help with the increasing real-time usage of bitcoin and also lets people know about bitcoin. Same time it is to be noted, very few companies get into direct acceptance of cryptocurrency without a support provider like Bit2Me, and such change need to happen for the more effective adoption of bitcoin.

But they will have to used a 3rd party and not a P2P? This is how I understand it. In any case this is similar to our local exchanges (coins.ph) in which you can pay almost all your bills (internet, phone, electricity, water) through their systems with your bitcoin.

So this is still a welcoming news for Spain the Telefónica. As long as ordinary people can used their bitcoin as means of payment then it's already a win win.

I am happy to hear news like this. The problem is sometimes these companies can't stay long to adopt bitcoin and seem to just follow the hype. But I hope this will continue so that it can set a good example for other companies in all countries.

I would downplay it a bit for now though. Telefónica is of course a giant it its playing field, but for now, this only applies to one of their ecommerce sites (which incidentally, strangely enough, I’ve never heard of before today), and is actually being labelled as a pilot roll-out for the company by the local media I’ve read today.

They are probably wading the waters to see how well crypto is going to be accepted by the general public, whilst gaining corporate experience in the field. Two things to consider here:

-   The deployment is not on their core telecom subscription websites (Telefónica, Movistar).

-   In Spain, being Bit2Me also Spanish, it is very likely that the combo will pass data on to Hacienda (Spain’s IRS). There is some work in progress to this effect going on, and likely every crypto accepting business will soon have to report data on customers using crypto. We’ve yet to see how this finally plays out, but is could be a deterrent for many (I presume).

Getting back to the site, it doesn’t seem to have a language selector, but GT can give us a reasonable translation of what’s on for sale on the site for crypto, and how it works:
https://www-tu-com.translate.goog/pages/criptomonedas?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

Emulating a purchase with crypto on the site, one of the first disclaimers one reads there is that:
Not my piece of cake …

Not only those who have said bitcoin died on its way until now, almost many people and companies doubted the journey of Bitcoin, but in fact all these assumptions were wrong and turned to accept as payment.
This phenomenon occurs not without reason, but when companies begin to see opportunities for the use of bitcoin in accepting payments, that is where bitcoin will be considered as something quite important in its application.

Some companies that have accepted payments use Bitcoin.

• Amazon

• Starbucks

• Apple

• Overstock

• Namecheap

• Microsoft

• Paypal

If some of the large companies that I mentioned above have accepted bitcoin, it is impossible for other companies not to adopt it, especially if the use of bitcoin can facilitate transaction access and data transparency for certain needs for companies.
Public awareness and companies are increasing objective about bitcoin, so the scope of bitcoin can make it easier for them to be more advanced in their use. Even no one can resist technological advances, but the need for the use of bitcoin will be increasing widespread throughout the world.

Telecommunications sectors is one sector that is widely used by many and of Bitcoin has now broken into that sector then the adoption is growing stronger.
I use data regularly because in my area you get no free Wi-Fi. Many time making payment for my data subscription using the bank has been very frustrating especially when I need to make use of my data Urgently. I have thought about the fact of using Crypto-currency for payment and the simplicity, speed and efficiency it would bring in.
It's a big step by the Spanish telecommunication giant one that would benefit themselves and their users.

While the news is definitely good but honestly I don't feel very comfortable while I listen to such news. Bitcoin is honestly not built for the mainstream economy. Even though we want it to happen because it will increase the demand and the price.

But if bitcoin becomes the part of mainstream economy, it will be subject to more scrutiny and regulations. Which eventually might risk the concept of financial freedom. That will definitely not be great!

This is how btc grows when there is more usage than just holding and waiting for the next ath. It is always nice and exciting to read this type of news.
Like it or not, btc acceptance is growing and expanding, the smarter ones wants to be a part of the revolution.

since 2009 to 2022 this is about 13 years, bitcoin is said to have died hundreds of times by many famous people and even the media, but in fact bitcoin is slowly being adopted in mass fashion, that's why it takes time to make bitcoin big until now, a bear market now is a good time to take more Bitcoin from those who sell it cheap and panic sell, the news above may be one of many other bullish news to come in the near future

Looks like a similar form of acceptance to steam, let's hope it lasts longer (I do still miss it as a form of payment there).

It's good that companies are accepting bitcoin but a bit shameful they're mostly doing it through the same provider (though it might just take time for banks to get on board with accepting and converting it themselves).