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All About Bitcoin - Things you should know

  • 16-Jan-2020

Bitcoin, cryptocurrency, what's it all about? Many people still think that Bitcoin was a passing fad, but here we are 10 years later and Bitcoin is still going strong. Indeed, Bitcoin increased in value of almost $3,000 over the last month alone. There is some serious money being made.

So what's this got to do with car dealers? Well, it's pretty straight forward, there are over 3 million Bitcoin wallets in the UK alone. Which means that 3 million Brits have Bitcoin. It is estimated that 500,000 of these wallets contain significant amounts of Bitcoin. And people are wanting to use it to buy tangible goods.

The recent announcement by Starbucks saying that they are now accepting Bitcoin in their outlets is a huge step forward towards mainstream adoption of cryptocurrency, but this pales into the realms of also-rans when compared to the BBC’s revelation that Facebook are creating their own crypto currency. Imagine the take-up and exposure that will generate. So whilst the current adoption of BTC is relatively low, this looks to change significantly.

Why are people so bothered about cryptocurrency? It is secure, it is fast and cheap to transact and allows financial freedom devoid of the manipulation and interference of banking and financial institutions. A younger generation is used to being in control of their digital assets and transact daily via their mobiles. So in much, the same way as car dealers proclaimed the internet as just being a passing fad some 20 years ago, like it or not the buyers want to transact how they want to transact. Not necessarily how a car dealer wants them to transact.

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