Culture Czech Republic Economy News

Prague crowned best city in the world to spend cryptocurrencies

Prague is the best city in the world 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”, the research pointed out.

A major European and international hub for crypto-currencies, the Czech capital has 154 venues (bars, restaurants, hotels, cinemas, and other attractions) where Bitcoin is accepted as a method of payment. This includes 12 ATM’s where people are able to take out cash from digital currency accounts, and more than a dozen restaurants, cafés and shopping venues.

Buenos Aires came second, with 130 venues, followed by San Francisco (111), London (102) and Madrid (97).

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Prague’s crypto-friendly culture has been growing for many years. In 2014, the first Bitcoin ATM appeared, while Czechs also launched their own home-grown crypto-currency, the Czech Crown Coin (CZC), to offer a local alternative to 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 and alternative centre launched by art group Ztohoven in the Holešovice neighbourhood which also hosts a co-working space and an “Institute of Cryptology”: the place-to-be for any enthusiast member of the crypto-currency community.

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Last year, an apartment in Prague was purchased using only Bitcoin currency, the first real-estate transaction of the kind in the country.

Furthermore, over 1.000 e-stores in the Czech Republic accept Bitcoins, including largest online retailer Alza.cz, which has also installed Bitcoin ATM’s in two of its showrooms. Last year, the Comfort Finance Group launched the first Czech cryptocurrency fund.

So if you have Bitcoins to spare, you know where to go.

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