Bitcoin has Long Been Touted As the Currency of the Future, but Where Does it Stand in 2017?

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Bitcoin has Long Been Touted As the Currency of the Future, but Where Does it Stand in 2017?

Source – https://www.flickr.com/photos/zcopley/8707046082/

Bitcoin started out as a novel idea that wasn’t really expected to take off by most, but nearly eight years later and the e-currency has become a global phenomenon. It hasn’t quite managed to take over the world as yet, but people are certainly beginning to take it seriously. The rapid increase from 2010 where 1 bitcoin was equal to $0.08, to 2017 where that value has soared to $923 at the time of writing highlights just how serious bitcoin has become. Could 2017 be the year that bitcoin becomes the mainstream go-to currency of the internet?

In the latter stages of 2016 bitcoin was on the rise, as many people turned to it during times of instability with other world currencies. The EU referendum in the UK and the US presidential election led investors to tie up their funds in so-called “safe haven” assets such as gold, silver, and bitcoin. These commodities were not at risk of depreciating in value and as more people stockpiled, the value of each went up. After Donald Trump was elected, bitcoin hit a 35-month high against the dollar. Stories such as this one should encourage more people to realise the benefits of bitcoin. Recently a man from California decided to buy a house using bitcoin. Between the time of the house being valued to the time of purchase, bitcoin had risen in value from $700 to over $1000. The lucky property buyer made a profit of around $1.3million due to the rapid exchange rate boost.

Massive fast food companies such as Subway and Starbucks (see video above) have started providing the option for patrons to pay with normal currency or their bitcoin wallets. During times of instability, this is a fantastic way of giving customers a chance to save money on their products. Some online businesses have gone one step further by opting to solely operate in bitcoin, perhaps in anticipation of all websites doing the same at some point in the future.

Notably, a lot of online casinos have started to embrace the cryptocurrency. By doing so they open up their businesses to players from all over the world, who don’t have to waste time working out how much they are spending in terms of exchange rates between currencies. Sites like Bitcasino.io even feature designed to be used with the e-currency such as Money Farm & Jade Magician, and table games like Atlantic City Blackjack.

Businesses that have already turned to bitcoin could find that they are ahead of the competition in 2017. With the value of the e-currency soaring and it getting more media attention, it could hit unprecedented heights this year. Also, with much uncertainty still surrounding Britain’s departure from the EU and Trump’s policies as president, the Pound and Dollar could take time to recover. This suggests that a lot more investment in bitcoin over the next year is inevitable. Whether it can become the sole currency of the internet remains to be seen, but it has a good chance.


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Author: Firdaus

I work as an IT consultant in the Toronto area and I love to write blogs about a variety of subjects. My passion for writing stems from the desire that everyone should have access to meaningful information. Whether it is a blog about society, culture, technology, or social media, I don’t want to miss the opportunity of sharing my thoughts with my friends and audience. Since I believe in mutual exchange of ideas, I am always on the lookout for a feedback on my writings.

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