Apparently, the world has gone cold on bitcoin ever since its meteoric rise in 2017 but all this has been subject to a lot of debate which makes arriving at a definite answer quite difficult. Considering the rising popularity of altcoins like Ripple’s XRP token and Ethereum, both of which have been trading at feverish rates, it may seem as if bitcoin is no longer the world’s most dominant digital currency. Well, not everyone is of a similar opinion and despite the hit that bitcoin might have taken in recent weeks, cryptocurrency experts have faith that it will eventually bounce back – Tom Lee, one of the crypto experts, believes that bitcoin could potentially double its price by the end of the year. In a CNBC interview, Lee pointed out that bitcoin’s recent price drop is nothing more than a “healthy consolidation” and that by the summer it would be trading at $20,000.
There will always be predictions and speculations emanating from both sides of the crypto divide but it is undeniable that bitcoin has etched out a spot as an established spending tool for very many people.
Bitcoin might have been around for a little less than a decade but this is an incredibly long time in “cryptocurrency time” – it is the oldest cryptocurrency and this means that it will always serve as a benchmark for its successors. However, it is not going away, at least not anytime soon. As such, businesses looking to appeal to the next generation of consumers should lean towards cryptocurrencies, more specifically bitcoin.
UK’s Bitcoin Spending
The United Kingdom seems to have been a trendsetter because it was already gearing up for crypto-powered spending long before bitcoin’s price boom last year. A 2015 Mining Pool study revealed that over 80 percent of Brit bitcoin owners felt that there were not enough places to spend the cryptocurrency at the time.
Also, while typical cryptocurrency traders and users are known to save their coins instead of spending them, Brits have always portrayed a willingness to spend theirs. As illustrated by these habits, bitcoin has evidently breached the mainstream market which implies that a business that invests in it would be making a very wise move.
Effectively targeting and appealing to bitcoin users both in the UK and the rest of the world means that the product has to be in line with market values as well as the underlying ethos. Practically speaking, it is also crucial that the product prices are set in accordance with the latest bitcoin value. The success of the business depends upon the way it will stay up to date with daily bitcoin charts that effectively keeps up with bitcoin’s insane market fluctuations and developing trends. Businesses can then use this information to tailor their prices to offer more attractive deals to their customers or at least an equivalent pricing deal.
One other area that business could take advantage of is the decentralization and anonymity features that all cryptocurrencies offer. Well, of course, total anonymity is still a long shot, but finding ways to reduce the amount of personal data required to make transactions would be very helpful for both the business and the customers. Since the bitcoin ecosystem already has these in place implementing it should not be that hard, should it?