Ever wanted to take the dollars out of your wallet or clutch bag and set them on fire? In all likelihood, you haven’t (unless you’re the KLF). Well, the main reason you probably don’t want to burn your cash is because it’s worth something. Now, what if we were to tell you that one day in the future, a dollar note might not be worth what it is today? Thanks to the advent of digital currencies like Bitcoin, some supporters now believe that money as we know it will slowly start to disappear.
In fact, evidence of the rise in popularity of Bitcoin made itself clear at the close of 2016. According to the Bitstamp Price Index (BPI) at the end of the year, Bitcoin’s value was at its highest point ($875) since 2014. Not only that, but the value of a single Bitcoin more than doubled (up from around $330) over a 12 month period.
Bitcoin’s Recent Resurgence Could Kill Cash
Bitcoin has clearly enjoyed a recent resurgence, so maybe now you’ll be willing to take a roll of cash and throw it to the flames? No? OK, that’s probably the sensible thing to do right now, but could all that be about to change? Well, as we’ve already seen, Bitcoin’s fortunes are certainly on the up and one of the reasons for this increase in value is a proliferation in the number of places you can use it.
For example, here in Augusta we’ve got 13 places you can trade your dollars for Bitcoin and even spend the cryptocurrency. From the One Stop Convenience Store off the 520 to Mo’s Convenience & Tobacco in Aiken, you can now do away with your dollars in favor of something digital.
But that’s not all. Many online retailers and entertainment hubs are now starting to accept Bitcoin. In fact, some companies are now building an entire business off the back of Bitcoin. BitCasino is an online platform where casino games, sports betting and lotteries are all powered by Bitcoin. From the moment you visit BitCasino.io, you’ll have to ditch your dollars and, instead, make a deposit using a Bitcoin wallet.
From this point on, every bet you make on games like Sugar Pop and Casino Hold’em will be with the digital currency. Not only that, but when you want to withdraw your winnings, the money will come back to you in the form of Bitcoin. Sticking with the gaming world, Microsoft is also firmly on board the Bitcoin bandwagon. Recognizing the value of anonymous, secure transactions, Microsoft now allows Xbox Live players to purchase games, content and in-game upgrades using Bitcoin.
New Ways to Pay and Play
Beyond the entertainment world, retailers such as OverStock.com and TigerDirect.com have been accepting Bitcoin payments since 2014. With it’s via their desktop websites or through mobile means, retailers are now choosing to accept the digital currency thanks to its universal nature.
Indeed, if you’re a US resident that wants to buy a product from a British company, you’ll currently have to pay some sort of currency conversion charge if you use your dolls. But, if you were to use Bitcoin, the currency is the same all over the world, which means the price you see on the screen is the price you’ll pay.
Although it might be too early to say that cash is about to die, recent developments have certainly shown that Bitcoin has some life in it. Whether it becomes the dominant force in 2017 remains to be seen, but there’s no doubt that if it continues to gain momentum like it did in 2016, we’ll soon be using it a lot more.
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