Bitcoin: To Have or To Hodl
Italians grooming to embrace the ruling crypto king with open arms
(July 31, 2020) — Bitcoin kingdom has found another land to conquer, and the inhabitants are anticipating its rule: Italy. We can surmise that maybe because Bitcoin is on a bull-run, it is but natural that Italians, especially the millennials, are joining the buying frenzy. Would that be a little late? Not so. Italy has been on the hunt to start digitizing its assets for some time now and who knows how lucky can the Italians had gotten when they got it right in time to have and to hodl bitcoins before the breakout, as the absolute king of cryptos chose to come out from a long and lethargic moving average limbo to break the $11,000 barrier, rising to 46% of its original price.
“Non capisco. Puo parlale lentamente?”
But while other Eurozoners like Denmark, Sweden, Estonia, Norway, and the UK have long been wallowing in Bitcoin waters, Italy is still dipping its toes and taking a slower pace before getting their ankles wet. It may be understandable since Italy is known to treasure its age-old past traditions with pride and dignity. It is leaning more to keeping artefacts, paintings, manors, cottages, and vineyards as treasures to behold. But not to break traditions, the millennials are more forward-looking, and the digitized world seems to enchant them with looks of envy upon their friendly neighbours whose assets are cryptoed, mobile, and borderless. Crossing countries would be an easy route if ever. Legislators and regulators know this; that is why keeping their millennials at bay has required them to delve deeper into the cryptonized currencies and assets by taking bold steps to understand, legalize, and regulate digital infrastructures to keep their junior citizens happy at home.
“Scusi, che cosa ha detto?”
To start with, authorities, instead of fighting off the inevitable, proposed measures for Italy to understand blockchain and DLT more and how it works. We can see a process of integration here and how ironic that at a universal perspective, the very institutions that the blockchain culture seeks to eliminate from the equation are now the ones that are trying to adopt its use. Anyway, the good thing here now is that, here in Italy, the citizens can have and to hold, or to use the crypto word equivalent: hodl Bitcoin in a variety of ways.
First, you have to open a digital wallet to be able to hold cryptocurrencies and transact business. A neat research is suggested for a wallet of choice. The second is to open an eQapital account for bitcoin storage and easy conversion of bitcoin to any other currency. Third is to choose a payment method and then connect it to eQapital. Italian choice is wire transfers and debit or credit cards. After completing these steps, buying Bitcoin is now possible via the Buy Page, and bitcoins bought will be transferred to your account. From your account, you can now transfer your bitcoin to your wallet. The Contract for Differences, or CFDs, is another way to trade Bitcoin in Italy wherein you need a broker for trading CFDs, a method of trading Bitcoin’s price fluctuation without any legal right to own the coin. Mining is also another way of possessing Bitcoin. Mining Pools are available online where you can register and participate in mining activities.
Italy is a relatively traditional market compared to the developed markets of Japan, South Korea, and the United States of America. Though there are limited merchants accepting bitcoins, the number of retailers is on the rise. The total Bitcoin ATMs in Italy number to 17, while Bolzano has 5, Milan 2, Florence 2, and Rome 1. Bitcoin is now the third most popular online payment method in Italy, after PayPal and PostePay, and ahead of American Express.
“La capisco benissimo.”
eQapital CEO Michael Paesani said that with the prevailing Pandemic phenomenon, the movement of people is so limited that online financial transactions are becoming the norm. “People are afraid that the Covid-19 disease can be spread through coins and paper bills, and that is scary,” said Paesani. “Even the thought of people converging in numbers in financial institutions are driving them to go digital, and only there they will find the convenience it offers, not even mentioning decentralization, transparency, and immutability. The speed of transaction alone and the low accrued fees are loud digital voices that will have them all finally listening.” Paesani added.