The staggering, stumbling, and sprinting crypto is facing never ending challenges.
We live in the world of post-cash economy. Once you were expected to lug around coins and paper money but now you can make transactions in a heartbeat with a swipe of a card (maybe regret it later). The payments have gone digital for a while now considering the nature of business we are performing in today’s world. With the economic sectors now divided by borders, money orders do not hold the same charm which they used to. With the steady move towards making processes virtual, technology is developing newer versions to accommodate the demands.
We all know about the Bitcoin, and cryptocurrency conundrum back when it hit the internet in early 2000s. Since then the online financial platform has completely revolutionised itself. Bitcoin while largely remaining decentralised has at least made itself legal by big economies like USA, EU, Japan, Germany, France and Australia. With this in pocket, the early critics of Bitcoin have started putting faith into the virtual agency. However, due to functional and compliance issues the utility of Bitcoin is questionable. Due to these very reasons according to the historical graph, the prices of Bitcoin have gone through big ups and downs in the last year. In 2018, at its peaks it reached $9770.28 in May, 2018 and dropped to $3882.74 in December, 2019 started with a collective rate of $3696.39.
Despite the negative trends, Bitcoin is expected to gain stronger footing in 2019.
Pay Taxes with Bitcoins
The state of Ohio has launched an official platform where companies can lodge their corporate taxes whether employees’ or sales. You just need to go to ohiocrypto.com and register yourself, as reported by WSJ’s latest report. The idea was first floated and advocated by Ohio’s state treasurer Josh Mandel. With this step, the state has made itself into getting one step closer to become the “Blockland”. The State of Georgia has also introduced a bill at state level hoping to make cryptocurrency an accepted method of payment. Although, in contrast several other states have passed bills to limit the application of Bitcoin and its induction in legacy economy.
NASDAQ plans to launch Bitcoin Markets
The representatives at NASDAQ, world’s second biggest exchange has made public its plan to introduce crypto future markets very soon. Bloomberg sources have said that NASDAQ has been working closely with CFTC to create a blueprint of the plan. It has been working mainly create legal related terms to ensure compliance with U.S. regulators and FATF’s objectives. Bitcoin Futures, was first expected to launch of January 24, 2019 but due to an increased demand in the product NASDAQ has delayed the launch date to first quarter of 2019. The delay has been caused mainly due to more time needed to establish and improve the infrastructure. The stock exchange’s idea to disrupt the US market means that it sees enough potential in the idea to allocate a huge level of resources which otherwise are not expected.
Wall Street’s Bitcoin Dream
Wall Street’s attitude towards Bitcoin or largely the concept of cryptocurrency has been hesitant since the start. While many ambitious players in the market have created their weapons to the crypto battlefield, Wall Street has remained cautious of its unstable nature. In a developing news, the reps have aired about the economy giant’s ambition to get its feet hot in the crypto water. It is silently working towards a Bitcoin’s contract that may even give rise to prices in the market for Bitcoin. According to OTC markets’ year end review, a lot of development is taking place which says otherwise to the critics who said that Bitcoin is dead.
Museums in US accepting Bitcoin
To increase Bitcoin awareness, several museums in USA have now started accepting Bitcoins as a legitimate form of payment in exchange for goods or services. This is an important step towards normalizing the use of cryptocurrency in private and public sector economy. The latest in line is Ohio’s Great Lakes Science Centre who introduced this in November, 2018. This could very well pave the way for rest of the key players to join the trend. Museums of Coastal Bend from Texas, and St. Petersburg Museum of History from Florida have been doing the same for a while now. This step by museums has given the legitimacy to cryptocurrency which perhaps wasn’t entirely there before.
Will Bitcoin overtake Mastercard?
Bitcoin’s latest daily transaction volume figures have increased to over $8 billion and it may soon surpass MasterCard in terms of volume. This is a whopping big jump for the cryptocurrency. MasterCard is currently the second largest credit card network. If Bitcoin is able to beat its transaction figures then this very well means that the crypto network holds sure footing in the payments industry. With this increased payments trend it very well means that all encompassing adoption of Bitcoin by major merchants will happen sooner than later. It is certainly a big achievement in the market.
Top Retailers accepting Bitcoin as a secure form of payment:
Apart from museums, large scale online retailers have started their digital wallets. Major players in E-Commerce sector are now accepting Bitcoin which means that the cryptocurrency is now here to stay. Some of the big names include: Microsoft, Gyft, Intuit, Dish, Roadway Moving Company, Newegg, eGifter, and Overstock. Now that’s a long list!
With the emerging trend and wide application of Bitcoin in daily life use it is safe to say that it’s here to stay. Despite the varying nature of usage, the rates have monumentally dropped this by the end of 2018. The rationale behind it is mainly the concerns from investments groups. That is because the stability of coin is questionable due to decentralisation. However, centralising it will remove the key defining factor. It is yet to see how the cryptocurrency will find its sure footing in 2019 but is expected for sure.