How Bitcoin Payments Are Taking Over & Why You Should Care

How Bitcoin Payments Are Taking Over & Why You Should Care

12/7/16 10:47 AM 2016-12-07 10:47:57
In recent years, non-physical forms of payment have significantly grown in popularity to the extent that cashless payments have now overtaken the use of physical money in the UK. One area of growth i

In recent years, non-physical forms of payment have significantly grown in popularity to the extent that have announced they will be regulating cryptocurrencies as part of counter-terrorism measures. Therefore, it is possible other countries may follow suit. Seriously, I really wouldn’t be surprised if Donald Trump took to Twitter announcing he plans to ‘wage war’ on Bitcoin.

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When specifically considering Bitcoin payments, it should also be noted that it is now traded like a commodity. While I don’t see it falling significantly in value anytime soon, viable alternative cryptocurrencies have come to the fore in the last year or so. Therefore, as competitors gain traction in the market, it stands to reason Bitcoin will at least lose some of its value as the demand for it lessens. As with any commodity, market forces still apply, and those who have invested heavily in BitCoin could make big losses.

Conclusion

Bitcoin and other forms of payments have started to take over due to their added security benefits, their ability to be used across borders and robustness to world events. Even in the face of regulations by both Australia and The European Commission, Bitcoin has continued to hold its value to the point it can be viewed as a viable investment opportunity as well as a secure and borderless currency. However, if the global superpowers of China, Russia or the USA begin to act, I would begin to worry about cryptocurrencies going forward. Given that much of this regulation has come about due to fears about terrorist financing, it would be advisable for cryptocurrency creators to be seen to find a way to prevent criminals from abusing their creations.

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David Midgley is Head of Operations at Total Processing. Prior to this, hespent nine years working for HSBC from 2004 and also spent two and a half years at AxcessMerchant Services before taking up his current role at Total Processing in February 2016.

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