Bitcoin, the virtual decentralized currency, demonstrates value spiking and increased market interest in close proximity to a global financial crisis. Evidence of that can be seen in the 2013 banking crisis in Cyprus, and recent banking crisis in Spain. In both cases, weakness of existing currencies and a lack of faith in institutions and central banks, generated a higher appeal for Bitcoin, when large amounts of Bitcoin were bought, being perceived as immune to the machinations of inept or crooked bankers and politicians. Bitcoin Purchase directly and via the Bitcoin Paypal application and other digital platforms had seen an unprecedented overflow, which also resulted in major Bitcoin rate increase.
Bitcoin is increasingly becoming an accepted payment method by a growing number of merchants – online and in the real world, reaching over 1 billion dollars at the current exchange rate. Bitcoin and crypto-currency in general, provides the option for secure money, effortless transactions and most important to some – anonymity – without the need to trust third parties with privacy or misuse use of our funds.
As Bitcoin had a history of abuse or misuse for illegal purposes, governments, and the U.S. government in particular, decided to implement binding guidelines, requiring certain “virtual currencies” including Bitcoin to register as Money Services Business (MSB’s). These guidelines were endorsed by FinCEN, resulting in reduction of speculative activity. With Bitcoin being recently granted a legal banking status, an increasing number of leading and high-profile service providers and product suppliers, including WordPress, Reddit, Namecheap, Mega and Virgin Aviation alongside many physical shops now accept Bitcoin. The purchase of Bitcoin via the Bitcoin Paypal application is expected to keep increasing, as a real alternative to physical currencies.
Many thousands of individuals and businesses already conduct their business in bitcoins. At bitcoinstore.com or via the Bitcoin Paypal application, you can buy Bitcoin for use in Bitcoin-only casinos, invest in the Bitcoin currency exchange and buy electronics, health products, airline tickets, software, and even pay in selected physical businesses. Already available are “paper wallets”, enabling safe storage of Bitcoin, and secure e-wallets for those prone to misplace papers, symbolizing the increasing popularity of Bitcoin as a common payment method.
Though many have doubted and still doubt Bitcoin’s stability and sustainability for the long term – the market is proving time and time again its acceptance of the digital currency. In November 2013, the University of Nicosia (UNIc) in Cyprus decided to accept Bitcoin as valid mode of payment for tuition and various fees, being the first in the academic world to do so. Moreover, UNic had declared offering a Master’s of Science Degree in Digital Currency as of spring 2014, validating the view that digital currency and Bitcoin are here to stay. We can expect that Bitcoin will remain a key player in the digital currency world, and payment platforms like Bitcoin with Paypal will grow to become a commonly used tool in the digital currency world.