Tag: digital currency

Bitcoin may become the sixth largest reserve currency in the world by 2030

Digital currency is becoming a more powerful force in the global economy, especially as mobile commerce continues to grow in popularity. A new study from Magister Advisors and International Business Times predicts that Bitcoin, a famous, but relatively controversial digital currency, will become the sixth largest global reserve currency by 2030. Though Bitcoin is quite volatile in value, more consumers and businesses are showing favor for this currency as they become more committed to the digital world.

Digital currency is gaining support in Europe

Bitcoin is currently experiencing a very large increase in value, which is being fueled by a recent decision from the European Union, which has declared that Bitcoin is an actual currency and that it is exempt from value added taxes associated with exchange transactions. The study suggests that banks throughout the world will invest approximately $1 billion into Bitcoin and Bitcoin exchanges over the next two years. Banks are expected to make use of new processes for clearance and settlement in order to make Bitcoin more convenient for consumers to use in the future.

Bitcoin remains somewhat infamous due to its volatility

Digital currencies have become somewhat infamous, largely due to their volatile nature. In the case of Bitcoin, the currency has been unregulated for the majority of its existence. This has lead to major fluctuations in the currency’s value, with crashes in value leading to financial ruin for some individuals and organizations that have heavily invested in the currency. While 90% of Bitcoin’s value is held in speculation, the vast majority of transactions made with the currency are commercial transactions that are occurring in developing economies throughout the world.

Consumers show interest in Bitcoin as mobile commerce grows

Growing in popularity, Bitcoin for beginners AKA: newbies, has been catching on especially for mobile users. This is mainly due to the rising popularity of  people taking care of their investment profiles via their phone. More consumers are relying on their mobile devices to do their shopping, both online and in physical stores, and Bitcoin represents a relatively easy way to make large purchases. As this trend continues to gain momentum, more retailers and banks are expected to show their support for this digital currency.

The school in British Columbia, Canada, is now letting students shop at campus bookstores with the digital currency.

A university in British Columbia, Canada, has now announced that it has started to accept the cryptocurrency, Bitcoin, within all of its bookstores, which allows students to be able to use their mobile wallets for a purpose that represents a first for post-secondary institutions within the country.

The announcement also stated that the university will accept Bitcoin payments at its vending machines.

Simon Fraser University (SFU) has said that Bitcoin mobile wallets based payments will be accepted at the Vancouver, Burnaby, and Surrey campuses. According to the SFU Bitcoin Club founder, Michael Yeung, “It is still a very new, techie kind of subject and it takes — I think, for the average person — a lot of time to be able to understand it and be comfortable using it.” That club was behind the spearheading of the use of this digital currency for mobile payments at the university.

The university has established a new system that allows for quick and convenient Bitcoin purchasing and spending.

Yeung explained that “The way we’ve integrated it at the bookstore, allowing you to quickly buy bitcoins under 10 seconds and spend it under 10 seconds, makes it a lot easier.” The virtual currency can be exchanged and transacted online without the assistance or regulation of any type of central bank. At the university, students are able to fill their wallet apps through the exchange of Canadian dollars at the enabled vending machines, or they can spend the Bitcoins they have already purchased.

At the university bookstores, Bitcoins will be accepted for the purchase of any products, including textbooks, as well as merchandise such as mugs and t-shirts. This is the first time that this type of transaction has been accepted at a university store in Canada, but it is not the first time that the school has used the currency.

This growing sector is proving it’s place within businesses and now schools. Many are predicting that Bitcoin will be accepted in every place of business within the next few years. There’s been a surge of special interest in Bitcoin training and learning more about how it works, mined and how it’s being used/invested.

Bitcoin donations through student mobile wallets were already used for a fundraising effort. That was the first time a post-secondary education institution accepted donations through that type of currency.