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In the past, the idea behind normalizing cryptocurrency didn’t receive a warm welcome globally. Thus Bitcoin didn’t become useful enough to be a part of layman’s world. The speculation of Bitcoin was for investment purposes that allowed a particular segment of people having exceptional financial skills to build up an investment which in-turn might generate high-percentage profit. No one was ever serious about the digitalization of currency. Thus Bitcoin accompanied by other altcoins had to face adversity.
Bitcoin over other Cryptocurrencies
Just in a few years, many financial exchanges in the US and other countries have announced to support Bitcoin, and it portrays that the financial sector is interested in digital currencies. But the question arises why do most firms prefer Bitcoin Champion over any other altcoin? Well, this is due to the popularity that Bitcoin has gained and its capitalization, which is breaking all the records. Financiers want to go for an option that is more reliable, valuable and secure.
Common Problem with Crypto
We’ve noticed an improvement in these couple of years as more ways are opened to establish Bitcoin as a common payment method. In the US, Bitcoin addresses have no requirement of SSNs or personal information like standard bank accounts. Initially, this became a cause for Bitcoin to be a part of any illegal activities. But over time it has improved, and now Bitcoin even creates a permanent public record of all transactions. In recent years, illegal activities were seen to be dragged away from Bitcoin that paved a path in its legalization. But we know, to buy a snack we’ll need a few currency notes in hand, and therefore, we might not get a snack in exchange for gold or diamonds instead as no stores have such tools to calculate and accept this payment that is of its kind. Same is the case with this chunk of cryptocurrency, as it is solely an asset to invest in and multiply wealth.
A gradual Legalization
The reputation of Bitcoin has improved in the US as it was once considered a tool with dangerous implementations and proved to be a threat to financial organizations. During the early years, Bitcoin was involved in many illegal uses such as drug trafficking. It was used in a part of the dark web where people could buy illegal drugs. These facts cannot be denied as it is still illegal in most of the countries. Some developed countries such as the US, UK, Japan, Canada and few more to name have already legalized Bitcoin. Yet, it faces legal resistance in other emerging markets. Countries like China and India have banned the use or mining of Bitcoins; thus, the situation and overall status is still not clear. Some countries seem to be interested in digital currency and might consider working with Bitcoins in the future. Meanwhile, investors and financiers are on the fence, waiting for the decisions of legislators.
The current situation in the US
In the United States, the IRS was already interested in Bitcoin, and it provided notice about the virtual currencies to layout the information on tax treatment back in 2014. Now this year, the IRS just created a tax form that requires taxpayers to state if they were involved in any cryptocurrency transactions in the last year, i.e. 2019.
Bitpay is an option in the US. Although not perfect, it might ease the problem of using Bitcoin as a currency. In this process, you are assigned with a digital wallet and an application that enables you to buy, sell and store your Bitcoin. You may also cash out Bitcoin via a simple transaction. To widely adopt Bitcoin, it has to be a usable currency with easy access and more facilities as compared to the normal running currency. To implement this, Bitcoin needs to be segregated from only injecting investments. It needs to have a purpose other than just earning money.
Bitcoin as a daily driver
The concept of paying with Bitcoin is nothing complex. It means that you’ll have to pay for anything in Bitcoins instead of Dollars, but the quantity of Bitcoin needs to be equivalent to the exchange rate at the moment. With this concept, you would be able to pay for the electric bill, mortgage, shopping and even dinner. It would also let you get cash out of an ATM. Hope the idea works well for the US and as well as the rest of the world so we can see the world becoming a better place.
