Cryptocurrency is still in its early years. That’s the argument many of the tech world’s leading luminaries, including Elon Musk of Tesla and Steve Wozniak, the co-founder of Apple, have when it comes to evaluating Bitcoin’s potential. We’re still in the formative days of cryptocurrency, and while so many speculative investors have bailed on crypto during this past bear market, their departure has many focusing on the transformative tech behind Bitcoin.
#1 Retail Spending
The original dream of a decentralized currency that exists outside the banking system remains a reality. Elon Musk is on record saying he sees paper money “going away,” and that cryptocurrency is a much better way to exchange value. Bitcoin can improve security and make digital transfer of exchange more affordable for both consumers and retailers by bypassing banks and credit card companies.
Bitcoin adoption at the retail level remains stuck online for the most part, but as mobile payment technology makes leaps and bounds, expect to see the emergence of mobile wallets that allow you to buy goods directly with Bitcoin at the cash. It’s part of the evolution of the cryptocurrency.
#2 Business Solutions
Smart contracts are the holy grail of cryptocurrency as a business solution. Ethereum remains the go-to cryptocurrency for smart contracts rather than Bitcoin, but this specialization may be the key to survival for multiple cryptocurrencies jockeying against the hundreds currently in existence.
One of the ongoing complaints businesses of all sizes have is transaction fees. From banks to PayPal, transactions cost money, especially fulfilling contracts of paying employees. Bitcoin could be the solution that saves businesses millions in fees.
#3 The Bitcoin ETF
Despite the bubble bursting, investors still want in on cryptocurrency, and the easiest way for institutional finance to find its way into this market is through a Bitcoin ETF. March 2019 saw the launch of the biggest Bitcoin ETF yet on the London Stock Exchange. Early regulatory setbacks in the United States haven’t slowed down the impetus to begin trading Bitcoin ETFs on the stock exchange. This kind of trading is pushing Bitcoin ever closer to the commodities world, though – a place, not every crypto enthusiast wants to see it go.
As the cryptocurrency matures, it pays to own a piece of it. Right now, the most effective way to buy Bitcoin is through a cryptocurrency exchange. Depending on where you live, you may need a cryptocurrency that works well with the banking system in your country. For example, Bitbuy makes it easy to buy Bitcoin in Canada thanks to enabling Interac e-transfer payments. You may want to look into the best platforms to use where you live.
Invest in the future of cryptocurrency and buy Bitcoin today. As cryptocurrency matures, there will be more opportunities to use Bitcoin. Businesses will begin adopting crypto as prices stabilize or Stablecoins enter the market, ETF investment is well underway, and retail applications are going to make Bitcoin more desirable with the years.