Intending to embrace virtual money, residents of the city of Portsmouth, New Hampshire have adopted cryptocurrency as a payment method. Residents are in agreement of utilizing Bitcoin (BTC) and other cryptocurrencies through PayPal. Proposal of the Idea The city’s mayor, Deaglan McEachern had approached the idea of cryptocurrency as a payment method to the authorities. The mayor had stated that the people of Portsmouth should be offered additional payment options. Mayor McEachern has convinced the major stakeholders of the importance of embracing the ever-evolving technology. He further continues, “I want to ensure Portsmouth isn’t waiting around to see how it will affect the future.” According to McEachern understanding cryptocurrencies in the present times helps the city take an early seat in the nascent technology. “By creating more ways to pay bills, we are enabling greater participation.” How Is Crypto Adoption Beneficial to Portsmouth? In recent times, following the adoption of Bitcoin and other cryptocurrencies including New York and Miami’s move to embrace cryptocurrency. Additionally, El Salvador has also been making the news by accepting Bitcoin as their legal tender. Portsmouth’s acceptance of Bitcoin and other cryptocurrencies is believed to be beneficial for financial services, according to McEachern. This can result in assisting people “underbanked in America.” Future of Cryptocurrency in Portsmouth The people of...
