A cryptocurrency is built on blockchain technology, which is used as a medium of exchange, creating value for its users by providing low transaction costs and fast payment at the same time.
A cryptocurrency, unlike other traditional assets, is decentralised, which means that rather than being controlled by an institution, individual people hold it.
At first, crypto was not believed to become an alternative to legal tender, but it is strongly gaining popularity.
Bitcoin, the first cryptocurrency adopted by the masses, has started to be accepted by many companies. Bitcoin dominates the crypto market by approximately 40%–50%, give or take.
Ostaria Romania joins the list of businesses accepting crypto
Many global organisations have started to accept crypto as a means of payment. The latest name on the list is the most famous Italian restaurant in Brussels, Ostaria Romania.
Osteria Romana is now accepting Litecoin, Ethereum, and Bitcoin as payment options.
Some of the largest companies have started to use crypto due to the crypto craze, such as Subway in 2013, Burger King in 2019, and Starbucks, which started accepting bitcoin and other cryptos in 2020.
Many food delivery apps, like Takeaway and Shuttledelivery, also accept cryptocurrency payments.
The manager of Osteria Romania ‘La Veccha’ has said that his restaurant is the first one to receive crypto as payment in all of Brussels.
The owner says he has seen many changes regarding the mode of payment. In the early days, only 15% to 20% of people used cash, but now it has reduced to an even smaller percentage (3%).
Some have started to use crypto rather than credit or debit cards, which are seen as a global phenomenon.