It might sound unlikely, but it’s true: a currency born on the internet in 2008 has become an increasingly popular payment method with the UK’s marketing agencies. Bitcoin -, a ‘cryptocurrency’ invented by a still-unidentified person or group of people going by the name Satoshi Nakamoto -, is accepted by around fifteen different advertising outlets around the country.
While that might not sound like a significant figure, it’s still a huge vote of confidence in Bitcoin, a currency that has made the transition from white papers and hobby projects to a viable way to buy goods in just eight years.
Fiat Currencies
2016 has been Bitcoin’s year. The currency reached a record high value to the pound in June, climbing to £619 per individual coin on the back of instability in China’s economy (and the subsequent exodus from fiat currencies it has caused). Bitcoin has also gained support from high-profile finance moguls and companies like Valve this year.
The currency has a captive audience in online casinos and iGaming websites like Vegas Casino, which favours Bitcoin over dollars and pounds. It’s a brave decision, but also one that comes with numerous perks for fans of bitcoin mobile roulette, including immediate, irreversible, and private transactions and a near immunity to fraud.
Access to Bitcoin ‘faucets’ that reward small amounts of the currency for the completion of small tasks, as well as money exchanges in easy reach are two ways in which companies such as Vegas Casino continue to support Bitcoin and its users on the internet.
Bitcoin ATM
The currency’s emergence from the cocoon of the internet to Britain’s high streets has been slow, however. The first Bitcoin ATM in a pub in Shoreditch, London, didn’t have quite the immediate reaction its owner had hoped for, judging by the small number of Bitcoin-accepting businesses in the area today.
Countrywide though, the influence of Bitcoin is undeniable. In the south, firms like Swat Marketing (Brighton), Print 2 Media (Cornwall), Robbed Design and Cable Studios (both in London) take Bitcoin, while Fris Design (Manchester) and Lobster Digital Marketing are some of the more notable firms to accept cryptocurrency elsewhere in the country.
One of the understated benefits of Bitcoin is in appealing to users in developing markets. The currency isn’t regulated so it can provide a way around the fees and charges levied by credit card companies on cross-border payments, meaning that business is cheaper for companies and their customers alike.
Explosive Growth
As a final point, Bitcoin is forecasted to see more growth in the future, with some pundits pinning their hopes on a $1,000 (£804) price per coin before January 2017, a £200 increase in just a month’s time. It’s an optimistic prediction but still one based in fact: the currency’s value has been climbing since August and is currently sitting at a five-month high.
The latest Bitcoin Price Index is 733.22 USD https://t.co/lzUu2wyPQN pic.twitter.com/vrEnyfSabt
— CoinDesk (@coindesk) 28 November 2016
A single Bitcoin was worth £979 in 2013, so the potential does exist for explosive growth, especially if there’s a game-changing development in the world, such as a new leader in a major market. Bitcoin surged following the announcement of Donald Trump’s election win on account of the fact that investors felt that Bitcoin was a safe alternative to bank accounts.
