Prague, Czech Republic – Got some Bitcoins to spare and wondering where to spend it? Come to Prague: the Czech capital has been named the most crypto-friendly city in the world and the best place to spend cryptocurrencies, according to an extensive study published last month by Fortune Jack.
“Though it’s to be expected that tech meccas like San Francisco will quickly adopt innovative new payment methods, some of the top ten most crypto-friendly cities may surprise you”, researchers pointed out.
Prague ranks as the most crypto-friendly city in the world
A major European and international hub for Bitcoin and other cryptocurrencies, the Czech capital counts 154 venues (bars, restaurants, hotels, cinemas, and other attractions) where Bitcoin is accepted as a method of payment. This also includes a dozen ATM’s where people are able to take out cash from digital currency accounts, and more than a dozen restaurants, cafés and shopping venues.
With 130 venues accepting Bitcoin as a form of payment, Buenos Aires ranks second most crypto-friendly city in the world, followed by San Francisco (111 venues), London (102) and Madrid (97).
Bitcoin Coffee and ATM’s: Prague’s booming crypto-culture
Prague’s crypto-culture has been booming in recent years. In 2014, the first Bitcoin ATM appeared in the streets of the Czech capital, while local users also launched their own home-grown crypto-currency, the Czech Crown Coin (CZC), meant to offer a local alternative to Bitcoin and other digital currencies.
More famously, Prague is home to the Bitcoin Coffee, allegedly the first of its kind in the world where cryptocurrencies (such as Bitcoin, Litecoin or Monero) are the only accepted form of payment. The Bitcoin Coffee is part of the Paralelni Polis building, an experimental alternative centre launched by art group Ztohoven in the Holešovice district, which also hosts a co-working space and an “Institute of Cryptology”. In other words, the place-to-be for any enthusiastic member of the global crypto-currency community.
Last year, an apartment in Prague was purchased using only Bitcoin currency, the first real-estate transaction of the kind in the Czech Republic.
Furthermore, over 1.000 e-stores in the Czech Republic accept Bitcoins, including the largest online retailer Alza.cz, which has also installed Bitcoin ATM’s in two of its showrooms. Finally, the Comfort Finance Group launched the first Czech cryptocurrency fund in 2017.
So, even though Prague may not seem an obvious first choice for cryptocurrency users, the Czech capital city is arguably one of the most crypto-friendly havens in the world.