Bitcoin is a relatively new form of currency on the market. Brought to life in 2009 by an anonymous creator, it has taken a good few years for the cryptocurrency to earn itself a good reputation and to become a mainstream currency- and even then, the term mainstream is used loosely. It is currently used primarily by people who dabble in online gambling, as the digital currency has a sense of anonymity for all that use it, and this appeals to gamblers! However, it’s becoming more and more popular as a method of payment, with a lot of online retailers now accepting Bitcoin as a method of payment.
Some countries around the world are even starting to use Bitcoin as a currency alongside their own national currency. Some countries already implementing this change include the likes of Switzerland and Japan- two of the countries who have the strongest economies in the world. There’s even a town in Belgium that accepts Bitcoin in all of their shops, bars, and restaurants!
Countries like Switzerland and Japan have such a huge influence on other countries in terms of economics and finances, and if smaller places such as Belgium are already catching on, it seems highly likely that soon other countries will also follow suit.
Whether countries will abandon their own currencies in favor of Bitcoin altogether is another story, though. There are many pros to using Bitcoin as a source of currency, but as with most things, pros also come with cons. While there is the simplicity of using the cryptocurrency, the speed, and the ease, there’s also the bad side to using the cryptocurrency; it can be dangerous. Because there is an element of anonymity to the currency, purchases made using Bitcoin can not be tracked- this means that it can be used entirely legally to buy completely illegal products, without being caught.
In addition to this, there was only ever 21 million Bitcoins made, and there will never be any more put into circulation. This means that there actually might not ever be enough Bitcoins to act as the currency of choice across the entire globe. However, with that being said, it doesn’t mean that Bitcoins popularity won’t continue to surge, or that it won’t soon become accepted as a secondary or tertiary currency of choice- this is definitely a possibility. But as a first choice currency across the globe? The chances are definitely a lot slimmer.