Future of Bitcoin in the UK and innovative blockchains startups
Bitcoin is a game-changer with its new innovative and kind of money. The concept started way back in 2009 and is still going strong. An anonymous person released it through the alias, Satoshi Nakamoto.
Bitcoin works like money but without the involvement of middlemen, or more specifically, banks. You can do almost anything with bitcoins that you can do with money. You can book hotels on Expedia or buy Xbox games with bitcoins. You can even purchase a property by a company called bitcoin real estate.
According to statistics, more than 100,000 merchants worldwide accept bitcoin, including brands like Starbucks, Nike, Microsoft, etc.
However, the real question is, what is the future of Bitcoin? Is this phenomenon going to bring a global change, or will it become a failure? How are the people of the UK seeking bitcoin? Read the article to find out the answers to such curious questions.
Future of Bitcoin in the UK
According to a recent study, around 66% of Britons feel optimistic about the future of Bitcoin in the UK . And they have every reason to believe so. Bitcoin has become a popular way or choice of making transactions, and money as more and more people are relying on it.
Many firms are also opening to bitcoins considering it as a stable and sound investment. However, many big firms still consider it a risk as it is slowly changing. As seen in studies, a 3% increase has been seen in the number of people who believe in bitcoins.
The number of institutional investors who accept bitcoins as a payment method is also rising leading to the rise of bitcoin. However, many are still not considering bitcoins as an option as they think of it to be too risky.
There is another issue that is somehow stopping the growth of bitcoins in the UK. It is an unsuccessful attempt to establish the regulated bitcoin exchange-traded fund. Protecting bitcoins investors seems unlikely as there are not enough rules or precautions.
And because of the lack of infrastructure, bitcoin fails to become a measure of fast and secure transactions. However, steps are being taken to solve such problems and help bitcoins pave its path in the UK.
"The technology behind bitcoin - blockchain - is also getting a wider application across a range of industries including the property sector where we're involved in," comments Ruban Selvanayagam of sell house fast firm Property Solvers.
Innovative Blockchain startups
Innovative blockchain startups are opening throughout the world. Blockchain is interconnected and on growing chains that are linked through cryptography.
Eligma
This brand Eligma by FinTech, is planning to open around 500 stores, which will accept only cryptocurrency payments. Therefore, this project will be centre powered by bitcoin. The idea behind this is to provide consumers with a new shopping experience. The location for this project will be in Slovenia.
Cyclebit
Another such innovative startup will be from Spain by Cyclebit. This startup is planning to be in a partnership with a network of coffee shops. These coffee shops will accept the cryptocurrency payments allowing consumers to buy their favorite coffee with bitcoins.
Elliptic
Elliptic is another platform for the bitcoin blockchain. Elliptic helps in reducing the risks involved with bitcoins and making it more accountable for transactions. It does so by providing actionable intelligence to financial institutions and law enforcement agencies.
Bitcoin Bank
The Bitcoin Bank Breaker from the United Kingdom is one of the newest cryptocurrency exchanges to the scene. It is already widely supported by investors and traders alike. It has a tremendous and reliable approach to the industry and provides a transparent and secure platform for millions of customers.
Wirex
Furthermore, hundreds of European restaurants and stores are supporting Wirex crypto debit cards. So, customers can spend their bitcoins in such areas as well.
Bitcoin has also got recognition from many governments who also have accepted the new change it will bring. Policymakers of the European Union are seeing and considering bitcoins on a global aspect. They accept its merits and formulate the rules and regulations to keep it a safe and secure transaction network and prevent tax evasion, terrorism financing, etc.
Seba Crypto
Another notable blockchain innovative startup is Seba Crypto, which focuses on creating a reliable, trusted, and legitimate Cryptocurrency-bank. If successful, this will bring a massive difference in the world of cryptocurrency. This startup has already raised more than 100 Million US Dollars.
RobotCache
A video game company located in Spain named RobotCache sells its games by using a decentralized, encrypted Blockchain. Moreover, this company also offers the sellers to convert their coins into real money.
Many such blockchain startups are emerging. They are not only encouraging the growth and expansion of bitcoins, but are also educating people on bitcoins and cryptocurrency, and making them familiar with the term.
It is difficult to predict the exact future of Bitcoin in the UK. However, through the changes and new adaptation of this concept by many people and firms, it looks like bitcoins will probably be a success. But again, one never knows when things take a turn, especially in the financial world.
Though undoubtedly, this change and the new adaptation technology will take a long time to create acceptance in society and business. There are indeed numerous obstacles in the way of bitcoins, which is why there are many possibilities with the future of Bitcoin.
