Bitcoin has sustained its growing acceptance as a ‘complementary’ currency to the official monetary systems around the world as of mid-November 2017. In Australia, for example, an increasing number of Bitcoin automated teller machines (ATM) are being installed around the country due to its continuous popularity as an online currency.
The installation of ATMs around Australia will give opportunities to Bitcoin owners to exchange their virtual currency for cash. This will result in a seamless transition from virtual to real money.
How does it sustain its growth?
There are many positive features of Bitcoin that attract a growing number of users to the number one digital currency.
One major draw is the ability for users to remain anonymous while conducting their transactions.
Once a user has already created an account to the Bitcoin system called the Blockchain, he/she can already create any number of ‘addresses’ that he/she can use in their sales and purchases.
Another attractive feature of the virtual currency is that there is no need for a third party or a middleman to effectively complete a transaction. This is because Bitcoin users can transact directly with each other. As compared to banks, which charge their customers in withdrawing and managing their own funds, Bitcoin transactions are marginally lower when compared to bank fees.
For investors, the phenomenal performance of Bitcoin’s price in the financial market provides an opportunity for them to buy or sell the virtual currency for high profits.
There is a very promising future for Bitcoin and other digital currencies in Australia based on the growing number of Bitcoin ATMs being established across the country at a time when bank closures are being reported around the nation.
These closures show that an increasing number of people are already favoring online banking and there is already a significant decline in the use of cash by consumers.
It is, indeed, interesting to see whether Bitcoin will continue its expansion in Australia and around the world in the near term.