Over the years, while Bitcoin started with a lot of speculation, it has been falling out of favour in the last couple of months. However, what seems to be working for the digital currency is the mechanism that it uses to transfer money. Although it is still a far cry from being a mainstream currency, the people that are rooting for its long term future are planning to get it there eventually.
So it has started…
The launch of BitLicense Project by the New York Department of Financial Services is a clear indication that Bitcoin is now being taken seriously as an alternative to conventional systems of money. The Bitcoin companies are a little wary of the restrictions that will follow regulation but with directives there is always is certain legitimacy attached to it.
Wall Street is interested
The keynote speaker at the conference and also a reporter at Wall Street Journal who has authored the book “The Age of Cryptocurrency”, Paul Vigna, informed the attendants of the conference that the Wall Street is showing interest in Bitcoin. They are making an effort to learn the nuances about this digital currency, its pros and cons and how it can be used. Small investments in this area have been aplenty and the most notable one was the Bitcoin start-up being headed by head of JPMorgan Commodities, Blythe Masters.
Still a long way from here…
The speculators believe that even though Bitcoin is still a long way to go before it can be accepted by the masses, the future definitely looks promising. With the big names now talking of its regulation and taking interest in its origins as well as promotion augurs well for the digital currency that is still struggling to find its mark in the mainstream domain.
The adoption of the currency has predominantly been by male-users which makes its mainstream adoption a little farther. However, by the looks of it, it actually seem like it will get there eventually when the world will start using Bitcoins like they use the current monetary system. There is a lot of potential in this concept if only it is promoted properly and comes under regulation of a legitimate authority.