The well-publicized thefts of Bitcoin have put a damper on public confidence of the virtual currency’s upward trajectory. However, nothing remains static as can be evidenced by the example of some of the world’s worst performing currencies and financial markets. The whole truth is that Bitcoin succeeded in paving the way for similar online currencies to carve their own path. The blueprint has been laid out and competitor’s such as Kanye West’s very own digital currency can avoid falling into the missteps that Bitcoin did.
Bitcoin is not going to disappear from the face of the earth any time soon. It brought with itself a radically different approach to how people have viewed traditional financial models. By doing this, Mr Nakamoto has no doubt started a revolution of sorts, whether it was intentionally or not. One thing’s for sure though. If people can book an air ticket via Bitcoins, then the time is not far off when ATMs specializing in virtual currency will become the norm. The future is already here.
Until then, people could call up Mr Elon Musk and drive away with the new Tesla Model S electric car. Paid in full by Bitcoins, of course.
Matthew Koren is the President of Swiftly Paid, a credit card processing and payroll service provider located in Portland, OR. He runs his company, as well as partnering with a consulting practice taking businesses to market in China. You can contact him by filling out the Contact Us page, or by calling 866-402-1485, ext 750.