The world is changing rapidly, especially when one refers to the crypto-currency revolution.
Since the last financial crash, Bitcoin was born as a way of decentralising currency, where no one institution or government has control.
It also made moving money cheaper than conventional means, and it gained some bad reputation as a way for criminals to do nefarious activities under the radar of Govt.
That, however, is only a small portion of what is now starting to become more relevant as an investor’s haven – a means of trading; a reserve of wealth akin to gold.
Gold itself has been regarded as a storehouse of wealth forever. But there are stark differences between Bitcoin and gold.
Gold, although rare, is still being mined and they are finding new deposits. The gold price has remained stagnant for years now – hardly a descent investment.
Bitcoin, however, will only ever have 21 million coins issued. So far, 80 percent have been mined (by banks of computing power) and the value has shot up this year as more and more people realise its potential as an investment.
Volatile it is, yes, but upward it goes nonetheless.
As Bitcoin gains momentum, more and more businesses are starting to accept Bitcoin as payment. Once you have created a wallet on your smartphone to work with, for example, Blockchain or Coinbase, it becomes simple to exchange Bitcoin with other users.
I think what we will see, over time, more and more of this happening.
Compared with accepting credit or debit card payments, it is infinitely cheaper and therein lies one attraction.
Footmech has embraced this revolution, and will be accepting payment for treatment with Bitcoin – giving Bitcoin users a 10 per cent discount as well.