1. Startups

Hubud Bali Becomes the First Coworking Space in Indonesia to Accept Bitcoin

Adding to the length of the service experimenting with bitcoin, Bali Hub menjadi co-working space first in Indonesia to accept bitcoin as a means of payment. Hubud tries to accommodate its members who get paid using bitcoin. Previously we also heard the news that a luxury villa in Seminyak Bali too sold completely using bitcoin.

Co-founder Hubud Peter Wall about the decision to accept bitcoin said, "Community digital nomad growing. They live, work, and play all over the world, and many of them are paid and transacted using Bitcoin. Hubud is happy to be able to support the member us, when they land in Bali, they can use Bitcoin to transact in Hubud."

Furthermore, Hubud Operations Manager Ivor Condric said, “We are seeing more and more people adopting Bitcoin, so it made sense for Hubud to join this community. The method is very easy, and the cost is cheap for us and for us member we."

In addition to membership fees, bitcoin can also be used on Hubud to buy merchandise. Currently, Hubud has more than 200 members with various backgrounds. Bali itself began to be campaigned to become a "Bitcoin Island" with the number of providers of goods and services adopting this payment system. This social experiment was organized by Bitcoin Indonesia and Coin of Sale to promote the use of bitcoin as a payment alternative in Bali.

In Indonesia, bitcoin is not considered a legal tender. However, Bank Indonesia does not necessarily prohibit the use of bitcoin and submit the risk of using bitcoin as a means of payment to the respective parties. There is no threat of punishment for those who use bitcoin to transact.

Although many are not recognized in various countries, including in China which is the largest user, recently bitcoin activists have found a bright spot after the state of California in the United States. legalize the use of cryptocurrencies as a medium of exchange.

So far, most of the use of bitcoin in Indonesia is still based on curiosity about what it is cryptocurrency. Rather than being a medium of exchange for payment, bitcoin is still a commodity whose value fluctuates sharply. After having broken through the $1000 range for each BTC, now 1 BTC tends to be stable in the $600s range.

Throughout 2014, several services in Indonesia, both online and offline, began experimenting with accepting bitcoin as a means of payment. In the online realm, one of the largest online storage services Indowebster already accepts payments using bitcoin since March. On the offline side, bitcoin payment providers Bitwyre has installed a bitcoin payment system in a number of cafes and restaurants.

[Photo illustration: Shutterstock]

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