Bitcoin came a long way since 2009 when this cryptocurrency used to be considered of no monetary value. Now, apart from being the number 1 cryptocurrency in terms of market value, you can also use it to buy movie tickets.
Cine Multi, which is a cinema company in Brazil, is currently setting a partnership with the Bancryp app, to facilitate the company's Bitcoin payment option. Ultimately, Cine Multi will be the one who will take care of the entire payment process for Bitcoin.
Since Cine Multi is the first cinema in Brazil to take Bitcoin payments, Brazilians consider this to be a significant step forward.
It might not be a world breaker because back in 2018, Major Cineplex Group, which is the largest cinema chain in Thailand, became the first movie theatre to accept Bitcoin payments for tickets and concessions as well throughout their locations.
Still, Cine Multi's owner Fernardo Costa had this to say.
“For Cine Multi, which already follows the path of culture, pioneering an innovative market is a huge step forward. Now all the customers besides being in a pleasant environment will also be pioneers to pay a cinema with Bitcoins.”
Brazil initially showed signs of interest in Bitcoin and the blockchain technology last in 2017 when Brazilian Hotel Chain Vert Hotéis started accepting Bitcoins as payment for their services. This was then followed by Brazil's usage of the Ethereum blockchain to keep track and monitor the political expression of Brazilian citizens.
In 2018, presidential candidate João Amoêdo also expressed some of his sentiments regarding cryptocurrencies.
"As a means of payment, I see no doubts that bitcoin can be understood as a legal payment method. If both parties want to exchange a product via bitcoin, I do not see any legal barriers to doing so," Amoêdo said.
Now, this vision came into reality when Cine Multi initiated the action of accepting Bitcoin payments from their customers.
Right now, Bitcoin is priced at $ 3,397, Ethereum at $105, and Ripple at $0.29. The value of Bitcoin and other major cryptocurrencies continues to drop by the second. Even big-time financial firms like J.P. Morgan predicts a doom and gloom situation for all cryptocurrencies, especially for Bitcoin.
However, despite the consistent fall of prices brought about by the bear market, the adoption of Bitcoin and other cryptocurrencies is becoming stronger by the minute, not only in Brazil but globally, which indicates that the inherent value of blockchain isn't monetary but utilitarian.