‘Look Into the Future’: Is the World Ready for Bitcoin to Become Conventional?

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by Eugenia Romanenko · 3 min read
‘Look Into the Future’: Is the World Ready for Bitcoin to Become Conventional?
Photo: Live Bitcoin News/Flickr

Being the most dicussed and mysterious cryptocurrency, Bitcoin is changing either the way lots of customers use their funds or the economy in general. But is the world going to make it mainstream?

Nowadays, it’s hard not to be sure that Bitcoin has the potential to change the economy worldwide and reshape the financial industry overall due to the decentralized money transfers.

Furthermore, not so much time ago, such states as Utah, New Hampshire and New York introduced their Bitcoin-friendly bills that would allow the residents to pay their taxes and fees in Bitcoin. It’s almost unbelievable that Bitcoin, often portrayed by critics as a way to conduct illegal activities, avoid taxes and hide money from the government, is likely to be officially used in tax payments.

It’s obvious that Bitcoin is becoming really popular and widespread influencing the everyday life of lots of people. Moreover, this cryptocurrency appears not to stop developing. Surely, it wouldn’t be possible without various startups and enterpreneurs trying to bring bitcoin to more services and apps.

For instance, one of such companies is Coinbase, a bitcoin customer-friendly platform which recently launched the first regulated Bitcoin exchange in the U.S. According to Ilya Pozin’s article in Forbes, this bitcoin wallet has partnered with such companies as Time Inc. and Dell “to facilitate bitcoin purchases by acting as a go-between and converting bitcoins to cash.”

Another company which is able to change the cryptocurrency world and which is worth mentioning in this context is Bitrated. The firm uses multi-signature transactions where a trusted third party (trust agent) resolves disputes in case of fraud.

That system protects users by the fact that the agent simply cannot steal the money because the payment address is fixed and in addition to that, any decision by the trust agent must still be confirmed by the seller or buyer.

It’s necessary to note the importance of BitReserve and its brand-new monitoring service Changemoney.org providing a clear visualization of Bitreserve members’ location, funds, and transactions. The company accumulated a total of $10 million in transactions and now holds over $1.3 million in deposits.

According to Halsey Minor, BitReserve CEO and founder, later this year BitReserve is going to enable users to import funds in dollars via direct transfers from linked bank accounts, bypassing bitcoin altogether.

Summing it up, what counts here is that the entrepreneurship and innovation’s role is big in the bitcoin space. Still, it’s hard to say whether bitcoin is going to be accepted by mainstream customers. Bitcoin’s future is likely to depend on whether or not users find value in its powers that are able to go beyond those of traditional currency.

Bitcoin News, Cryptocurrency News, News
Eugenia Romanenko

Eugenia graduated from Minsk State Linguistic University with a degree in Intercultural Communication, Translation/Interpretation (Italian, English). Currently she works as a business analyst, freelance interpreter and tutor. She’s fond of numismatics, photos, good books and sports, adores travelling and cooking.

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