Source: Pixabay
Throughout the world, businesses run on currencies that are controlled by banks, which, in turn, are backed by their respective countries. People face many problems when dealing with traditional currency. In addition to the delay in receiving payments, one of the bottlenecks of traditional currency transactions is the high processing fee.
Many successful hacking attempts on high-security centralised banks has put some serious questions on the digital security infrastructure of the banks. To overcome these bottlenecks, an unknown person with the alias Satoshi Nakamoto created a cryptocurrency called Bitcoin.
One of the main advantages of Bitcoin is that it does not need any payment processor to process the transactions. What this means is that you don’t need any centralised banks to process your payments. The transactions are instant and the processing fee is much less compared to the traditional banking transaction fee.
Source: Pixabay
Consumers and merchants in the Midlands pay and receive money in cash, cards, or through online payment systems. Throughout these transactions, consumers have to shell out the processing fee from their pockets. People have to carry cash and cards in their wallets all the time and there is a good chance they might have forgotten to bring wallets for shopping.
Since Bitcoin is paid electronically, you don’t need wallets to store cash and cards. You need a digital wallet to store the Bitcoins and you need electronic equipment like a computer or smartphone to access the wallet.
In general, people are apprehensive when new things are introduced to them. In the beginning, people were suspicious of Bitcoin, but, as time went by, they were able to recognise the usefulness of the cryptocurrency in day-to-day life.
Source: Pixabay
As consumers were leaning towards cryptocurrency, merchants started to accept Bitcoin in the Midlands, beginning with the first Bitcoin ATM in Allenton, a suburb of Derby. Nightclubs like SE7EN are gearing up towards Bitcoin, with the owner formulating a novel idea; his staff will wear scan-able t-shirts.
When customers want to tip them, they have to scan the QR code, and the tip is paid electronically. Convenience stores like Dhiensa Food Stores in Nightingale Road are also accepting Bitcoins and more people are willing to pay and receive money in cryptocurrencies.
Bitcoin is not a physical currency and is not controlled by a centralised authority. It is neither a company nor a corporation to go public. Then, how can anyone invest in Bitcoin? Many cryptocurrency sites like Coinlist provide comprehensive guides to investing in Bitcoin. Other ways to invest in them is through The Bitcoin Investment Trust (GBTC), which acts as an exchange trading fund for Bitcoins.
You don’t have to own Bitcoins to trade in GBTC. You have to buy their shares to bet on Bitcoin’s value. Another option to invest in Bitcoin value without buying them is to invest in Bitcoin Futures. You can get a Bitcoin Futures contract with Chicago Board Options Exchange (CBOE) and Chicago Mercantile Exchange (CME) Group.
In the Midlands, the use of Bitcoin is not comparable to traditional currency but merchants can attract customers who are willing to transact in the cryptocurrency.
