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11 years of Bitcoin: what prospects for the virtual currency?
11 years of Bitcoin: what prospects for the virtual currency?
Bitcoin

11 years of Bitcoin: what prospects for the virtual currency?

By Simona Naldi - 23 Mar 2020

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11 years have now passed since Bitcoin was released on the market and, amidst predictions of collapse and periods of strong acceleration, the virtual currency seems to have endured strongly, until it became a consolidated reality in the world economy. 

In many sectors, not only in the digital world, bitcoin is becoming a valid tool for monetary transactions, opening up new scenarios for the foreseeable future. 

So, what to expect in this 2020?

The evolution of Bitcoin in the near future

If the first years of bitcoin’s life have involved mainly the most fervent lovers of technology, as time passed, the cryptocurrency has become a monetary system to all effects, although virtual. The electronic currency has in fact managed to establish itself and to penetrate into various other sectors, to the point of appearing in the main investment portfolios.

In other words, bitcoin is now oriented towards the investment asset market and its trading is becoming increasingly complex, requiring the support of professionals in the sector. 

One of the main innovations that are affecting cryptocurrencies in recent times is precisely their entry on regulated investment platforms, such as eToro, which now includes virtual currencies among its online trading proposals.

Bitcoin, but also ethereum, BCH, DASH and LTC, are only a fraction of the cryptocurrencies that these online trading companies allow buying and selling, just as it happens with normal stocks traded on the Stock Exchange.

Gaming and casinos, cryptocurrencies as a secure and fast payment method

One of the sectors that perhaps was among the first to look at bitcoin as a viable alternative to classic payment methods is certainly that of online gaming. Beyond the “virtual” link between the two worlds, blockchain has literally transformed the gaming sector, where games like CryptoKitties bring together collecting, buying and selling and virtual currencies under one roof. The online casino sector is no exception, with portals specializing in casino games, such as Betway, being interested in bitcoin deposits for a variety of reasons.

The advantages of using bitcoin in this particular sector are different and concern both the security factor and the convenience in terms of savings and speed of transactions. 

Unlike traditional payment methods, in fact, cryptocurrencies are not subject to tariffs and taxes for their use and are not subject to the control of large banking and financial institutions, which makes them easier to use without losing security: every Bitcoin transaction is in fact encrypted and secure from every point of view.

All this is added to the immediacy of the transactions, which is one of the main characteristics of cryptocurrencies: while normal bank payments generally take a few days to complete, bitcoin is instantly transferred to the recipient’s account, thus removing one of the most classic “barriers” of the traditional monetary system.

Bitcoin in online shopping: a fast-growing system

Bitcoin and cryptocurrencies, as mentioned above, represent today a payment system in all respects, to the point that they have entered into common use even among those who shop online. According to research by the US company SEMrush, virtual currencies are today in third place among the most used payment methods, followed only by PayPal and the Italian Postepay.

The growth in the number of portals that accept this system is constant and there is an increasing number of leading brands, such as Microsoft for selling films, apps and games from Xbox and Windows online stores, Expedia for online travel booking and Overstock, one of the world’s largest online retailers.

Even for this year that has just begun, the prospects seem to point towards further growth in this extensive sector, which has now emerged from the niche of “nerds” to become a major economic reality. Beyond what has been suggested in past years by detractors, as has already happened with other innovative systems such as PayPal, cryptocurrencies must, therefore, be seen today as a payment and investment instrument to all intents and purposes, which could soon enter into our increasingly liquid everyday life.

 

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