Last month news.Bitcoin.com reported on the grand opening of the Panama Blockchain Embassy, located at the Balboa Boutiques strip mall in Panama City. This week Jorge Farias, the founder of the digital assets provider, Cryptobuyer, has announced the company is persuading the entire strip mall’s merchants to accept bitcoin and so far the startup has been very successful.
The Panama Blockchain Embassy and Cryptobuyer Are Persuading an Entire Panamanian Strip Mall to Accept Bitcoin
The Panama Blockchain Embassy and the company Cryptobuyer wants the Balboa Boutiques strip mall to be the first mall in the world to have every merchant accept bitcoin. Farias tells news.Bitcoin.com that merchants in the mall are utilizing the startup’s Point-of-Sale (PoS) device. The machine allows the purchasing of items with bitcoin by printing out an address QR code and operates similarly to a traditional credit card terminal. “A great interest from tourists and locals regarding digital currencies was the trigger to push the adoption of Cryptobuyer Pay in Balboa Boutiques,” Cryptobuyer details.
“Our system offers a very simple and transparent way for the strip mall merchants to accept bitcoin, dash, litecoin and others cryptocurrencies,” Jorge Farias, founder, and CEO of Cryptobuyer tells news.Bitcoin.com. “The solution locks the value of the transaction in USD for the merchants, so they are not exposed to the volatility of the coins.”
They also have the option to accept 100 percent directly or a combination of 50/50 on Crypto and USD. Our PoS solution doesn’t have any installation costs, maintenance or hidden fees either.
Changing the Way Balboa Boutique Merchants Do Business
Currently, the company has managed to get a lot of Balboa strip mall merchants on board with bitcoin including; Panama City Sightseeing Tourist Bus, Unagui Asian Bistro, Brun Boulangerie Café, Cejas Beauty Salon, Panama Legal Group, Fly Heaven Helicopter Tours among others. Further, Farias says the new PoS system is also being used by the Cinic Gallery and the popular Panamanian Graffiti Artist Insano. Janice Becerra, an Attorney at the malls Panama Legal Group is also thrilled to adapt new technologies to their law firm.
“We have received many inquiries regarding bitcoin in Panama, by both individuals and companies, and there is a growing interest in this option locally,” Becerra explains to news.Bitcoin.com. “The requests involve the stability of the cryptocurrency, advantages, and risks. Some of the current situations that can be solved by using bitcoins in Panama include the tedious process of opening bank accounts, money remittance and quick form of payment for specific transactions.”
Bitcoin is becoming a global currency, eliminating intermediaries with high costs and excessive bureaucracies. It has also led to blockchain incursion, which will have a high impact on the legal industry, that will be totally different from how these services are provided today.
Removing the Traditional Payment Inconveniences
May Saumeth, the Chief Marketing Officer of Cinic Gallery explains bitcoin takes a lot of inconveniences out art sales. Wire transfers can take days to settle, says Saumeth and often times a financial intermediary or correspondent bank may charge an additional fee for the completing the sale. Further, some international banks require a memo along with every incoming wire transfer,” details the Cinic Gallery executive.
When accepting bitcoin for payments, the digital asset allows for near-immediate payments that are processed through a private network. We think cryptocurrency payments are also easier to make than debit or credit card purchase.
Cryptobuyer says they are pleased that they are making good headway with the merchants located at the Balboa strip mall. The startup believes the PoS bitcoin terminal makes it easier for both merchants and customers to feel comfortable using bitcoin. Check out the Youtube video “Tony’s Journal” below to get a glimpse of the Panamanian strip mall merchants accepting bitcoin.
What do you think about Cryptobuyer persuading the entire Balboa Boutiques strip mall to accept bitcoin? Let us know in the comments below.
Images via Shutterstock, Insano Cinic Gallery, LinkedIn, and Pixabay.