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South London’s century-old Tooting market accepts bitcoin

The initiative is aimed at attracting modern consumers and enhancing the convenience of their shopping experience, while also fitting in with the global trend of cryptocurrency adoption.

Date: 2024-06-20 Author: Łukasz Michałek
South London’s century-old Tooting market accepts bitcoin

The UK’s iconic Tooting Market in London, founded in 1930, now accepts Bitcoin payments, run by Bitcoin enthusiast Hashley Giles.

Following a Bitcoin meeting held on June 18, eight vendors at the UK’s first food markets have begun accepting cryptocurrency payments. This includes restaurants, bars and a vinyl record store. The transactions are taking place with the support of Bridge 2 Bitcoin, which is building a closed-loop Bitcoin economy, working with local merchants.

The June 18 event featured well-known participants in the crypto community, including CommerceBlock, CoinShares, Mercury Layer, Civkit and the creators of the Lightning network.

TheMezzanine bar on the Tooting market saw profits double after Tuesday’s debut of bitcoin payments, Bridge 2 Bitcoin wrote. “Yesterday they accepted bitcoins for the first time, and their receipts were double the usual Tuesday!”

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Bridge 2 Bitcoin allows UK businesses to accept Bitcoin with low or zero payment fees, instant settlement and no chargebacks.

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A broader strategy for accepting Bitcoin in the UK

According to Nicholas Gregory, CEO of CommerceBlock, such a move would open the door for wider Bitcoin adoption.

“The more merchants accept Bitcoin, the more we can push the state to recognize it as a legitimate form of payment, making it easier to use from a tax efficiency standpoint.” – Gregory told Bitcoin magazine.

Recently, Coinbase’s Crypto booth noted that there are more than 6 million cryptocurrency holders in the country . What’s more, the UK cryptocurrency industry is maintaining a high growth rate, expanding faster than other jurisdictions around the world.

According to AltIndex.com, the UK crypto industry will earn $1.9 billion in 2023, a massive 137% year-on-year increase from $800 million in 2022. It was predicted that the figure could double to $3.77 billion by 2027.

The Statista portal also notes that given the huge increase in Bitcoin adoption, more than 200 companies in the UK accept cryptocurrency payments.

The growth in the UK’s cryptocurrency user base has encouraged small merchants to adopt new technologies such as Bitcoin, thereby increasing the wider use of cryptocurrencies and calling for a regulated approach.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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