The Novotel Bahrain Al Dana Resort – one of the most luxurious hotel spots in Manama, the capital of Bahrain in the Middle East – has announced it will be accepting crypto payments for items like room stays and other vacation staples. A Luxury Hotel in Bahrain Is Accepting Crypto The move is pushing the goals of bitcoin and its digital counterparts closer to being achieved. What many people likely forget is that while bitcoin and many of its crypto cousins have taken on either speculative or even hedge-like statuses in recent years, many of them were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that continues to drag them
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Nick Marinoff considers the following as important: Bahrain, Bitcoin News, crypto payments, News, Novotel
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The Novotel Bahrain Al Dana Resort – one of the most luxurious hotel spots in Manama, the capital of Bahrain in the Middle East – has announced it will be accepting crypto payments for items like room stays and other vacation staples.
A Luxury Hotel in Bahrain Is Accepting Crypto
The move is pushing the goals of bitcoin and its digital counterparts closer to being achieved. What many people likely forget is that while bitcoin and many of its crypto cousins have taken on either speculative or even hedge-like statuses in recent years, many of them were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that continues to drag them down.
It is extremely hard to understand when bitcoin and its crypto family will go up or down when it comes to their prices. Many stores and companies have been reluctant to say “yes” when it comes to accepting crypto payments for this reason, and to a degree, we can’t blame them.
Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t trade the BTC into fiat right away and about 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40. The customer gets to keep everything he or she bought, but the store has lost money in the end. Is this a fair situation? Not everyone thinks so.
That’s what makes enterprises like Novotel Bahrain Al Dana Resort so important. They understand the initial purposes of bitcoin and digital currencies and are trying to transform them into usable tools that everyday people can benefit from.
Novotel has signed an agreement with crypto firm Eazy Pay to accept digital payments. The company will offer the luxury resort the technology it needs so that it can say “yes” to assets like bitcoin, Ethereum, and others. Eazy Pay’s services are also supported by the Binance mobile app.
The Region Loves Digital Assets
Novotel is the first resort in the region to accept crypto. Despite the terrible crash of 2022, the crypto arena appears to be growing like crazy in the nation of Bahrain. In December of last year, telecom operator STC Bahrain announced it would start accepting crypto payments for utilities and similar items. Last November, Carlton Real Estate in Bahrain partnered with Coin MENA to allow users to purchase homes and other properties with digital assets.
Last September, Eazy Pay was given special authority from the Central Bank of Bahrain to engage in and conduct crypto payments. During that time, the firm also established a partnership with Binance.