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2019-10-23
Bitcoin - On the road to adoption

Bitcoin - On the road to adoption

BuyCoinNow is a service dedicated not only to our customers but also to the idea of Bitcoin itself. That's why we often wonder where our industry is heading. After all, we're moving in the same direction, too.

 

Bitcoin is now the most popular cryptocurrency - and it will probably stay such one for a long time. This decentralized asset have made many people wealthy over the last few years. But in this digital gold rush, many of us may forget that the primary intention of Bitcoin's creator wasn't developing an investment target, but a functional, decentralized currency. 

 

The idea of digital money

 

The story of Bitcoin began with the mysterious character named Satoshi Nakamoto - an anonymous hacker who developed the first decentralized currency, which we love so much right now. We still don't know the identity of him (or her). And since all the activity of this bizarre person ended at the end of 2010, it's hard to reach him right now.

 

But we still have access to his old emails and posts on the Bitcointalk forum. In statements referring to the purpose Bitcoin, he clearly described his invention as the next step in the development of a global financial system. Satoshi also noted some problems of traditional currencies, primarily pointing at a lack of confidence in the centralized banking system.

 

Money or investment?

 

Bitcoin hasn't changed much from that moment. This cryptocurrency is still basing on the solutions provided by its creator ten years ago. However, over this time, Satoshi's coin worked not only as a functional currency but also as a lucrative investment target. And if we check how the bitcoin rate has changed in this period, we may conclude that the second application is, in fact, more significant.

 

At first, only as a technological curiosity Bitcoin was slowly getting more attention around the world. And as more and more people got the idea of decentralized cash, many also started seeing in it an opportunity for wealth. The price went up and reached the numbers that were probably unbelievable for early supporters. And yet, it still doesn't get adopted as a functional currency. So, when will it happen?

 

Paying with crypto

 

We still have a long road ahead to achieve this goal, but it doesn't mean that Bitcoin is currently only being used for trading. Its infrastructure allows to implement it as a means of payment in many places. E-commerce services use it more willingly because of the digital character of this money and its accessibility. What’s more, stationery stores, bars, or restaurants are also more and more open to the use of Bitcoin as a functional currency.

 

What may make both clients and entrepreneurs reluctant to this idea? The problem lies in the price fluctuations - Bitcoin value is still unstable, and it may change significantly within hours. But it doesn't make this coin incapable of being used that way - payment processors like Paycoiner resolve that problem by freezing the price at the beginning of the transaction. Because of that, the client will always pay as much as he agreed on.

 

Bright future ahead

 

So, what's the final verdict? Will Bitcoin become an adopted currency, widely used around the world? Or it will mostly stay as an investment target and lucrative business? The answer is still unclear, but we believe that both options are equally valid. The cryptocurrency industry is still new, and everything is possible in the ever-changing blockchain world.

 

Nevertheless, BuyCoinNow supports both traders and those willing to use Bitcoin only as a currency. After all, in many cases, they are the same people. We strive to provide them with the best solutions to buy bitcoins in the easiest and quickest way possible.