Bitcoin’s ambitious world takeover bid is back on. The digital crypto currency may have suffered a down turn in popularity in the early part of 2015, but all the signs are that it is, once again, emerging as a genuinely global trading medium, capable of completely reshaping the way that international commerce is conducted.
But perhaps even more potentially ground breaking is the blockchain technology on which transactions in the digital currency are founded. Blockchain has been described as the beating heart of the bitcoin technology – and just as it’s mathematically guaranteed security is perfect for enabling secure financial transactions it is equally suited for any other form of human to human agreement or communication.
Analysts are predicting that blockchain technology has the potential to rewrite the rules of digital interaction, doing away with social media as we know it and removing layers of professional mediation in financial, legal and commercial matters as well as many that have not even yet been imagined. Bitcoin may be the headline act right now, but it is the blockchain technology on which it is founded that threatens to steal the show.
The face of bitcoin
In the more immediate term the viability of bitcoin is exemplified by the increasing numbers of start-ups that are geared primarily towards its day to day use. A perfect example is provided by the online vegascasino gambling portal which is, in all respects, recognisable as a fully engaging gaming site. The key selling point of vegascasino, however, is that visitors to the site are able to pay for their bets – and receiving their winnings – in bitcoin. And vegascasino is not the only similar competitor to venture into this new marketplace.
The fact that investors are increasingly beginning to experiment with the practical, commercial applications that bitcoin allows points to the way that the currency is increasingly taking hold. Bitcoin’s non-territorial, conventionally ungoverned application has obvious benefits for international traders who are keen to avoid established currency fees and restrictions.
The establishment of fully fledged ventures now suggests that bitcoin – once no more than a grand idea – is now beginning to achieve genuine traction. And as the potential of the blockchain technology is increasingly explored and its commercial potentials understood, the mainstream viability of bitcoin itself can only be enhanced. Bitcoin’s trading value breached the $300 mark in late October. There is just a chance that the bid to launch the world’s first digital currency takeover is back on.