Unsurprisingly, the United Kingdom is a leading example of how a country/government can integrate modern trends. The most recent tech to receive widespread support from organisations is Bitcoin, the crypto-currency that has yet to break into the mainstream. Nevertheless, it is remarkable that within two years, this digital money jumped from being a pointless attempt in creating a virtual currency to a potential disruptor the size of the Internet.
Though the country is going backwards with the fresh subsidy cuts for solar power, the U.K. is showing the world how to integrate Bitcoin. Creating peace of mind for this chiaroscuro of a currency is beside the fact, letting people use it and know how it works is a victory in itself. Buying bitcoins is safe, says Bit Broker, and it is easier to learn the ropes now than it was before.
Once an Ally, Always an Enemy
The Internet, being an entity that touches all aspects of society, disrupted everything it touches. It is still far too early to say that Bitcoin will be more than a digital currency, but banks are on red alert about how it eliminates intermediaries. Being the middleman between the customer and the product, it is only reasonable why they see Bitcoin as a dangerous enemy.
But, in a wicked twist of fate, a big bank in the United Kingdom will help people prove their identity. This is a big, indirect win for those who transact using Bitcoin. If there is anything vital in legal Bitcoin transactions, proving one’s identification prevents them from fraud and other sorts of illicit activities.
Even the British government is open to working with fintech companies. In short, they trust Bitcoin. Harriet Baldwin, the economic secretary to the treasury, called it a start of a ‘beautiful friendship’. This integration even prompted the United States government to look at the archaic regulations on their own book of laws.
Demand Outgrows Growth
It is a double-edged sword when a certain service does not grow as quickly as the demand for it. The same goes for Bitcoin in a gloomy prediction about the crypto-currency. But, that one fact is undeniable: Bitcoin already has more users than it can accommodate. This can only be good for Bitcoin developers and the agencies, governments and organisations that support it.
Everyone is hesitant about new money, so it is only safe to be cautious when buying Bitcoin or using it. With the right broker and online transactors, transactions would be safe and there is even potential to earn money with it.