The role bitcoin and other cryptocurrencies will play in sales and the economy at large will only continue to grow as we move deeper into the 21st century. Doubters need only consider the following to feel a change of heart:
It’s a major form of investment
Investment firms big and small around the world have been getting in on bitcoin for years now. Working with services such as Genesis Mining, these firms predict a steady and secure demand for cryptocurrency solutions in the decades ahead. So much consistent and increasing investment activity is indicative not only of the strength of cryptocurrency, but its inevitable elevation to becoming a major payment system this century.
Major establishments accept it
Skepticism regarding the value of bitcoin and similar altcoins would be understandable if an assortment of major retailers and service providers didn’t accept it as a form of payment. Major companies accepting bitcoin include Expedia, Dish, Newegg, and Overstock. In fact it’s now possible to have pizza delivered and paid for with bitcoin – although whether that includes tip is uncertain.
The IRS recognizes it
Cryptocurrency is, according to the Internal Revenue Service, no different than standard forms of currency when it comes to paying taxes on income or investments. Considering how no-nonsense the IRS is, it’s safe to say their recognition of bitcoin and altcoins (“virtual currency” according to them) is not some form of government sponsored sarcasm. They, along with the aforementioned, believe it to be a reliable and increasingly common payment system. Who are we to argue? It’s the IRS after all.
For all the talk of globalization, economies without borders, and markets involving peoples from around the world, it’s strange how so many currencies there still are on this planet. This is no doubt a testament to the lingering love and preference for national sovereignty. Fair enough. However, demand for a universal currency exists nonetheless, and bitcoin is filling the void created by a world full of countries in dispute over the basics of economic principles. If nations fall, cryptocurrency will remain.
It’s the latest of a long list
Once every few hundred years, with increasing frequency up to the modern age, the concept of money gets an overhaul and a leap is made in payment systems. The development of coins was of course the first major breakthrough, followed by the use of paper currency, and then checks and credit cards, and finally online payment systems like Paypal. Bitcoin and altcoins are the new update, and like these previous developments, will become a mainstay of money systems.
Without a doubt the most intriguing quality of cryptocurrency is the anonymity which is possible on both sides of a transaction. Unlike the paper trail of most non-cash forms of payment and the physical limitations of cold hard cash, cryptocurrency allows for virtually no real method of tracing ownership. Therein lies the key to its success, but also its dark heart; no doubt this century’s leaders in black market enterprise will be accepting bitcoin and altcoins.
Many writers, reporters, and analysts across many media outlets like to question the legitimacy of bitcoin and other cryptocurrency. This in turn has created skepticism among many members of the population at large. Yet when added up, the elements pointing to the strength and here-to-stay quality of these new payment methods becomes paramount, eclipsing doubt.