Bitcoin’s Utility Is Expanding
Earlier this year we wrote about the idea of investing in cryptocurrency, covering some of the pros and cons of assets like Bitcoin. There is still an active debate over whether or not currencies like this make for good investment plays with some traders trusting them more than others. But as the months go by, one thing is becoming interesting with regard to Bitcoin (which remains the largest player in the cryptocurrency category). Its utility is expanding in a lot of different ways.
More Merchants Are Adopting Bitcoin
This has been consistently true for years now, but we’re starting to get a better idea for just how many merchants are adopting Bitcoin, particularly in larger countries with more influential economies. Looking through the top 10 nations in this area, you’ll see some pretty glaring figures, such as over 1,400 merchants in the U.S., or one merchant for every 36,598 people in Canada. These numbers are very encouraging for those who want to see Bitcoin become a more mainstream currency.
Major Online Retailers Are In Play
Just as merchants are adopting Bitcoin, we’ve also seen major online retailers jump on board to facilitate the easy use of digital currency to purchase products. As of last fall, the list of big time retailers using Bitcoin included Overstock, Expedia, eGifter, and Foodler, to name just a few of many. Whether or not you personally use these platforms, they undeniably cater to a huge range of customers. Only a small percentage of those customers are likely using Bitcoin at this stage, but the fact that it’s an option should lead to steady growth.
The Casino Industry Is On Board
Bitcoin for online betting is nothing new, but recently we’ve gotten some indications that the casino industry would be getting on board in a more official capacity, or at least a more impactful one. Following the lead of some smaller platforms using Bitcoin for betting activity, NetBet just became the first operator with a UK license to offer cryptocurrency services. More often than not, online casino sites imitate each other, particularly where new innovations are concerned, which means this is a potentially significant development. The sheer volume of people who play at these casino sites is difficult to overstate.
Nations Have Discussed Making Bitcoin Official
This probably won’t actually be happening anytime soon, but it’s fascinating to know that countries have even been considered as official Bitcoin users. Back in 2015, the idea of Greece adopting Bitcoin as an official currency gained some traction online. Greece was undergoing major financial struggle, and some believed that if it abandoned the Euro, it could turn to cryptocurrency instead. Similar conversation surrounded the economy in Argentina just last year. Again, for a country to actually go with Bitcoin as an official currency is a long shot, but even the discussions indicate the degree to which Bitcoin is being taken more seriously around the world.
None of these changes directly make Bitcoin a better or “safer” investment. Even a currency being used all over the world is subject to the ebbs and flows of the market. However, what these changes tell us is that Bitcoin will continue to be around as a debatable investment asset, probably for the long haul. As more and more people and institutions around the world make use of Bitcoin, it feels less like a blip on the radar and more like an enduring alternative currency.
