Bitcoins started back in 2008; with the primary motivation of the cryptocurrency is to get rid of mediators. It is the first cryptocurrency and is the largest in market value which is currently $19.2bn.
This was supposed to take the world on fire, but somehow the heat is not yet felt. It was supposed to rip up today’s banking world. Some big companies accept bitcoins as payments like Amazon, Apple Expedia, Overstock, Subway, Reddit, Microsoft, Dell, Tesla, Bloomberg.com, Kmart, Sears, Gap, Victoria Secret.
The Bitcoins have very few figures, but there are more than 1 lakh traders who are using this. The rate of use has increased by more than 4 creases between 2014 and 2015.
Recently Cambridge University-approved that there are nearly 2.9m to 5.8m users who are attached to a cryptocurrency wallet and most of them are using BItcoins. It is more than 0.3 to 1.3m user since 2013.
But the main question, is what is the future of Bitcoin?
Let’s find out!
First, why is it preferred?
Now, suddenly, the question arises as to why someone will suddenly start using Bitcoins? The answer is simple. The consumers need to pay 0% or less than 2% transaction fees.
This facility makes it preferable than the credit card system which has an ample amount of fees. But still, the users are not widespread because of the lack of proper security. The end-users are mostly insecure about their refund rights and paybacks.
Russia is about to accept the matter. Japan has passed laws to accept Bitcoins legally. We are expecting that with Japan accepting it, Bitcoin may start getting more popularity. Till then the heat was considered to be increased by 8% which is $1 bn which will increase the market head by $19.5bn. Russia has also decided to use it for financial benefits. With these two big countries stepping forward, we would expect to see a rise in Bitcoin’s usage shortly.
Even with all the above factors, Bitcoins still have a long road to travel. It needs a good amount of time to be accepted globally. Many countries have banned the use of it due to lack of regulation for technological limitations.
The technical advancement will highly increase its value in the market. We expect its demand to grow soon and to be accepted globally. It will increase your cash benefits with its different types of returns.
If the investors start considering Bitcoins, then the value of Bitcoins will automatically increase by 200%. The use of this cryptocurrency will surely open many ways of traditional payments. It’s just a matter of time before the advancement of the payment system. Once these come in, the Central Banks will calm down.
These coins should be regulated as announced by PBoC. It will increase the workforce to search and ensure its exchanges with proper money exchange systems and warnings or else there will be a violation.
The PBoC has also made certain changes in suspending activities which have made loss of the Bitcoins. They are working in favor of it to increase the positive aspects and increase their value in the years coming soon.
The main motivation of the inventor Satoshi Nakamoto was to knock out the Central Banks. He has raised the question that should Central banks also start the cryptocurrency methods? As there will be no need for settlement.
Use of these will certainly take away the payrolls of many bankers. The Central Bank has started looking into the matter to look after the blockchain method. These will effectively increase help to complete and log transactions in the real-life economy.
The central banks are to track their currency through the financial system with the decentralized method as announced by the BoE and PBoC. BoE has calculated that the use of Bitcoins will save the economy of the country by 3%. The FOMC and FED members have also shown the positive side of its use.
The fun fact is that Central Banks has started embracing the technology, which was once made to remove them from the market. Though it would be difficult for them to use the technology in a bid of Bitcoin down the road.
Bitcoin Wallet- Luno
Luno is used to store Bitcoins easily and conveniently. With this you can buy, store, send and learn about cryptocurrencies within a single app. It is found in iOS, Google Play, and web.
Reason to choose Luno
Luno is in the market for more than 6 years and has successfully transacted billions of dollars across the globe in over 40 countries. They have very low transaction fees and all-time ready-to-help customer support to guide you.
To every individual, security is of utmost importance. Therefore, Luno has created a class security system to save your cryptocurrency from third parties.
How to buy Bitcoins using Luno?
With Luno, you can buy Bitcoins in four easy steps.
- Sign up the free Luno Wallet on web, iOS or Google play.
- Set up your profile accordingly.
- Choose your method of money transfers to add to your wallet
- Buy Bitcoins. Secure them or share them with others.
Countries supporting Bitcoins
The Bitcoin industry is slowly increasing and will be taking up the market soon. We have already talked about Japan and Russia. Now we will see some other countries who are a high believer in Bitcoin methodology.
- United States of America: It has the highest Bitcoin users with related ATMs and trading volumes worldwide. Since they are home to Silicon Valley, they will soon be the future of the Bitcoin market. Many countries are looking forward to their guidance.
- South Korea: People can buy Bitcoins in 7-elevens, but there is no law to regulate its use.
- Sweden: Since the Central Banks has started deducting huge interests into minus regions, the government has thought of moving into the technology. The Central Bank has termed Bitcoins as legal currency.
- Denmark: The government has full support to cryptocurrencies. But it’s not sure whether it will be Bitcoin or not. The Danish Central Bank had said that Bitcoin is not a currency and they will not be availing it.
- Netherlands: They too, don’t regulate the use. But it hardly matters since there are Bitcoin ATMs, start-ups and Embassy.
- Finland: You can purchase Bitcoins from VAT. It has many Bitcoin ATMs. They are on the leading role of exchanging Bitcoins locally as well as globally.
- Canada: Toronto and Vancouver are the Bitcoin centers. They are used for counter-terrorism and anti-money laundering laws.
- United Kingdom: The technology is monitored by BoE as it is considered as private money. It has VAT and capital tax gains with P&Ls.
- Australia: They has previously double-taxed Bitcoin, which was removed. But it is still not regulated by RBA. Therefore, there is no law against the use of Bitcoins.
So, you might be thinking about what’s the answer? Well, the answer is positive! Bitcoin has future!
Soon Bitcoin will be taking the heap and will be a great financial system in the market. It will benefit the Central Banks and hopefully increase their encryption system.