Bitcoin is synonymous with cryptocurrency and blockchain technology today, and has become a widely accepted concept for users and the wider financial industry that is investing huge amounts of money into the future developments of the industry. However, there have been issues in the formative years of cryptocurrencies, with many people forming negative opinions on Bitcoin after the media led onslaught of the currency within stories relating to Silk Road and Mt Gox which heavily implied that Bitcoin was somehow a participant in the activities of those individuals. Things have moved on considerably since then, but there are many who still hold those views, and we should not let that go unchallenged.
With over 100,000 retail stores signed up, the new prepaid Bitcoin card sales system just launched by French business Bitit promises ‘the easy instant access to Bitcoins’ that many of us believe is key to the wider adoption of the digital currency idea. Is this the solution we have all been hoping for when it comes to overcoming the challenge of obtaining Bitcoin for many, and what effect could it have on public awareness of digital currencies?
As a digital currency Bitcoin has made significant headway into the marketplace, and established itself as a viable form of payment and secure, cost efficient funding transfer right around the world. However, as we see the signs of global monetary uncertainty growing once again, could Bitcoin be a useful tool to protect funds from localized recession or other fiscal issues should they recur? The search for an asset protection vehicle to keep funds as isolated as possible from any asset devaluation that can occur during a recession is an important one, and with its relatively short history, this would be the first time a cryptocurrency would present an option under those circumstances. Can Bitcoin protect our funds?
There has been much talk, many new startup launches and a lot of fund raising behind the focus of the cryptocurrency industry on blockchain applications within the traditional financial industry infrastructure. Although so far little has been seen beyond research parameters and ideas, a recent financial industry event held in Boston gave industry leaders a chance to explain what the future holds for blockchain and when results of all this activity are likely to be seen. Learning how quickly and in what areas the blockchain technology will be used can provide a valuable insight into the future of digital currencies and the whole industry.
With new advances in blockchain technology seemingly appearing on a daily basis, particularly in the area of smart contracts, the digital currency industry is evolving at a rapid pace. With every new development being proclaimed as ‘the new Bitcoin’, what does it really mean for the digital currency industry and especially the end users who are moving to cryptocurrency in ever greater numbers?
Does a smart contract based solution instantly become superior to existing digital currency options, and will we see a decline in users for Bitcoin and other cryptocurrencies any time soon as a result?