The popularity of Bitcoin continues to puzzle mainstream consumers and media outlets. What was once seen as a form of payment only designed for the Internet quickly turned into an asset and an investment vehicle. However, there is more to cryptocurrency, as it also highlights the state of the current global economy.
Bitcoin is Gaining Momentum Despite Growing Pains
One thing to keep in mind is how different countries label Bitcoin in their own ways. Russia recently put Bitcoin on the same level as foreign currencies, whereas most other regions have no official “label” for cryptocurrencyas of yet. It will take a few more years before the legality of Bitcoin is defined around the globe.
Even though Bitcoin has seen a nice boost in value throughout 2016, the public perception has not changed all that much. According to most people, Bitcoin remains a “niche currency with no mainstream appeal or implications.” A rather strong sentiment, but one that cannot be ignored either. The number of daily Bitcoin transactions increases every quarter, but the amount is still minuscule in comparison to traditional payment solutions such as Visa or Mastercard.
Practical use cases for Bitcoin are another hurdle to overcome. In some countries, one
Read more ... source: TheBitcoinNews
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