Bitcoin – Does it have a Future?
Bitcoin has come a long way since its birth in 2009, now being accepted by many high profile brands. Namecheap web hosting and domains provider started accepting Bitcoin in March 2013, even Virgin Galactic and many more dedicated bitcoin stores.
Coffee shops, supermarkets are all lining up to offer Bitcoin as a payment method, hoping to capitalize on the recent buzz and set themselves apart from their competitors.
One thing that is for sure is that Bitcoin certainly hasn’t had a smooth ride since its release in 2009, largely remaining unknown for some years the virtual currency has picked up serious speed in the past 3 years following wider recognition and fear from governments on the impact virtual currencies could have on the USD for example.
It’s suffered countless criticisms, DDOS attacks, security issues and questions as to its longevity. In March 2013 Bitcoin exchange MtGox applied for bankruptcy following its closure in February after alleged hacking of millions of dollars’ worth of Bitcoins. Yet despite its ups and downs more and more companies seem to be taking to the virtual currency. With many more keeping close eyes on Bitcoin’s future.
Even Google and Yahoo have started taking the currency seriously, just this week offering bitcoin prices through Yahoo and Google finance. The tools allow users to track historical prices of Bitcoin back to June 2013. This is a momentous sign of trust for the virtual currency and gives strong weight towards it maintaining a future. Search giant Google has made little secret of its intention to implement Bitcoin into its payment structure at some point in the future, in March Jared Cohen who is Google’s director of ideas stated that it was “inevitable” that digital currencies will take some important form in the way we buy and sell in the coming years.
Following a steady conversion of $100 USD per bitcoin through July – October 2013 Bitcoin took some real speed following a senate hearing in the US in November 2013, soaring to an all-time high of $1,151 per bitcoin, more recently.
It seems that there is increasing support behind Bitcoin and its future seems much more secure now than a couple of years ago, there is still huge uncertainty from many, and even more so just a general level of confusion by many as to what exactly Bitcoin is and how it works. In the coming years as Bitcoin becomes accepted by more and more businesses, especially by the likes of Google or Amazon will the rest all follow suit? For a long time it seemed that Bitcoin was little more than a speculative currency with frequent crashes and a lack of real “purpose”, but this is slowly starting to change, now Bitcoin owners can use it for all manner of services, pubs, flights, hotels, pizza, so perhaps this is a positive step for Bitcoin and perhaps it’s all plain sailing from here… Will we all be using Bitcoin in a few years’ time? Who knows.. But now more than ever it seems that bit more likely.