There seems to be a lot of discussion about the future of bitcoins and if these Internet-based coins could actually replace standard currency provided by the different nations. Many businesses are starting to turn to this form of currency, especially because it gives them the ability to avoid the Federal Reserve and all of its tentacles that it uses to try to control international markets. This is a key piece to why so many people feel that the bitcoin is here to stay.
The question is if this is really reality? Can this currency that has no real bank backing to it really become the new currency that businesses and consumers alike would use to conduct every day transactions? Is there enough of a desire to see this currency used to buy big-ticket items, such as houses, stocks, computers, and other consumer wants and needs?
The first problem that the bitcoin faces is the lack of acceptance by the general public. It would probably be safe to say that many people have heard the term, but don’t really understand what bitcoins can do for them. This is a very serious problem.
The bitcoin has been around since 2009, but it is likely that no more than one person out of 1000 would have any idea how to properly use this digital currency, and here we are talking about in highly developed nations. In less developed nations that number is probably significantly lower. This is going to make it a very difficult proposition to get enough people to buy into the idea of turning to the use of bitcoins.
Where the innovators behind this idea need to focus their attention is out of the board rooms and into people’s living rooms. The average person is the one who really needs to understand how to use this digital currency, and also for small businesses to accept it as a form of payment. Until those days arise this is going to have difficulty gaining traction.
Now, if there is a time where this really does gain general acceptance the likelihood is that we are moving towards a one world currency. No longer will you see exchange rates between countries, but instead will get one single currency, the bitcoin. This could make transactions and exchanges between nations so much easier, a thought that the innovators behind this idea probably imagined when they first came up with the idea.