There are many more
people who haven't heard about Bitcoin than have, especially the ones who do
the day to day shopping and who will be needed to embrace the idea if the
currency is to become part of the everyday scene. But we’ll need to see the words on this mug much more in everyday view for that to happen.
Bitcoin mug available from http://bitcoin-in.net
The irony is that natives of Africa with their smart phones are
more aware of this new coin than citizens of more advanced countries simply
because the ‘Have Nots’ are usually more alert and alive to opportunities.
Those more content
with their lot use phone technology to look at what their favorite celebrity is
doing first.
Bitcoin and
cryptocurrency is big news with financial traders and journalists, mainly for
trading and betting the price movement on the exchanges. But it cannot achieve
the growth predicted until it is being regularly and widely used for buying
goods and services as well.
And that is the stumbling
block. chicken or egg first.
Shops and
businesses especially in the west are cautious, but they will have to make the
first move in my view and install facilities to accept the bitcoin tokens that
will be issued by ATMs on the High Street. So banks too will have to be early adapters.The main access to Bitcoins of course will be over the internet.
And the tokens
issued at ATMs I understand will be downloaded
to smart phones for spending in the shops. Practically everyone in the world
will have a smart phone soon, if they haven’t already, including children for
their pocket money. And knowing children and computers they will be ahead of
the game and showing the adults. The writer of this book obviously hasn’t got
children.
Bitcoin Book available from httphttp://bitcoin-in.net
The ‘Its a Bitcoin Bubble’
stories haven't helped
In early 2016,
bitcoin developer Mike Hearn dramatically announced that bitcoin had failed.
The blame fell on rampant censorship in China and Bitcoin community in-fighting over how to
speed up handling the growing volume of transactions.
A few months later, TransferWise CEO Taavet
Hinrikus declared in an interview that bitcoin was dead.
Bitcoin is a currency
that dies a hundred times a day, hence the yo yo ing price.
But despite all the
knocking and predictions of doom, bitcoin’s value rose 125%, in 2016 making it the
years top performing currency.
In early 2017, the
price of one bitcoin soared past the $1,000 per Bitcoin mark. Despite a dramatic
example on January 5th of the cryptocurrency’s notorious volatility – when its
value dropped $200 in a single hour – bitcoin has since enjoyed relative
stability at around $1.500
per bitcoin.
With respectable
giants like Microsoft, Wholefoods and Save
the Children deciding to accept bitcoin, the digital currency may now start to move
up
the ladder of respectability, away
from its tag as the currency of crooks and
criminals.
It is also being
considered as a viable payment option for ecommerce websites in 2017?
And so it should. Its ideal peer to peer
transacting, individual bitcoin wallet to individual bitcoin wallet, or
individual bitcoin wallet to shop or company bitcoin wallet, so it cuts out
credit card and bank charges.
The Banks are not going to like that.
Already they are softening their image in
preparation for much needed proper competition, with the announcement that
credit card surcharges are to be dropped. It was released as a government order,
but the fact that there were no protests or squeals of interference would suggest that it is a bank initiative
Crypto currency is the natural bedfellow for
the Internet Computer and Smart Phone age. Made for each other. Its time has
come.
Banking will have to adjust adapt and change to meet the challenge of progress,just as other major industries like steel, coal, publishing and the shopping high street have done or are doing.
Banking will have to adjust adapt and change to meet the challenge of progress,just as other major industries like steel, coal, publishing and the shopping high street have done or are doing.
There are signs
that trade organizations are now waking to the possibilities. The UK Business
Forums user DEFCON1 thinks so and says “It's getting
harder to just ignore this trend as it becomes more popular and more
mainstream,” he writes in the thread.
“While it’s not huge at the moment, the
signals look like that's set to change and the concept could take off.
Bitcoin
integration also allows vendors to avoid the standard 2-4% charge of credit
card transactions - with charges from third party BTC ( BTC The Financial Exchange Symbol for Bitcoin) vendors standing at
around 1% - and the payment usually takes less than ten minutes to process. An
immediate financial win for a small business.”
And as Adam White, Coinbase’s director told
Entrepreneur:
“Small businesses,
on average, are paying higher credit card fees than Walmart. Large businesses
can negotiate lower credit card transaction fees. Small shops can’t. Bitcoin
will level the playing field”
For those looking
to trade internationally, bitcoin is universal. Its borderless, so another area
for savings. Exporters will not have to deal with multiple currencies, exchange
rates and expensive cross-border fees.
There’s no doubt,
as DEFCON1 admits, that bitcoin has had some bad press. Yet with the security
of ordinary currency also regularly compromised, he says he’d be happy to accept
bitcoin for his business, but would manage the risk by “not holding too many to begin with".
Above all, he’s interested in differentiating his business in a competitive
market.
A final word in a comment received about the
above article -
"Interesting article. We already accept Bitcoin for small
transactions (for the reasons outlined above). I personally love the idea of
the blockchain, cryptography and decentralised cryptocurrencies and the
influence they could have on industries worldwide."
The best place to learn about Cryptocurrency is at the coal face (No pun intended - err bitcoin is mined - coal face) Join Steemit. Earn and Learn. - http://steemit.com
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