A short history of Bitcoin

November 2, 2017

Doubtless you’ll have heard about the rise of Bitcoin. You’ll also have probably wondered what all the fuss is about; so fast has been the cryptocurrency’s growth that it can be hard to keep up with all the changes happening in the digital payments marketplace.

Some have also heard and seen news stories relating Bitcoin to shady practices on the Dark Web. While concerns are understandable, there are so many more positives to celebrate regarding the growth of cryptocurrency than negatives. If you’re in business and cryptocurious, it’s worth getting educated about this brand-new way to pay.

Bitcoin is nothing to be scared of. Quite the opposite; with valuations for the digital currency recently exceeding $7,000, many are making a killing by investing their time and efforts into the cryptocurrency market.

It and other digital currencies like it are legitimate payment options in countries including Japan, China, Russia, India and Singapore. So how did we get here, and is it something that business owners need to consider accepting payment for?

The rise and rise of Bitcoin

Describing itself as ‘pretty much like cash for the internet’, the currency’s first proof of concept came in 2009 in a cryptography mailing list by Satoshi Nakamoto. That has since spawned to create the Bitcoin phenomenon, with more than 900 varying cryptocurrencies on the market trying to emulate the enormous success of the original.

It boasts a number of benefits on the official website, including payments being easier to make than a credit or debit card, the ability to send and receive payments 24/7 (including bank holidays), the ability for users to set their own fees, irreversible transactions, total security, immense privacy, transparency and neutrality, and many others.

It all sounds too good to be true, but it’s hard to deny cryptocurrency’s rate of adoption. Many lead that to believe the bubble is set to burst. With Bitcoin far exceeding the value of other, more traditional asset classes over the course of 2017, though, many feel that this year has been the cryptocurrency’s ‘IPO moment’, and that the good times are set to continue for years to come.

Should you adopt ‘the currency of the future’?

Bitcoin isn’t just far exceeding the value of traditional assets. It’s also accelerating away from those other cryptocurrencies we mentioned before, indicating that it’s by far and away the most trustworthy cryptocurrency on the market by far.

With more and more consumers and institutions – including banks – adopting cryptocurrencies, the future looks bright for the market. What does it mean for businesses looking to expand though? Do you need to adopt payment gateways to accept cryptocurrencies? Should you go on a crash course to learn more about the practice? Should you price your items with digital currencies in mind?

There’s no need to panic, especially if you partner with a payment services provider experienced in the world of cryptocurrency.

Not only will they help you to evaluate your market and the payment solutions they’re adopting, but will also educate you and futureproof your business for measures such as cryptocurrency compliance, taking the weight from your shoulders and allowing you to focus on your business.

Want to know more about Bitcoin, its future and integrating the right payment solutions into your business? Contact Fibonatix today to find out more.