It seems that in recent times we’ve all been enamored by the shiny object aspect of Bitcoin and its many many counterparts. Okay so perhaps that’s a little harsh as there’s no doubt that there are some amazing advantages to using cryptocurrencies. But the real question is, have we seen any genuine difference in our everyday lives or is Bitcoin just a bit of a hassle?
As one of the most volatile yet widely accepted cryptocurrencies, Bitcoin is often used as the barometer for how all things crypto will pan out in the future. But regardless of its great potential for investment, we have yet to see any major effects on the daily lives of the average consumer. Can we pay our car loans or mortgages with Bitcoin? No chance and it’s unlikely we’ll ever be able to do so.
It’s probably because if its instability that we have yet to see any businesses or major financial institutions make any significant moves towards accepting the currency wholeheartedly. And should you be one of the many lucky Bitcoin holders here in Australia then there aren’t too many places where you can spend your digital bucks.
Right now you can spend your Bitcoin in about 50+ places in Sydney and the same in Melbourne. Yes, that may sound like a lot but think about the thousands upon thousands of businesses that will accept your Visa card, and you’ll see what we mean. At the moment having Bitcoin to spend would seem more of a hindrance than a convenience which is odd given that the entire purpose of the currency was to make life easier and safer for consumers.
So where do we expect the first major changes to be? You’ll be surprised to learn that it will likely be at the banks. As more people start to understand and accept the fact that blockchain technology is the way forward, it’s entirely possible that financial institutions will get in on the cryptocurrency action before too long. And this is precisely what we need. Should the market stabilize and more banks start accepting Bitcoin, we would see far more businesses follow their lead and we may finally get to be a part of that Utopian digital world that so many sci-fi movies have promised us.
But while banks may start accepting Bitcoin into specialised accounts or to pay certain fees, there are some places that we can’t imagine Bitcoin will ever truly take a hold. Take those car loans we mentioned earlier for example. We just can’t see a lender accepting crypto anytime soon for fear of a slump in value. No, you’ll have to get your car loans and pay for them in the traditional way for some time to come, and we totally get why. The same is also true of utility companies and government departments. Can you really envisage a time when we pay for a postage stamp with Bitcoin? Perhaps, but it will be quite far into the future.
So while the general consensus may be that Bitcoin is a great investment, at the moment, it is that and nothing more. Will it ever change? Yes, we’re sure it will but at the moment paying for things with Bitcoin is more of a hassle than it is a convenience.
As Australia's largest car finance broker, Stratton Finance know a thing or two about loans and finance. With over two decades of experience in the field they are one of the most trusted authorities in the industry.