Cryptocurrencies (virtual currencies) represent a type of digital asset whose user base is growing daily. These are decentralized currencies that operate on a blockchain network. You can read more about this in the article: "About Cryptocurrencies and Blockchain Technology: How Do They Work and How Are They Connected?"Trading and exchanging cryptocurrencies is also becoming increasingly prevalent, both globally and locally. Exchanging cryptocurrencies for Fiat (local currency) and vice versa is possible through exchanges. As for Bosnia and Herzegovina, you can do this via the BCX platform. Specifically, this platform is registered as the first provider of virtual currency-related services with the Securities Commission, further confirming that it is a verified platform operating in accordance with the law.
Paying with Cryptocurrencies
Specifically, the first transaction, i.e., payment with cryptocurrency, occurred on December 22, 2010, when two pizzas were bought for 10,000 Bitcoins. Today, if we had 10,000 Bitcoins, we could buy a bit more than two pizzas, but more on that in another article. Let's now return to the original topic, which is to explain how you can pay for a product or service with cryptocurrencies in Bosnia and Herzegovina, without exchanging them for BAM. In other words, to make a direct purchase paid from your crypto wallet. This service is possible using the Lova application.
How are the Lova app and the BCX platform connected?
BCX, as the first and only registered crypto exchange in Bosnia and Herzegovina, is a partner with the Lova service – an application for contactless payments, sending and receiving money via mobile phone, as well as paying with cryptocurrencies. Specifically, when you download and register for the app, you gain access to both your KM and crypto wallets, which you can use to pay for goods and services at over 100 locations across Bosnia and Herzegovina.
Paying with Cryptocurrencies via the Lova App
First, you need to download the free app from the Google Play Store, and it will soon be available on the App Store. After downloading the app, you proceed with the registration process, where you need to enter some of your personal data and attach a personal document. Once you have passed verification and your registration account has been approved, you have the option to top up your Lova account using one of the offered methods, about which you can read more on the website.Paying with your crypto wallet is done in the same way as paying with your KM wallet – by simply scanning a QR code with your mobile phone, with a 5% commission fee. Of course, it is necessary to have a certain amount in your wallet in one of the six cryptocurrencies available on the BCX exchange: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Litecoin (LTC), Bitcoin Cash (BHC), and Ethereum Classic (ETC). It is important to note that service charges are again made in KM, as the application converts from crypto to KM before payment, and you can view the locations where you can pay with cryptocurrencies here.We invite all merchants, restaurateurs, taxi drivers, and other businesses to contact us via email info@lova.ba, to collaborate and enable their customers to pay with virtual currencies (cryptocurrencies)
To summarize
Given the continuous growth and development of the crypto industry and its legal regulation in an increasing number of countries, payment with cryptocurrencies is definitely something that will continue to expand. By using the Lova application, 'navigating the waters' of virtual currencies is made easier and accessible in our region as well.
