BTC Now Official Currency in Lugano: Another Milestone for Cryptocurrency

[avikz]

For those still skeptical about cryptocurrency's role in the future of finance, recent developments underscore its growing significance as a payment system.

With major institutions and countries embracing BTC as a legitimate form of payment, the security of BTC holders' future is increasingly evident. Notably, global giants such as Google, Microsoft, and Wikipedia now facilitate transactions in crypto.

While El Salvador made headlines by legalizing BTC as a payment option, the recent decision in Lugano, Switzerland, allowing citizens and tourists to transact in BTC—including tax payments—signals further mainstream adoption. This news is undoubtedly welcomed by crypto enthusiasts, with hopes for more nations to follow suit. For further insights, refer to this article by Cointelegraph:
 https://cointelegraph.com/news/cryptos-role-daily-payments-beyond-lugano

Well, Switzerland is known as money laundering capital and tax heaven of the world. Their banking systems helped politicians and criminals to safely store billions of dollars since a long time now. So it's just a matter of time before Switzerland accepts cryptocurrency as a legal tender in the country. It's now started in a city as a trial run. If it succeeds, soon it will be everywhere in Switzerland.

Good development for sure! Such kind of things surely brings in much needed cheer and liquidity in the market. But I am still skeptical about the future of Bitcoin as a payment processor. It's slow and expensive. The network is jammed quite often and now with the ordinals madness, it's even more evident. Block size debate needs a serious resolution.   

[franky1]

this topic is not about bitcoin

its about using other networks.. LN and LVGA
bitcoin never leaves the bitcoin network

The Swiss city of Lugano provides the best evidence of what’s possible: More than 15% of its citizens use the city’s LVGA stablecoin to pay their bills, make purchases at shops and restaurants, and access online services on a daily basis.

This was made possible through collaboration between the city’s administration and Bitfinex, which developed a platform to support payments with Bitcoin, via Lightning, Tether, via Polygon and the city’s native LVGA token

none of the offerings of switzerland are actually about customer-merchants having bitcoin node self custody transfers of btc, but offering customers a platform of CEX database and altnetwork/subnetwork offerings of things that are not actual bitcoin network transactions

https://planb.lugano.ch/crypto-payments/
map of locations mention lightning not the actual bitcoin network

this is yet another failed attempt to promote other networks by stealing the brand and banner of "bitcoin adoption"

these other networks give citizens of these countries (el slavador, nigeria, switzerland) a FALSE narrative of bitcoin adoption via an experience that is not even using the bitcoin network. and when these flawed other networks fail to meet expectations (as seen in nigeria and el salvador) these other networks will end up harming the reputation of bitcoin even when citizens of countries never feel the real experience of bitcoin

we need to stop these false promotions and shady games of promoting flawed other networks "as bitcoin"

[Iamcrypticguy]

This is really great news. I am pleased to read this but not entirely surprised because I would say I saw it coming. That’s how it starts, once a country takes the step, other countries would gradually want to go in. Imagine the other countries who were skeptic if they should do the same. Seeing 2 countries making Bitcoin an actual legal currency will motivate them even more. Can’t wait to see the next country to get into the dance floor.

Once we get the 3rd country then it's game over as it will become a natural thing for other countries to easily adopt. But for now, i hope everything go on well with this two countries so that others can see reasons why BTC and crypto is the future of finance. Also we still need more individuals like Gracy Chen in the industry who has been at the core front of advocating for web3, blockchain and cryptocurrency adoption on a large scale. I think her effort combined with other top individual in the industry is gradually paying off but of course we still need to see more from them until crypto become global and no one is skeptical investing in it.

It is already beginning to feel like a normal thing if we see more countries accepting Bitcoin because these two countries have made it possible and have set examples. We probably need big countries to step in too. But that’s not certain because some of these countries are careful on what they do. Nonetheless Bitcoin is growing really well for its age.

Might be difficult, but I think it's possible, and these two countries have set the pace, as you said. Big figures in the crypto space, like Gracy Chen (MD of Bitget), have predicted that it won't be long before we see crypto playing a role in daily payments beyond Lugano, and I think she's right. The world is evolving, and incorporating blockchain/crypto in everyday life will only make the quality of life better, in my opinion.

[kentrolla]

There has been so many good news related to Bitcoin offlate and I am really happy that atleast now people have started adopting Bitcoin and using it. This is a sign that gradually Bitcoin will be accepted in other nations as well, there was a fear initially I mean couple of year's ago that it's a ponzi scheme or some sort of scams but now people are confident enough and approval of spot ETF has pooled more users to Bitcoin ecosystem.

[freedomgo]

There has been so many good news related to Bitcoin offlate and I am really happy that atleast now people have started adopting Bitcoin and using it. This is a sign that gradually Bitcoin will be accepted in other nations as well, there was a fear initially I mean couple of year's ago that it's a ponzi scheme or some sort of scams but now people are confident enough and approval of spot ETF has pooled more users to Bitcoin ecosystem.

Good governance for every country brings a big impact to bitcoin adoption. If the government officials are more open minded, most likely they become more willing to explore new technology or innovation as long as it would create an overall advantage for its citizens and for the whole country. Not all countries are supportive about bitcoin, majority are still hesitant to accept it. But thanks to Lugano leaders as they are starting to embrace their future with bitcoin. Most likely, we will see stories like this in the following years ahead.