Bitcoin is the virtual currency that does not rely on the central authority or government for bookkeeping but is totally open-source and peer-to-peer platform for money, and something un-paralled in history of the human economics. However, are the people, businesses and representatives ready for the new type of currency? Check it out in the next bitcoin news article.
Bitcoins Can Be Profitable
Bitcoin will take off in certain places or countries sooner than predicted depending on their political climate. If the government destroys or debases the currency, then it will grow in the popularity. That is what happened in some countries when government converted the local currency bonds in US Dollar bonds at the exchange rate, which was fixed by government.
Bitcoin takes off at places that thrive over entrepreneurship or where policies are favorable. The business owners can find use of the Bitcoin to be very efficient than the current payment means that the whole world has, which is based on the credit cards, as merchants have to pay credit card companies 2 to 4%. If all the transactions were in Bitcoin, with no conversion to fiat, then transaction fees for business will be zero. You can send & receive money free through this Bitcoin network. That is what makes economics of utilizing Bitcoin so powerful.
There are some cities that are quite ahead in such innovation and have the huge thriving marketplace for the Bitcoins. Whenever people in the country or city see Bitcoin as the store of value or see it as the payment system, which eases burden on the merchants, Bitcoin has potential to go ahead.