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Revolutionary Bitcoin: The Digital Gold

The world as we know it has undergone all sorts of remarkable changes in recent years, with the internet revolutionizing the way in which we can communicate with other people. We have seen the world of smartphones change life to the extent that we don’t even have to be sat at home at a desk on a computer to be able to see friends and family; something that becomes quite clear when you see people walking down the street staring and talking into what appears like nothing but is instead their phone!

These particular changes have brought some knock-on impact odd changes to the world, including the recent law in Honolulu, Hawaii that means you can’t walk across the street texting.

One change that has revolutionized our world in a big way, and is going to continue to do so, is the impact Bitcoin has, and could continue to have, on the world of buying and selling products, as well as how we store our money and spend it online and offline.

So, What Can You Already Do With Bitcoin?

Bitcoin has been written off by its detractors time and time again. The world’s first cryptocurrency, however, continues to flourish. Nowadays, it is regarded as a way of trying to get a decent return on your money (Bitcoin is viewed as a form of digital gold, able to survive volatility in the world’s financial markets, as well as political shocks that can affect the day-to-day stability of normal currencies).

You can now mine or purchase Bitcoin, and more and more companies are able to accept Bitcoins as a means of payment, with those companies reaping the rewards of a currency that has very limited fees for transactions compared to regular payment methods via credit or debit cards. This has seen a huge growth in the online Bitcoin casino sector, with companies like www.slots.io becoming more and more popular as they can offer better odds to their customers due to lower overheads.

 

“bitcoin accepted here” by Francis Storr (CC BY-SA 2.0)

Brands that are already household names, like Expedia, are also now able to accept Bitcoin, which shows that ordinary consumers can now look to spend their accumulated Bitcoin pile on holidays, flights, and even just a night at a hotel. It’s fair to say the mystique surrounding the cryptocurrency has all but disappeared.

Can It Come Offline?

Transactions online, across all sectors, obviously continue to increase, but physical shops still have a place in the world, which means that if Bitcoin really is going to be the future of currency, we need to see how it can transfer properly and consistently to the offline world. You can already use it to buy a pint of beer, and other goods, in major cities around the world, and there are a plethora of Bitcoin ATMs allowing people to withdraw the cryptocurrency in a similar way to regular cash withdrawals, but the practice is not yet widespread. 

 

“Bitcoin” by Zach Copley (CC BY-SA 2.0)

Once we start to see Bitcoin transactions taking place in the same way that Apple Pay or touch payments work, it might help completely revolutionize the way we pay for items, signaling one of the biggest breakthroughs in the world of currency in recent times. If this happens, then the elusive inventor Satoshi Nakamoto will rank alongside the likes of Adam Smith as having one of the biggest economic impacts of all time.