The global interest in cryptocurrencies has grown dramatically over the past years. One of the biggest advantages of using the ‘borderless money’ is that crypto payments can be converted into local currency immediately which will avoid any bank fees and unfavourable exchange rates. Using Bitcoin and its alternatives, such as Ethereum or Litecoin, is a great way of maintaining financial records for tax purposes, as the ownership gets transferred too. Moreover, Bitcoin transaction fees dropped significantly in the past years – in November 2019 the average transaction fee was $0.799.
Prague ranked as the most crypto-friendly city in the world
In 2018 The Top 10 Bitcoin Cities in the World ranking by Forbes Magazine, Prague ranked as the number one Bitcoin city in the world with 147 crypto businesses, including cafés, bars, restaurants, hotels, private practices or online retailers. The capital of the Czech Republic left behind world centres such as London, New York City or Amsterdam.
The highest number of businesses accepting payments in bitcoin underlines how thriving Prague’s crypto-culture is becoming in recent years. Bitcoin can be used for renting apartments, paying for food, drinks and goods from a number of retailers. Digital nomads will find more than 40 Bitcoin ATMs to take out cash in the local currency. Prague is also home to a crypto-hub Paralelní Polis, an experimental centre including the first Bitcoin cafe, Institute of Cryptoanarchy and coworking space located in Holešovice district.