Cryptocurrencies have caught on with investors, they may very soon catch on with everyone else

News 100 redBy Justin Weinger

April 8th, 2021

BURLINGTON, ON

 

For almost a decade now, people have been toying with the idea of paying with Bitcoin, or other cryptocurrencies, instead of cash or credit card. However, with Bitcoin’s rise to fame in the past 12 months, this may be more than just wishful thinking in the near future. That’s right, just like cryptocurrencies have caught on with investors, they may very soon catch on with everyone else.

Thus, the question remaining is not ‘if’, but rather ‘when’, cryptocurrencies like Bitcoin, Ether; Litecoin, and the rest are going to become a popular and accepted payment method – and when the revolution is expected to reach the greater Toronto area. Well, we’ve got some good news and some bad news for you in that sense.

Bit coin examples

Bitcoin’s rise to fame in the past 12 months.

Reasons for optimism
Cryptocurrency has been around for a long time, but only in 2009, with the invention of Bitcoin, did it become more than just a game for geeks. Slowly but steadily, Bitcoin gained popularity, and subsequently its rate increased. The big boom came in 2020, when investors had been looking for venues not hit by COVID-19 and its financial consequences. The charts don’t lie – Bitcoin’s rate has reached more than 12 times what it had been just a year ago, and other cryptos haven’t done so terribly either during the same time period.

This has granted cryptocurrencies public awareness – a stepping stone to institutionalization. Today you can see crypto exchanges and even ATMs, so why not accept them at stores and restaurants as well? Ray Glover from the world-renowned investment firm CreditEUBank, which offers cryptocurrency trade in Canada, shared his thoughts on the matter with us.

Bit coin future in your hands

The future is literally in your hands.

“Cryptocurrency is catching on, and Bitcoin is a good example of that. Did you know that around the world, some branches of fast-food chains like Burger King, Pizza Hut, Domino’s Pizza, and even Subway, accept payments in Bitcoin? I believe that it’s only a matter of time till it becomes widespread – and I’m talking about less time than you probably think.”

But wait, there’s a catch
Just like with any other technology in history, change is going to take time. You know what they say – Rome wasn’t built in a day. It’s probably going to start off in big metropolitan areas, and be used by wealthier populations first, just like back when credit cards and ATMs were a new thing. This may be good news for you if you reside in the greater Toronto area, or even in the Quebec City-Windsor corridor.

The matter also depends on initiative. Mega shops and restaurant chains accepting Bitcoin is a nice thing, but the real change must come from the small, local shops like your grocer, butcher and ice cream vendor. The key word here is perception: If cryptocurrency is seen as a legitimate payment method, its popularity will rise faster. The authorities in Canada have already legalized it as a payment method, and now it’s up to the simple man and woman to do the same.

In the meantime
There is an option to take advantage of the rising popularity of Bitcoin and its peers. Online brokers like CreditEUBank offer trading services on popular and promising cryptocurrencies, which means anyone can learn how this market works. The investments are done on a CFD (cost for difference) basis, bringing two great advantages for traders. Firstly, you do not need to own any crypto coin. You invest on its value, and you earn according to it.

bit coin driving the markets crazy

Driving the markets crazy.

Secondly, CFD trading also makes it possible to profit off of a cryptocurrency’s decrease in value. All you need to do is project the direction in which the asset is going. Since CreditEUBank has over 15 years of experience in the field of online trading, as well as other sectors such as private debt, VC and private equity, this is a broker which can be trusted with providing the necessary tools to trade wisely.

Bottom line
Winds of change are definitely being felt. Whether we like it or not, cryptocurrency (and especially Bitcoin) is going to become an acceptable and widely used financial transaction method in the near future. We’re talking about a whole lot of new possibilities here, and an advantageous situation for anyone who wants to embrace this new technology. Luckily, CreditEUBank and other brokers can assist in this process.

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