Bitcoin isn’t money, but similar and in many ways superior. This is repeatedly to be said, because the blockchain is a new technology and we don’t yet understand perfectly its full reach and usefulness.
More companies are now accepting Bitcoin
The biggest argument over whether Bitcoin has value or is just some kind of fraud lies in people’s understanding of money. Its current price is over $7000, but what’s the use if it can’t pay for your meal? In fact, many more places, such as Papa John’s Pizza, are now accepting it. A homeowner in the UK has even just put up his house for sale in bitcoin (at current rates you would need 14). Microsoft has also already seen the light, and Sir Richard Branson will let you pay for a spaceflight with Bitcoin.
Pay for anything, anywhere – like a credit card
But leaving that aside, the point is you can already use Bitcoin anywhere to pay for anything. Critics complain you can’t if an establishment only accepts local currency. Yet a credit card lets you pay anywhere, and ownership of a cryptocurrency is no different. It doesn’t matter if Bitcoin isn’t accepted at a bar in Iceland or a barbershop in Mali. The amount of Bitcoin needed to settle your bill can simply be converted into the local currency via the blockchain before you pay, in much the same way that a credit card’s central agency enables the same card anywhere and charges the purchase back to you later, including interest on any outstanding amounts.
With Bitcoin you pay immediately, and there is only a tiny nominal charge – instead of the hefty fee based off whatever your credit provider decides the forex valuation is at a date of its choosing.
The key is that you can pay in Bitcoin even if it says you can’t. It’s seamlessly convertible. We expect even more businesses and individuals will soon see the benefits of Bitcoin.