The spiking inclination towards entrepreneurship and an independent financial system have given way to the adoption of cryptocurrencies across the globe. Virtual currencies have the ability to transform the way the financial sector works and have swung the gates open to a decentralised model that provides a new paradigm with transparency, security, low cost, and fast transaction times built into the system. As the bellwether of its domain, Bitcoin has led the path for crypto coins and is now shaping the worldwide establishment of the digital money ecosystem.
Bitcoin has proliferated global online trade. Studies have revealed a jaw-dropping gain of 193,639.36% in Bitcoin between the years 2012 to 2020. This has had a significant impact on the world economy as a whole and the individual financial choices exercised by people.
Internet-based technologies have facilitated the adoption of Bitcoin by providing an opportunity to create a hedge against traditional fiat currencies. With no single authority governing the exchange of coins, the crypto ecosystem has gained independence in its operations with increased accessibility.
The growth of Bitcoin adoption has had its own causes and effects in the global market. Here we discuss some of the trendsetters that have helped the currency compete and seek dominance worldwide. We also discuss the resulting implications of these developments.
A 2020 survey reveals that close to 36% of small and medium-sized businesses now accept Bitcoin as payment in the US. Reputable firms, including Microsoft and Wikipedia, have welcomed the emergence of Bitcoins while accepting them for their dealings.
Having an imperative influence on its customers, established businesses have led the path to the large-scale adoption of the coin. Burger King granted acceptance of Bitcoins as a payment method in Venezuela. Its competitor in business, KFC Canada, also decided to accept Bitcoin for a limited time.
The social acceptance of cryptocurrency and the large investments made by magnates in the domain have led businesses to include the digital coins in their accepted forms of payment. In an effort to stay relevant and at par with the international systems, businesses have made room for this new trade which has immensely contributed to the growing adoption of the coin.
Creating a massive buzz in the news with her decision to accept cryptocurrency payments for the much-awaited album “Utopia,” Bjork welcomed online money to the singing field and set an influencing trend worldwide. The Icelandic singer accepted pre-orders for her album in four major currencies- dashcoin, audiocoin, bitcoin, and litecoin. The Californian billionaire Rick Curoso’s announcement of accepting Bitcoin for rental payments for his properties marked the emergence of BTC in the real estate business as well. This also saw huge investments following henceforth.
JPMorgan’s astounding prediction of Bitcoin making a three-fold rise and the willing acceptance for digital money shown by the Fintech giant Paypal all have led to the current hype of Bitcoin and contributed to its rise in value.
Drivers of Bitcoin’s Global Uptake
Several social and financial factors have significantly facilitated the setting of this burgeoning trend for Bitcoin adoption and driven the way forward. The two most significant factors are:
Traditional Banking Ecosystem
The current banking system offers services only to banked users. This has posed a significant limitation to the marginalized sectors that do not have the connectivity needed to use digital payment methods.
Bitcoin has a promising scope in servicing the unbanked who have no access to physical banks. Bitcoin adoption proposes a reliable approach to challenge the deficient provisions of the current financial setup.
The existing monetary structures have presented the world with a dire need for improved autonomy. With confined access and flexibility, individuals and businesses have been hoping for a better financial system with enhanced privacy standards. The emergence of Bitcoin has been foundational to the trust placed by people for it to be a revolutionary step in the right direction.
Global acceptance of Bitcoin has seen this changing social attitude of people to be a significant contributing factor to the rise in popularity and adoption of Bitcoin. Developing markets have also been instrumental in setting the trends for the cryptocurrency to gain momentum.
Bitcoin has greatly disrupted the current financial system and is now expected to grow the ecosystem ever further in the near future. There is promising growth potential for BTC investments that demand indulgence right from this moment. Wisebitcoin is here to walk you through the entire process and to help you trade seamlessly!
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