The emerging bitcoin ecosystem will revolutionize money and banking as we know it today.
It is also changing how we conduct our business, and some major trends are already here. For a small company with limited resources, however, significant adoption of the technology is just a matter of time. Learn about what’s in store for you as the need for a digital currency grows and banking adapts to this emerging trend.
Bitcoin-accepting merchants and startups will have an opportunity to supply the banking world with increasingly professional payment solutions — enabling the economic interdependence that will drive adoption and growth globally.
The chart below visualizes the direction in which this trend is headed and the effect such disruption will have on financial services in the global economy.
WHY IS BITCOIN SO ANXIOUS?
Petty cash today is a rough payment medium that may be relevant to some, but not all, transactions.
Sales of goods and services expect a hugely encompassing, multipart, medium that is easily transacted in a variety of ways and with many forms of payment. It’s no wonder that instant computers and ubiquitous broadband got us this far, but that’s not where it ends. Cash, frazzled by the occasional 10+ cents spent on illegal transactions, looks at least a bit clumsy to a six-year-old. And so, institutional users who finally adopt mobile technology feel left behind in the digital age.
Where does the convenience of Bitcoin fit in?
Today, on smartphones, it can be convenient to adopt cryptocurrency for many reasons, including:
● Speed of transaction (this is especially valuable when traveling internationally),
● Consolidation of income with no need to decipher complex wallet software,
● Ability to use escrow accounts to decentralize ownership,
● Limit digital failure due to hard operating or freezing environments — you name it.
Because of its unreliability and the near-total lack of trust in most online transactions, it’s causing panic buying among people unaware of the risks.
Bitcoin is often incorrectly portrayed as a speculative investment with no real application. This isn’t quite right, but it is true that price variations are irksome and those who don’t understand it tend to dismiss its potential.
If these benefits seem right to you then consider rolling over your existing 401k or IRA to a dependable bitcoin IRA. Check out this full guide to see the complete list of bitcoin IRA companies and custodians.
What if it surged tomorrow?
Of course, Bitcoin’s value can and does fluctuate based on the whims of speculators and those associated with particular shows of ill-informed enthusiasm for the cryptocurrency. For example, through no fault of its own, the price of Bitcoin jumped last Friday from $30 to a high of $266, before falling back to $225 before climbing slightly to $239, then all the way back up to $295. This indicates that those speculators who bought at inflated prices may have profited handsomely off their speculation, while those who waited patiently or bought at the wrong prices paid little or nothing.
But if Bitcoin were an investment designed for everyday use rather than speculative speculation, it would likely be a widely accepted money transfer device — and, in so doing, give greater legitimacy to the entire industry.