There has been quite a bit of debate about whether or not Bitcoin has a future in online payments. People like the idea of using digital currencies to make online transactions, but the highly fluctuating rates of exchange and lack of government support have left some people skeptical.
So if you have been wondering what chance Bitcoin stands in the coming future, this article might help. Here we will discuss some reasons we think Bitcoin could be the future of payments. Ready? Then, let’s get into it.
Some Reasons Bitcoin Could Be the Future of Payments
The FinTech sector is still booming
You may have noticed that there’s been a lot of buzz about FinTech lately. We’re not surprised; the FinTech sector is still booming. In the last year alone, it’s grown by over $100 billion. There are now over 400 FinTech startups in 50 countries around the world, and more than 100 of them are located in Europe.
It’s no wonder that Bitcoin has gotten so much press coverage recently: everyone wants to know what these companies are doing and how they plan on changing the world with their deceptively simple apps. But this is a clear indication that Bitcoin might be the new king in payments in the near future. We just all need to be prepared for the time.
Some people are investing in it
You may have heard of Bitcoin – it’s a form of digital currency that some people believe will be worth more than traditional currencies in the future. As a result, Bitcoin has become a popular form of alternative investment for those who are interested. Unlike other traditional forms of currency, like US dollars and Japanese yen, Bitcoin is not backed by any government or national bank.
Because of the recent popularity of Bitcoin and how it’s greatly contributing to the awareness and adoption of other cryptocurrencies in the space, it is quite indicative that Bitcoin might be the future of payments. So if anyone is still doubting if they should buy Bitcoin or not, they need to be braced up immediately to reality.
Bitcoin is making payments more convenient already
Payments are becoming more convenient. You’ve probably noticed this, whether it’s by using your smartphone to pay for groceries or splitting a bill at a restaurant and having each person pay their portion from their own devices.
If convenience is important to you (and as a consumer, it probably should be), then payments like bitcoin could fit nicely into your purchasing habits.
Bitcoin is designed so that people can transfer money easily and securely from anywhere in the world – or on another planet! – to anyone else who accepts Bitcoin. Unlike traditional financial transactions, paying with bitcoin doesn’t require you to submit personal information such as your address, phone number, or bank account number. Bitcoin also allows you to make micro-payments that might not be possible with other payment types because they have minimum transaction amounts. For example:
- Paying $0.0001 for someone’s tweet using ChangeTip
- Paying an artist $0.0002 for listening to a song on SoundCloud
- Paying an author $0.0003 for reading an article
Many people don’t trust banks or credit card companies.
You might not trust the middlemen of your current system. It’s okay. Many people don’t trust banks or credit card companies. They worry about the lack of transparency, security, convenience, and privacy these institutions offer.
You might want to pay for coffee at Starbucks directly from your phone without worrying about your card being compromised. Maybe you don’t want a fully-open banking system that lets anyone know what you’re buying and how much money you have.
This is why Bitcoin was invented. So, we could all make payments without relying on a trusted third party like a bank or credit card company to handle our personal information and money for us.
Now That the Hype Is Over, Bitcoin Is Going to Be One of the Most Valuable Assets in Your Financial Portfolio
That’s why, despite the Bitcoin bubble in 2017 and the subsequent crash, it still holds promise as an investment. It’s like gold in that each bitcoin has value due to its scarcity and its utility within a particular network (in this case, the Bitcoin blockchain). You can store your bitcoins in a wallet or convert them into cash. They’re also traded on exchanges similar to stocks.
While Bitcoin may not have overtaken the world just yet, it’s certainly making itself known. And given how much hype it has generated, there’s no doubt that it will continue to make waves in business and economics.
It’s therefore worth considering how Bitcoin could impact your future business and payment options, especially if you’re involved in the sale of goods or services online. By embracing Bitcoin now, you can be among the first to reap its benefits—and it could end up saving you a lot of hassle down the road.