The cryptocurrency that is digital money that isn't centralized through a bank in the way traditional currencies are has been touted by some to do for money what the internet did for information.
In other words, take control away from big institutions and into the hands of ordinary people and could lead the way to a cashless society where we don't have to pay bank fees for transactions or commissions for foreign exchange.
Questions that I try to solve!!
How did Bitcoin get so big?
Why did Bitcoin suddenly collapse?
What happened with Bitcoin since it launched?
What about Bitcoin as a form of payment?
Can I use Bitcoin as a form of payment?
Who accepts Bitcoin?
What stores accept Bitcoin as payment?
Does Amazon accept Bitcoin?
Where can I spend my bitcoin?
Does Starbucks accept Bitcoin?
What stores accept Cryptocurrency as payment?
Does Amazon accept Cryptocurrency?
Where can I spend my Cryptocurrency?
Does Starbucks accept Cryptocurrency?
Can you buy a house with Bitcoin?
Can Bitcoin be taxed?
What’s stopping companies from accepting bitcoin?
Can I use Cryptocurrency in Online Gambling?
What does the future hold for bitcoin?
Is Bitcoins a good investment?
Is Cryptocurrency Legal?
Is Cryptocurrency still a thing?
Is Cryptocurrency worth investing in 2020?
Is crypto Dead 2020?
Is Cryptocurrency still a good investment?
Will crypto ever recover in 2019?
Will Bitcoin ever die?
Why is Bitcoin a good thing?
What will Bitcoins be worth in 2020?
Will Crypto go back up?
Is it wise to invest in Bitcoin?
Will Bitcoin make me rich?
What should I invest in in 2020?
How does blockchain work?
What is Blockchain in simple words?
What is Blockchain good for?
What is the blockchain for dummies?
Will crypto ever recover in 2019?
How many Bitcoins are left?
What are Cryptocurrency simple words?
What does Cryptocurrency mean?
How do you get Cryptocurrency?
What is Cryptocurrency and why is it important?
Should you buy bitcoin?
Is bitcoin a good investment?
When is the next bitcoin correction?
Will bitcoin reach 50,000 USD?
Should I buy ethereum?
Where do you buy bitcoin?
Should you buy Ethereum?
Is Ethereum a good investment?
Should you buy Litecoin?
Is Litecoin a good investment?
Is Bitcoins legal?
How many Bitcoins are left?
Is it Right to Use Bitcoin in 2021?
Bitcoin could quadruple in 2021 as the digital currency sees a rally similar to 2017, Fundstrat's Tom Lee says. Bitcoin's near 300% surge in 2020 could be followed up by an even stronger performance in 2021, according to Fundstrat's Tom Lee
How much progress it's made towards a Cashless Society?
There is a star player in the Crypto world Bitcoin as well as taking a quick look at a few other cryptocurrencies. Now you might remember when Bitcoin shot up and value and created a huge buzz and a lot of people were building enough to be the new big thing.
If you've got a good memory for dates you can place that as late 2017 and you may well recall when Rapper Fitty cent suddenly realized his Bitcoin was now worth $8 million even though a few days before he couldn't even remember he owned them however very soon afterward its value took a nosedive and Bitcoin wasn't the talk of the town any longer.
how did bitcoin get big and then suddenly collapse?
To make a long story short after going online in 2009 Bitcoin had a slow start but gradually interest in it picked up as that happened its value went up slowly but surely. From just 30 US cents for a Bitcoin in early 2011 to a whopping 998 dollars at the start of 2017 with this monumental rise in bitcoins fortunes stock and currency traders were buying up Bitcoin like there was no tomorrow.
The result into number 2017 Bitcoin hit an all-time high of close to $19,800 but sure enough, this didn't last long because very soon Bitcoin shared the same fate as a lot of stocks that are new and exciting but relatively unknown investors began asking if it was actually worth that much and they started selling it in droves.
The Bitcoin bubble burst to lose 80 percent of its value in 2018 and by the end of the year, it was down to around $3,200.
So What Happen then!
Well it might not have been in the news as much as before but for the most part, it's actually been doing pretty well not those staggering heights it reached in 2017 but it's mostly been hovering between a respectable seven to eight thousand dollars per Bitcoin with some fluctuations but not as wild as earlier.
At the moment it's worth noting the economic uncertainty around the coronavirus( COVID19) has meant it's taken a big dive once again although this is true for a lot of stocks as well we can only wait to see if this situation is temporary.
Now, what About bitcoin as from Payment?
So far we've talked about Bitcoin as a financial instrument for investing in and trading but let's remember that this isn't what Bitcoin or other cryptocurrencies were originally meant for.
They were designed as a way of paying for goods and services while bypassing banks in fact the founder of Etereum Vitalik deuteron once famously went on Twitter to complain that there's too much talk about Bitcoin and ethereum as financial instruments and not enough focus on making them more widely available as a form of payment.
How can you make purchases with it?
The short answer is it's gaining ground but don't expect to be able to spend it everywhere just yet some of the time it's well-established companies that are accepting it but more often you'll find startups that act as intermediaries who allow you to pay them in Bitcoin while they secure the order through a more established branding.
Let's take a few things you might often want to pay for like
1. Food Delivery
Sure bitcoin isn't yet accepted by many of the biggest names like uber eats but you'll find that some do like takeaway.com in several European cities and a lifer Ando one of Germany's biggest food delivery services. If you're in the USA and have a hankering for pizza Domino's doesn't accept it but you can place your order through Pizza for coins.
There a delivery company that lets you pay in Bitcoin or ethereum and places your order with a range of pizza outlets for you sure enough including Dominoes.
But what about
2. High Street Retailer
Again don't expect it to be accepted that widely at least not yet but once again it looks like it's catching on. Trendy cosmetics firm lush with outlets worldwide and American jewelers reads both take Bitcoin and in the UK if you want to buy somebody a gift card or a voucher you can buy one through the company gift off.
They accept Bitcoin and partner with many of Britain's best-known high street retailers in a lot of countries you'll find websites that list businesses that accept crypto as payment like where to spend bitcoins.co.uk where you'll find plenty of British high street stores restaurants and bars as well as online businesses that will accept Bitcoin as payment.
3. Air Trave
When it comes to air travel you could use Bitcoin to make a booking through an American online travel agent cheap air or with abitsky.com a travel agent that specializes in Bitcoin payments and if you happen to be flying from Latvia you could book a flight with their national airline air Baltic the world's first national airline to accept Bitcoin and just in case you want to book a flight into space through Richard Branson's Virgin Galactic you've guessed it you can pay for this in Bitcoin.
4. Online purchases
When the list of companies that accept it include the likes of Microsoft you know big names are taking it seriously it's also accepted by dating site like OkCupid and for donations to Wikipedia and Bitcoin payments are a big driver behind square the online payment sites started by Twitter's Jack Dorsey, in fact, it seems that Dorsey is one of the bitcoins biggest so much so that in early 2019 he tweeted he was buying $10,000 of Bitcoin per week as he's confident it's on the way to being a bigger player in business transactions worldwide.
5. What about Ethereum and Litecoin?
For these digital currencies pretty much all the action is happening online you can use them to pay for a range of products and services online from web hosting to pet retailers and from clothing or interior design to art and precious metals.
So what's the overall trend basically it looks like crypto is taking big steps forward as a payment method and having some big names like the founder of Twitter standing firmly behind it can only help.
Why companies not accepting bitcoin?
What's Stopping Companies from Accepting Bitcoin?
Well truth be told there are some pretty understandable barriers and first on the list is the fact that
6. Yes it's still Volatile
This explains why online travel agent Expedia first embraced crypto in 2014 but then changed its mind when the value of Bitcoin plummeted in 2018 after all who wants to accept a payment in the currency that could drop and valued just after received payment and there's no denying it's got a bad rap after being used for illegal transactions.
This is something that's given it a bad rap in the past - including the fact the dark web site Silk Road processed all their transactions in Bitcoin and with all Bitcoin accounts being anonymous it's, unfortunately, a go-to method of payment for all kinds of criminal activity. But some of the things that go against it also create an opportunity in a sector that's totally legal at least in a lot of countries.
7. Online Gambling
Online gambling is definitely a sector to watch as it's growing incredibly fast it's currently worth about $450 billion worldwide and that's expected to rise to closer to $600 billion by 2022 but it does present gamblers with a few problems and the good news for crypto is it consult all of that.
PROBLEMS
1. Lack of Trust
In most online gambling players can't see the mechanisms behind what's going on this means they often wonder if the table is rigged and unlike in a real casino they have no proof that anybody is actually winning so how does crypto solve this.
The mechanism that makes crypto possible is Blockchain that's basically a transparent online ledger of transactions that anyone using it can see and it allows everyone playing to see what's happening in a way that most online gambling doesn't.
In fact, there's only one thing they can't see that's the identity of the players because crypto makes their accounts anonymous and that's another advantage the fact that players are anonymous is attractive to a lot of gamblers and by having lower overheads than other gambling sites, crypto can increase the size of the pot gamblers can win you've heard the expression.
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2. The House Always Wins
Well, blockchain can perform functions that people did until now which lowers the cost of running these sites and with crypto sites having very low overheads this increases the potential of winnings for players.
So it's no surprise that crypto gambling sites are making big games like Satoshi dice. Which specializes in Bitcoin gambling and there are even examples of crypto created specifically for gambling like zero coin so-called because the house takes zero percent of the pot and puts it all toward the winnings.
3. Who Else is getting on the action?
I've already mentioned that Twitter's Jack Dorsey has been making Bitcoin a big part of his payment site Square and it looks like this has prompted some competition from the world of social networking.
In 2019 Facebook announced their plans to rival Bitcoin with their own crypto Global coin and they said we'll be able to use it for payments on Facebook, WhatsApp messenger, and Instagram and unlike most other crypto. Facebook announced that this will be a so-called stable coin that means it's pegged to the u.s. dollar to get around the problem of volatility.
4. What does the Future to the Future?
As for its value, the truth is it's impossible to predict what bitcoin is going to do next. Traders who've developed complex algorithms to predict movements and stocks commodities and traditional currencies admit.
They still haven't cracked bitcoin or another crypto this is partly because it's so new in the coronavirus crisis which has caused the value of Bitcoin to plunge again has only proven the point really we can only wait to see what happens next.
But a big trend is it's catching on as a payment method and with some tech heavyweights behind it this trend is likely to continue and it's very possible that soon enough more of us will be making purchases using crypto as a form of payment regularly.
Do you think one day crypto will totally replace traditional currencies let us know what you think in the comments?
Bonus
The first-ever crypto payment happened in 2010 when programmer Laszlo Hanyu bought two Papa John's pizzas for 10,000 Bitcoin, not from Papa John's themselves, of course, they didn't accept Bitcoin but from another Bitcoin user in Britain who then made the order to Papa John's Outlet in Jacksonville Florida.
The value of the Bitcoin he paid was about $40 at the time kind of pricey for a couple of delivery pizzas but today that would be closer to 50 million dollars Hanyu who's since been nicknamed the Bitcoin pizza guy says people often tell him he's an idiot for exchanging his Bitcoin for pizza.
But he has no regrets and says that somebody had to get the Bitcoin ball rolling and even if he did end up with two pizzas instead of an eight-figure sum he's proud to be that person.
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