Panama City Strip Mall Merchants Embrace Bitcoin Customers

 

The Panama Blockchain Embassy and Cryptobuyer Are Persuading an Entire Panamanian Strip Mall to Accept Bitcoin

The Panama Blockchain Embassy and the company Cryptobuyer wants the Balboa Boutiques strip mall to be the first mall in the world to have every merchant accept bitcoin. Farias tells news.Bitcoin.com that merchants in the mall are utilizing the startup’s Point-of-Sale (PoS) device. The machine allows the purchasing of items with bitcoin by printing out an address QR code and operates similarly to a traditional credit card terminal.  “A great interest from tourists and locals regarding digital currencies was the trigger to push the adoption of Cryptobuyer Pay in Balboa Boutiques,” Cryptobuyer details.“Our system offers a very simple and transparent way for the strip mall merchants to accept bitcoin, dash, litecoin and others cryptocurrencies,” Jorge Farias, founder, and CEO of Cryptobuyer tells news.Bitcoin.com. “The solution locks the value of the transaction in USD for the merchants, so they are not exposed to the volatility of the coins.”

They also have the option to accept 100 percent directly or a combination of 50/50 on Crypto and USD. Our PoS solution doesn’t have any installation costs, maintenance or hidden fees either.

Changing the Way Balboa Boutique Merchants Do Business  

Janice Becerra, an Attorney at Panama Legal Group.

Currently, the company has managed to get a lot of Balboa strip mall merchants on board with bitcoin including; Panama City Sightseeing Tourist Bus, Unagui Asian Bistro, Brun Boulangerie & Café, Cejas Beauty Salon, Panama Legal Group, Fly Heaven Helicopter Tours among others. Further, Farias says the new PoS system is also being used by the Cinic Gallery and the popular Panamanian Graffiti Artist Insano. Janice Becerra, an Attorney at the malls Panama Legal Group is also thrilled to adapt new technologies to their law firm.“We have received many inquiries regarding bitcoin in Panama, by both individuals and companies, and there is a growing interest in this option locally,” Becerra explains to news.Bitcoin.com. “The requests involve the stability of the cryptocurrency, advantages, and risks. Some of the current situations that can be solved by using bitcoins in Panama include the tedious process of opening bank accounts, money remittance and quick form of payment for specific transactions.”  

Bitcoin is becoming a global currency, eliminating intermediaries with high costs and excessive bureaucracies. It has also led to blockchain incursion, which will have a high impact on the legal industry, that will be totally different from how these services are provided today.