Key Takeaways
- Brazil surpasses El Salvador in establishments accepting cryptocurrency for payments.
- Cities like Rolante, São Paulo, and Jericoacoara are hubs for crypto payments, supported by local initiatives.
- Prominent businesses like Calvin Klein, Cine Multi, and Ribs Express accept Bitcoin and other cryptocurrencies.
- Crypto directories help locate merchants accepting cryptocurrency, but information should be verified.
- Tools like digital wallets, prepaid crypto cards, and payment intermediaries make crypto transactions seamless.
An Overview of Crypto Spending in Brazil
Cryptocurrency adoption is growing steadily in Brazil, with an increasing number of merchants accepting Bitcoin and other digital currencies as payment. Despite not being an official currency, Bitcoin is widely recognized and used for everyday transactions in various regions of the country.
According to data from BTCmap, Brazil surpassed El Salvador in the number of establishments accepting Bitcoin, thanks to initiatives like the “Bitcoin is Here!” project in Rolante, Rio Grande do Sul. This city is a global leader in Bitcoin acceptance, with over 200 locations, including restaurants, hotels, supermarkets, and pharmacies, operating with on-chain payments or the Bitcoin Lightning Network (LN). Other cities, such as Jericoacoara and São Paulo, also have strong crypto adoption through local projects like “Bitcoin Beach Brazil” and “Go BTC.”
Prominent businesses in Brazil that accept Bitcoin include Calvin Klein stores in São Paulo, Cine Multi in Florianópolis, and various restaurants like Ribs Express. The list extends to real estate companies, beauty salons, schools, and even veterinary clinics.
To enhance usability, merchants and consumers use tools like digital wallets, payment intermediaries, and prepaid crypto cards. These solutions facilitate transactions, provide price stability, and eliminate the complexities of converting Bitcoin to fiat currency. For added stability, many users and businesses prefer stablecoins.
While crypto directories like Coinmap help users find Bitcoin-accepting locations, verifying the information directly with merchants is recommended to avoid discrepancies.
Brazil’s growing crypto ecosystem showcases its potential to integrate digital currencies into everyday life, driven by local projects and innovative payment solutions.
Best Places to Spend Crypto in Brazil
Source: Freepik
| S/N | Best Places to Spend Crypto in Brazil | Categories |
| 1. | Calvin Klein | Fashion |
| 2. | Cine Multi | Entertainment |
| 3. | Tecnisa | Real Estate |
| 4. | Ribs Express | Food and Drinks |
| 5. | Dubh Craft Express | Drink |
| 6. | Walkrupp Clinic | Health |
| 7. | Faccio Steakhouse and Restaurant | Food and Drinks |
Calvin Klein
Calvin Klein now accepts Bitcoin payments at four stores in São Paulo, Brazil, through a partnership with Foxbit, a leading Latin American crypto exchange. The stores that have started accepting the payment method are the Oscar Freire, Shopping Morumbi, Shopping Iguatemi, and Shopping JK Iguatemi stores.
Payments are made via a QR code, which the customer has to scan to make their payment. It also does not include extra costs, as is the case with credit cards.
Cine Multi
Cine Multi, a cinema in Florianópolis, Brazil, has partnered with cryptocurrency payment startup Bancryp to accept Bitcoin payments. This makes it the first cinema in Brazil to adopt cryptocurrencies as a payment option.
“For the Multi-Cinema, which already follows the path of culture, being a pioneer in an innovative market is an immense advance. Now all the clients, besides being in a pleasant environment, will also be pioneers in paying a cinema with bitcoins “
The cinema accepts payments in Bitcoin, Litecoin, Ethereum, and Dash.
Tecnisa
Tecnisa is a prominent Brazilian real estate company in Sao Paulo with over 45 years of experience in the market. The company is involved in the development, construction, leasing, management, purchase, and sale of residential and commercial properties across Brazil.
The real estate company accepts cryptocurrency for payments.
Ribs Express
Ribs Express is a restaurant located at Av. Protásio Alves, 591 in Porto Alegre, Brazil. Its menu features grilled baby back ribs, spicy chicken with rice and fries, and buffalo wings. The restaurant also offers individual meals and family-sized combos. The restaurant accepts Bitcoin as payment.
Dubh Craft Beers
Dubh Craft Beers is a brewery in Porto Alegre, Rio Grande do Sul, Brazil. It offers a selection of craft beers and is one of the businesses participating in the Rolante “Bitcoin is here” project. The brewery accepts Bitcoin for payment.
Agropecuária Walkrupp
WalKrupp Clinic is a prominent veterinary clinic located at Rua Conceição, 459, Rolante, Rio Grande do Sul, Brazil. It accepts Bitcoin for its services.
Churrascaria e Restaurante Faccio
Faccio Steakhouse and Restaurant is located at Rua Conceição, 350, Rolante, Rio Grande do Sul, Brazil. They offer a buffet with a variety of hot dishes, salads, and desserts. They are also a part of the “Bitcoin is Here” project and they accept crypto payments.
Tools Used for Spending Crypto in Brazil
Source: Freepik
Several tools make it easy to spend cryptocurrency in Brazil. These tools enhance accessibility for both merchants and consumers while addressing challenges like volatility and transaction speed.
Digital Wallets
Digital wallets are the most common tool for making crypto payments. Users open their wallet app, enter the recipient’s address, and transfer the specified amount in their preferred crypto. Both sender and receiver complete transactions in crypto without requiring conversion. Mobile wallets like UPay simplify this process and allow payments to be made directly from a smartphone.
Prepaid Crypto Cards
Prepaid cards offer users a familiar way to spend cryptocurrency. Users top up these cards with Bitcoin or other cryptocurrencies. When making purchases, the card automatically converts the crypto to BRL, enabling seamless transactions at any merchant that accepts debit or credit cards. A good example of these crypto cards is the UPay debit card. It is accepted worldwide and has a transparent fee rate — No transaction fee on payments and a 2% ATM withdrawal fee.
Payment Intermediaries
Payment intermediaries bridge the gap between cryptocurrency and fiat currency. These systems enable users to pay in Crypto while converting the amount into Brazilian Reais (BRL) for the merchant.
Merchants benefit from avoiding Bitcoin’s price volatility and do not need to handle crypto directly. OpenNode is a popular payment intermediary in Brazil, widely adopted by businesses.
Tips for Spending Crypto in Brazil
Source: Freepik
Use Crypto Directories
Consider using crypto directories like BTCMap or the “Bitcoin is Here” website to locate merchants that accept cryptocurrency. You can search by city or region to find establishments, ranging from restaurants to retail stores. However, it’s always a good idea to confirm with businesses beforehand to make sure they still accept crypto payments, as directory information can become outdated.
Leverage Payment Tools
Make sure to leverage payment tools that suit your needs. Digital wallets are a common method for crypto transactions. Ensure your wallet is compatible with the merchant’s payment system.
Nevertheless, Crypto cards from UPay are convenient to use even with merchants that do not accept crypto.
Be Cautious of Volatility
When spending crypto, keep in mind the volatility of the market. It’s a good idea to monitor cryptocurrency prices before making purchases to ensure you’re not caught with unfavorable exchange rates. You can also consider using stablecoins like USDT for more price-stable transactions, particularly for larger purchases.
Stay Secure
To ensure security, always use trusted wallets and payment platforms to protect your funds. Before confirming any transaction, double-check the merchant’s payment address to ensure accuracy.
Also, avoid sharing your private keys or wallet recovery phrases with anyone. Be cautious of unsolicited offers or QR codes claiming to accept crypto payments.
Challenges of Spending Cryptocurrency in Brazil
Source: Freepik
While Brazil is witnessing a growing acceptance of cryptocurrency, spending it in day-to-day transactions still presents several challenges.
Volatility of Cryptocurrencies
The value of digital assets like Bitcoin can fluctuate rapidly, which can cause uncertainty for both the spender and the merchant. A merchant might face the risk of receiving a payment worth less than what they originally agreed on, while consumers may end up paying more than they anticipated due to price changes. This volatility creates hesitation, especially for larger transactions, as both parties may be reluctant to commit to payments without knowing how much they will actually receive or pay.
High Fees and Slow Transactions Speeds
There’s also the issue of transaction fees and speed. While the Bitcoin Lightning Network offers a solution for faster and cheaper transactions, many merchants may not yet implement it. For users who rely on Bitcoin’s base layer for payments, high fees during network congestion can deter smaller purchases. This can make cryptocurrency less practical for everyday items, as users are often discouraged by the transaction costs.
Concerns about Future Legal Frameworks.
Although cryptocurrencies are not illegal, they aren’t fully regulated either, which can lead to concerns about future legal frameworks and taxation. Merchants may be reluctant to accept crypto because of the potential for changes in regulations, or due to uncertainty about how to handle taxes related to crypto transactions.
Risk of Crypto Scams and Fraud
With crypto payments being irreversible, users are at risk of fraud when dealing with untrustworthy merchants or online platforms. Without proper safeguards, like refunds or dispute resolution, users may lose their funds if something goes wrong. This has created wariness among users and merchants, especially in regions where crypto adoption is still in its infancy.
Conclusion
Brazil is paving the way for integrating cryptocurrency into daily life with cities like Rolante, São Paulo, and Jericoacoara leading innovative efforts.
The steady growth in Bitcoin acceptance, fueled by local initiatives like “Bitcoin is Here!” and “Bitcoin Beach Brazil,” highlights the country’s commitment to making crypto payments accessible and practical.
Tools like digital wallets, prepaid crypto cards, and payment intermediaries are bridging the gap between cryptocurrencies and traditional fiat systems, simplifying transactions for both merchants and consumers.
Brazil’s crypto ecosystem is a testament to the innovative spirit of its communities and businesses. This South American country is likely to become a global example of how cryptocurrencies can coexist with traditional payment systems.
FAQ
- Which cities in Brazil have the highest crypto adoption?
Rolante, São Paulo, and Jericoacoara are leading cities with high crypto adoption.
- What types of businesses accept Bitcoin in Brazil?
Businesses range from restaurants, cinemas, and breweries to real estate companies, beauty salons, and veterinary clinics.
- What tools are available for crypto payments in Brazil?
Digital wallets, prepaid crypto cards, and payment intermediaries are commonly used.
- Can stablecoins be used for payments in Brazil?
Yes, stablecoins like USDT are widely used for price-stable transactions.
- How can I find businesses that accept crypto?
Use directories like BTCMap or the “Bitcoin is Here” website, but confirm with merchants before visiting.
