While bitcoin is seen as a part of the global financial revolution, its acceptance and development still rely mostly on local adoption. Here are some ways in which mainstream acceptance is generated domestically and what else can be done to increase its scope.
For instance, Argentina is seeing a few bitcoin exchanges in operation but is still facing the challenge of introducing digital currencies to a market that has dealt with several currency crises in the past. In the US and the UK, the main roadblock is the prospect of stricter regulation that could dampen industry growth.
Bitcoin Adoption Methods
One entry approach is the creation of a bitcoin exchange for the local market. This can allow users to buy and sell bitcoin with their existing local currency, benefitting from the changes in value from time to time.
Face-to-face bitcoin trading is also an option, although this has been met with a lot of skepticism. After all, companies can’t guarantee trust in the opposite party, although a number of security features can be put in place.
Another entry method is to foster online payments through the use of bitcoin, possibly in partnership with third-party payment processors or applications. This can be an easy and convenient approach in educating masses about the security features and lower costs associated with bitcoin.
In more developed nations, bitcoin ATMs have already been installed, allowing consumers to convert their bitcoins from their online wallet to cash that can be used for regular transactions. Big business centers in Hong Kong and Helsinki have been opened up, particularly to serve the needs of travellers who don’t want to go through the traditional exchange rate counters to withdraw local currency.
Lastly, some countries have also seen the rise of bitcoin foundations that watch out for the rights of consumers and foster industry development. Regardless of the pace and type of adoption methods used, it can be concluded that bitcoin is slowly gaining traction around the world.