AMECO, First in Egypt to Accept Bitcoin

Amid some controversies and negativity that Bitcoin is struggling with, this never stops some merchants to try out this crypto-currency who discovered way back in 2008. Aside from being popular, the said virtual currency has also its advantages why most of them spend bitcoin in their own ways. To name a few, by using bitcoin, there is no third party manipulating your transaction, less hassle compare to banks where in you need to queue in a tedious line, and most especially, very low transaction fee.

Some studies showed that most regional Bitcoin businesses are in Israel. Egypt is still sorely lacking in Bitcoin establishments, but now it has its first.

AMECO is the Middle East’s oldest and largest disposable syringe and hypodermic needle manufacturer based in Cairo. Established in 1984, they have an 80% share of the local Egyptian market.

ameco front cover

AMECO is a privatized family owned business. The owner, Mr. Omar El Fata, is an enthusiastic supporter of Bitcoin and is excited about the potential for businesses in the region.

Mr. El Fada also recognizes the value proposition from the Bitcoin inflation model. He notes that “no matter what your country/region is going through, no matter how corrupt your government is, there is no way your currency (Bitcoin) will inflate.” He goes on to say that “this directly means stable businesses and no rising living expenses and costs.”

For his business Bitcoin means market reach, free trade, no inflation, and no interest rates.

According to Mr. El Fata many other businesses he works with are very keen to work with Bitcoin, especially ones who almost went out of business due to inflation and banking bureaucracy.

 

See more here.

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