Is Bitcoin Finally About To Go Mainstream?
For a long time, cryptocurrency was seen as a sort of hobby currency for devotees of blockchain and decentralized ideas about finance. Now that it has shattered the $50,000 mark, people are beginning to take it more seriously.
More and more people are buying Bitcoin that just a few years ago had no idea what it was about. From hedge fund managers to elementary school teachers, everybody seems to want to get in on the action. If you are one of the few people that don’t know what Bitcoin is about then this is a good time to find out.
In this article, we will go over the reasons that Bitcoin looks like it is finally going for mass adoption.
It’s easier to buy
For a long time, you had to know your way around the internet fairly well to be able to buy and trade Bitcoin and other cryptocurrencies. These days it is so easy to buy which puts it within reach of ordinary people.
While many people will still buy Bitcoin the old-fashioned way by signing up for an exchange and then using their credit or debit card to buy Bitcoin, many others are using a faster and more straightforward method.
Now, you can buy Bitcoin with ApplePay, Paypal and so many other ways that take just a few minutes. This is one of the reasons for the surge. It’s no coincidence that it started around the time that Paypal announced that it was giving account holders the option to buy various cryptocurrencies.
It can be used to pay for lots of things
When Elon Musk announced that people could use their Bitcoin to buy a Tesla, it helped to cause a surge in the value. This was a signal that it would be accepted as a currency across many different industries and types of businesses. It basically served as a validation of cryptocurrency in the eyes of many people that suddenly started paying attention.
Even before the announcement, people were using their Bitcoin wallet to pay for everyday items online and even in-store in a lot of places. In essence, it was becoming an actual currency and not just a way to make a quick buck from trading.
Blockchain is actually a useful technology
Blockchain technology has finally begun to live up to its promise of being useful for many applications beyond just creating imaginary money.
The Ethereum blockchain is advancing all the time with its capabilities and as such has a lot of altcoins that people will be more familiar with time.
For instance, the blockchain is able to create smart contracts in hashes that are secure and immutable. Businesses are taking advantage of this and using it as a way to speed up their workflow and streamline their paperwork.
Decentralized applications are made that can handle a lot of data in a safe and secure way that the cloud can’t accomplish. Since the cloud is basically a single server it is more vulnerable than the blockchain.