Using cryptocurrency transactions for retail purchases is one of the biggest dreams of many early adopters. At the moment, even Bitcoin is quite volatile to be used as an exchange medium reliable for merchants, but with more people adopting it, the volatility will go away. Vitalik Buterin said in August that he believes that cryptocurrencies will be as stable as gold and other commodities that are often used as a value storage.
With more companies joining the industry to start using crypto in their business models, it is easy to see where the excitement comes from.
Telefonica accepts Bitcoin payments
The company wants to sell its products using the Bit2Me service bridging the gap between crypto enthusiasts and service providers in the country. The Bit2Me platform is considered raw and immature by many crypto users, but it is a good way to introduce more people to crypto by providing a convenient way to spend tokens as users see fit. You simply go to the Bit2Me Commerce section on their website and pay with BTC to purchase up to $500.
Telefonica will accept payments through this system, but the minimum payment set by Bit2Me is $200 making it less affordable to people who do not own solid portfolios. Paying $200 for your communication is not something that many laymen in Spain are ready to do amidst the global recession. Nevertheless, having an option like this is always a plus for many crypto users in the country.
Telefonica is not the only company in the country to feature BTC payments. Other notable corporate adopters are RCD Espanyol FC playing in La Liga and Vueling Airlines started accepting Bitcoin payments in 2022.
Spain is still lagging in retail crypto use
Interestingly enough, the whole of Europe is quite slow to adopt crypto with Africa and South America leading the world in the percentage of crypto transactions used to pay for goods and services. Spain is just at the beginning of its long journey. We hope that more companies will start recognizing the benefits of using crypto in the long run.