Bitcoin is poised for greater adoption as it hits another all time high.
Bitcoin is a big deal. It is the first truly trustless, peer-to-peer payment system that, for the first time ever, cuts out the middleman.
'Trustless' means all Bitcoin transactions can be done from user to user, without relying on any third party. This exciting crypto-currency is currently used by many major retailers (as demonstrated in the video below), including Starbucks, Expedia and even Victoria's Secret!
And it provides a simple way to make semi-private transactions without the hassle of having your ID linked to your payment. These transactions will clear much quicker than any bank cheque.
The public blockchain holds records of all transactions, so any user is able to prove their payment if the need ever arises. Because Bitcoin removes banks from the picture with electronic transactions, it effectively means that the user is empowered to be the bank. Sole responsibility of your funds fall on you, and nobody else.
It is indeed a paradigm shift, but one that is very exciting and quickly gaining more and more trust from populations around the world as they place their trust in Bitcoin over their bank account.
It is no wonder that Bitcoin was the best performing currency of 2015, 2016, and is yet again hitting all-time highs in 2017.
Eli Afran is the proprietor of CoinGeek.com