Bitcoin’s rise to mainstream status has been swifter than many of its critics would care to admit.
The blockchain technology that drives the bitcoin exchange is also fast evolving, a clear sign that market forces are beginning to dictate the cryptocurrency space.
This is good. The more and more people adopt the use of cryptocurrency the better for the industry and ultimately the higher the success rate of the technology.
What is Bitcoin
An online cryptocurrency that uses peer-to-peer technology to operate independently of centralized authority.
It has grown in popularity over the past six years as consumers, businesses and investors continue moving into the digital currency space.
According to estimates, the number of retailers accepting bitcoin surpassed 100,000 in 2015.
Some of the most well known companies to accept cryptocurrency payments include Microsoft, PayPal, Dell, Expedia and Wikipedia.
Recent Positive Feedback on Cryptocurrencies
– More consumers, businesses and investors continue to move into the digital currency space.
– Big banks like Barclays and Goldman Sachs are getting involved in cryptocurrencies and blockchain technology.
– Bitcoin’s blockchain technology include helping unbanked populations access capital, increasing the free flow of financial transactions.
– Bitcoin blockchain technology can make it easier for landowners to record property titles in countries with dubious land-rights protections.
– It’s a powerful technology that can potentially change the way societies interact with money.
– Bitcoin has the added benefit of greater speed and efficiency in facilitating payments and transfers.
– The blockchain technology also serves as a powerful and detailed ledger that can monitor all transactions in the network.
Bitcoin Pain Points
– Facilitating online criminal behaviour.
– Money laundering.
– Tax evasion.
All problems that are also evident in fiat currencies.
Long Term Bitcoin Success
Depends on addressing concerns related to:
– Platform development.
– Automated transactions.
As cryptocurrency continues to enter mainstream consciousness, its market will continue to expand.
According to analysts, exploring different use cases for the cryptocurrency is the next step in expanding the market.
For the more discerning bitcoin enthusiast, the real power lies not in bitcoin itself, but the blockchain technology driving it. That’s because blockchain allows people to know exactly what is happening in the digital world, serving as a verbatim record of every bitcoin transaction ever made.
For that reason, blockchain has been described by some tech gurus as the most important invention since the Internet.
The cryptocurrency is considered legal in the United States, European Union, Australia and Canada.
Also view: Meet The Future of Branded Currency