Hong Kong Protests Powering Through Bitcoin Adoption

The Hong Kong protests, which has now entered its 12th week, affected Hong Kong’s economy, including the property market, stock exchange, shop owners, and banks. As the demand for democratic rights along with other requests from protesters, the use of tear gas and serious resistance has been observed from police authorities.   

Hong Kong-based department store, Pricerite made an announcement on Facebook that it would begin accepting cryptocurrencies including Bitcoin, Ether, and Litecoin in fourteen locations in Hong Kong.  

By utilizing Bitcoin’s Lightning Network, Pricerite will be able to convert crypto payments into Hong Kong Dollars in real-time in a matter of seconds.   

There are several cryptocurrency ATM machines run by Genesis Block, which helped provide funds and supplies for those involved in the protests. Supplies such as water bottles and umbrellas can be purchased through cryptocurrencies – primarily Bitcoin Cash and QR codes are used to tell users where they can donate cryptos.   

Earlier this month, protesters withdrew large amounts of money from their bank accounts and converted into US dollars as a new tactic.   

Bitcoin becoming the last resort in Argentina and Hong Kong 
 

Images via Hong Kong Free Press and Shutterstock