The Bitcoin market has shown itself to be very resilient this year, bouncing back from a crypto draught in 2018, to rally back to a healthy value in the past 7 months.
The volatile nature of the coin has always been a stumbling block for market usability, especially within the retail space, as stable prices are essential for planning and profit-making. As, such, bitcoin has always been seen as a holding asset rather than a real currency. Most of the movement on the blockchain, till this point, has been to buy and sell the currency, but this is not what Satoshi Nakamoto had envisaged when he/they created bitcoin.
Bitcoin was introduced to be an alternative means of trade that would circumvent the need to rely on centralised systems for trade. The direct peer to peer transactional capabilities were designed for everyday usage, saving users time and money by skipping out the middleman. While bitcoin punters have tried to promote more usage of the coin, very little trade has occurred outside of the online gambling and igaming industry. But it seems that things are changing.
RETAIL HOPES IN OZ
We turn to the bottom of the world for great news in the crypto space. Australia is proving again that they can run with the ‘big boys’ in the tech space, especially in crypto realms. But this news does not come courtesy of the government or any exchange; this time the movements are coming from a private business.
The Independent Grocers of Australia (IGA) has decided that it would like to adopt bitcoin and some other altcoins as trade currency throughout their 1,400 or so stores, nationwide. This move presents one of the biggest cases of crypto acceptance by any one organisation, in the world. This is fabulous news for bitcoin and the blockchain world, as this move presents great strides towards making cryptocurrency workable in everyday life.
The subject around the need for bitcoin to stabilize before it can be used in shops has always had a catch twenty-two situation attached to it. The coin needs to be less volatile before it could be accepted on a wide scale in the retail industry, yet the very criteria needed to see it stabilize more would be its adoption into the retail and service industries on a wide scale. Risky steps like the one taken by IGA is what is needed to see cryptocurrency roll out into these spheres and strengthen itself there.
In order to get the ball rolling, IGA has had to partner with TravelBit (a cryptocurrency travel agency) in order to start accepting cryptocurrency. The two companies have integrated their systems together, granting IGA the necessary software and hardware to make a success of their crypto venture. The grocer can now accept Bitcoin, Litecoin, Ether, and Binance Coin for purchases by customers. The move to accept multiple coins is a wise one, as it empowers the customer with choice, which is a convenience that all modern shoppers look for.
TRAVELBIT BLAZES A PATH
TravelBit seems to be a leading motivator towards making bitcoin a common currency. They are presently looking into innovating systems that the entire travel and tourism industry can harness to increase their market by accepting any user wanting to pay for their holiday, accommodation, and plane tickets with bitcoin. Not only that, but the very same system will be able to service any retailer wanting to adopt cryptocurrency trade options, as well.
Though Australia is making inroads in this sector, they are definitely not the first country to accept crypto retail buying. There have been various little businesses spread throughout South America who have seen the potential in bitcoin sales. This number will surely increase to multiple countries around the world, as the Point of Sale Systems make their way onto the market.
THE FUTURE OF BITCOIN
Little steps like the ones above are a huge sign that there is a hope and future for bitcoin and cryptocurrency in the lives of the public on a day to day basis. As these utilities increase, so will the demand for cryptocurrency, especially as people learn of the advantages of spending Bitcoin over fiat currency with regards to price, speed and efficiency. The demand then increases the value of the asset, resulting in even greater interest from the public. The knock-on effect will be interesting to watch.
One industry that can attest to the viability of bitcoin trade is the Bitcoin casino market. At VegasCasino we are able to offer you first-class casino entertainment for your bitcoins; even offering you exclusive promos and bonuses for registering and using our services.
Why wait for the world to catch up, hop on board the Bitcoin Express now and start gaining from the benefits of blockchain, right away!