Amid some controversies and negativity that Bitcoin is
struggling with, this never stops some merchants to try out this
crypto-currency who discovered way back in 2008. Aside from being popular, the
said virtual currency has also its advantages why most of them spend bitcoin in
their own ways. To name a few, by using bitcoin, there is no third party
manipulating your transaction, less hassle compare to banks where in you need
to queue in a tedious line, and most especially, very low transaction fee.
Some studies showed that most regional Bitcoin businesses
are in Israel. Egypt is still sorely lacking in Bitcoin establishments, but now
it has its first.
AMECO is the Middle East’s oldest and largest disposable
syringe and hypodermic needle manufacturer based in Cairo. Established in 1984,
they have an 80% share of the local Egyptian market.
AMECO is a privatized family owned business. The owner, Mr.
Omar El Fata, is an enthusiastic supporter of Bitcoin and is excited about the
potential for businesses in the region.
Mr. El Fada also recognizes the value proposition from the
Bitcoin inflation model. He notes that “no matter what your country/region is
going through, no matter how corrupt your government is, there is no way your
currency (Bitcoin) will inflate.” He goes on to say that “this directly means
stable businesses and no rising living expenses and costs.”
For his business Bitcoin means market reach, free trade, no
inflation, and no interest rates.
According to Mr. El Fata many other businesses he works with
are very keen to work with Bitcoin, especially ones who almost went out of
business due to inflation and banking bureaucracy.
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