Posted on 2/09/2015 by
It seems you can’t open a newspaper or read a website these days without hearing about the mysterious digital currency known as bitcoin. It made headlines again this week as Barclay’s have now jumped on the digital currency bandwagon. Barclays have announced that they will now support payments to Charities through Bitcoin as an alternative way for non profit organisations to raise funds. The report wasn’t entirely clear on exactly how the support for Bitcoin would be handled but noted that the bank had entered into partnership with a “Bitcoin exchange, or spending platform,” and aims to begin the experiment by the end of 2015.
So, does this mean Bitcoin will be seen more in the mainstream? Some hurdles remain before banks widely adopt bitcoin and blockchain technology. There is still a lot of concern that nobody knows who exactly created it or who controls it ( all we know it is a group or person names "satoshi nakamoto") . However for many this is a benefit within itself. It is also why the currency is often associated with illicit sales but I feel this should not take away from the fact that you are able to transfer Bitcoin from one end of the earth to the other in a matter of minutes. Not only this but charges are extremely minimal (these do change depending on country).
It should also be remembered that when millions of people ventured into the online world of the internet two decades ago, critics said it would collapse being nothing more than a passing fad. Fast forward two decades and they are now saying the future of cryptocurrency is just as bleak as the original emergence of the internet. As more and more mainstream companies such as Amazon and Barclays begin to integrate Bitcoin, I feel it would be unjustified to call this more than a passing fad. What are your thoughts is Bitcoin here to stay?