Mallorca

A beautiful view off the coast of Majorca.

07-06-2019

Across Europe, opportunities to buy cryptocurrency easily and conveniently are on the rise, giving millions of people access to fast digital cash transactions. Spain is at the forefront of this development, with 18 BATMs in its cities. One city that already boasts its own Bitcoin Automated Teller Machine (BATM) is Palma de Mallorca.

These machines allow users to buy Bitcoin simply by scanning a QR code. When cash is fed into the machines the equivalent amount in Bitcoin is automatically transferred to their digital wallets. In future years, a huge rise in the number of BATMs available across European cities is expected.

One report has forecasted that over the next decade, the number of machines will increase tenfold, making Spain a real early adopter. Simultaneously, digital currencies like Bitcoin are predicted to experience a compound annual growth rate that takes them to $183.8 million over the next five years. However, the fact that Palma de Mallorca already has a BATM is just one sign that this city may fast be becoming a cryptocurrency pioneer.

Another sign that Palma de Mallorca, and Spain more broadly has really established itself as a cryptocurrency centre, is its place as part of a huge blockchain conference cruise. From 9th to 13th June 2019, CoinsBank will host a large Mediterranean cruise conference, setting off from Barcelona, and docking at destinations including Palma de Mallorca, Marseille in France, Italy’s La Spezia, and ending in Rome.

Last year, the luxury event attracted some 2000 guests from 58 countries around the world, making it one of the largest and longest cryptocurrency networking events on the planet. On board Oasis of the Seas, a Royal Caribbean cruise liner, will explore every aspect of cryptocurrencies from the social impact of blockchain to data privacy and exchanges. This isn’t the only cryptocurrencies event to hit Palma de Mallorca in 2019.

Earlier in the year, in March, the city’s famous Pueblo Español and open air museum hosted Mallorca Blockchain Days. There, Bitcoin experts, interested amateurs, blockchain developers and informed investors gathered together to network and exchange ideas and news. For some, the fact that Mallorca was selected as the destination for this event is another sign that this place is to cryptocurrencies what Silicon Valley was to digital advancement.

With all this cryptocurrency activity happening across Spain, and centred on Palma de Mallorca, it seems that the country is key to the new attention afforded to digital currencies. Towards the end of 2017, the energy surrounding cryptocurrencies seemed to peak with prices reaching all-time highs, especially across more established cryptocurrencies. Since then, the creation of digital asset wallet holders has increased and demand for cryptocurrencies has actually dropped.

Many people put this down to the governmental regulations of various countries creating unhelpful restrictions and dissuading potential investors from exploring the markets more fully. Despite this, some governments, including Spain’s, remain strong advocates of cryptocurrencies, and are working hard to bring accessibility to their populations. A combination of BATMs, dedicated events, awareness raising, and promotion will yet see Bitcoin and other digital currencies forge for themselves a solid place in the strongest economies.