The Many Ways the Virtual Bitcoin Can Impact Your Financial Realities
Bitcoin is the first legal tender of the virtual world, the medium of exchange in the digital space, or, simply put, the dough of the Internet. Its characteristics contrast in many ways to that of the fiat, the cold hard cash of the real world.
It has no central bank to speak of, transactions made are transparent, payments are directly from payor to payee without intermediaries, and is immutable, which means, done deals are irreversible.
Once dwelling on the fringes, Bitcoin steadily gained momentum to claim a major spot in the mainstream but not without, of course, some rough riding and roughshodding. Now, Bitcoin holds top dominance in the crypto world being the first to be so and even swaying world economies to adjust and readjust. With the understanding of how it works, Bitcoin’s popularity rose to leaps and bounds just within a span of 11 years, prompting its trust ratings to rise above expectations equally. As of early 2020, US tech capital San Francisco holds the top hotspot for
Bitcoin activity with merchants numbering to more than two dozens accepting Bitcoin as payment, including restaurants and bars. There are 19 Bitcoin ATMs around the city and is home to crypto trading platforms Coinbase and Kraken. Following San Francisco with a strong Bitcoin community is Vancouver with 40 Bitcoin ATMs to buy from and almost 30 merchants dealing with Bitcoin payments. The world’s first Bitcoin ATM was installed here in 2003. If you happen to be in Amsterdam, you might stumble upon the mining hardware maker Bitfury, or Bitpay’s European headquarters. The capital city is filled with more than 30 merchants and venues willingly exchanging Bitcoin, with almost a dozen available ATMs. Ljubljana, Tel Aviv, Zurich, Tampa, Buenos Aires, New York, and London round up the Top Ten Bitcoin hotspots. Even countries embedded in turmoil are turning their trust to Bitcoin as a welcome respite such as Zimbabwe and Venezuela.
These cities of international prominence are bearing Bitcoin out for its practicality of usage in this increasingly digitized social exchange, once perceived to be predominantly occupied by millennials but actually has no age limit. Surmising steady growth from past levels, the number of Bitcoin users and owners can increase to 400 million.
When travelling, Expedia, for example, accepts Bitcoin to pay for flights and hotels. So are CheapAir and Surf Air. Microsoft’s app stores welcome Bitcoin to download games, movies, and other app-based services. Gift cards as presents can be bought by Bitcoin through eGifter. Bjork and other musicians exchange their music with Bitcoin as payment. Retail shops, food services, educational institutions, hospitals, legal and accounting firms, and a host of other merchants whose numbers are growing by the day are decidedly Bitcoin-abled even just for the fact that payments once made are irreversible. PayPal and Dell are now into it too. Virgin Galactic can bring you into outer space via Bitcoin.
From a business perspective, Bitcoin has all the transactional properties needed to change the game, that is, to make B2Bs, C2Bs, and B2Cs work at a pace once only dreamed of. As already mentioned, Bitcoin transactions cannot be reversed once confirmed. Bitcoin uses cryptographic pseudonyms for all accounts that disconnect the real-world identity of users. That means security is tops. Transactions are so fast it only takes minutes for them to be confirmed even across borders or anywhere around the world. Nobody is prevented from transacting as there is no one to ask it for. It is only a software that anyone can download for free. But there is more to it than having the app. Accepting Bitcoin as the wherewithal of your business requires education and prudence. It is best to proceed with care.
Like it or not, Bitcoin is here to stay, and sooner or later, people will be compelled to use it in the name of practicality in a digitized world.
Knowledge is the key to thrive in the Information Age. In order to be wise, be with the wise. Let Wallex accompany you in your journey towards the Bitcoin virtual reality.