About a year ago I wrote my first blog about Bitcion – “Bitcoin – dead or the currency of the future!” discussing whether or nor Bitcoin is here to stay. A lot has been said and written about the same over last 12 months and a lot is happened in the life of Bitcoin as it tries to grow out of its toddler phase. Yes that is right six years since it was first introduced in January 2009, Bitcoin seems to have survived the early stages of its life cycle.
Like every growing child Bitcoin has its flaws – it’s not regulated, no governmental backing, frauds costing 100s of millions of dollars to investors, shutdown of the biggest exchange – Mt. Gox, illicit use of the currency, and the list can go on. However as with every child bitcoin also has a brighter side to it – it makes transactions simpler, eliminates transaction fees, it’s transparent, and again the list can go on.
All this toddler needs is a care-taker who is willing to keep up with it’s fallacies while building up on it’s strength. And based on developments over the last 12 months it seems like Bitcoin has found the support it is seeking to grow into adolescence. New York State’s Department of Financial Services in in the process of finalizing regulations for Bitcoins. Bitcoin is now accepted by major retailers including the likes of Dell, Target, Amazon, Overstock, and so on. On top of these indicators of strength the latest news is that a Bitcoin ETF, approved by Financial Industry Regulatory Authority (FINRA) is almost here for anyone and everyone to buy on OTC market. These developments and many more in the recent past along with a relatively stabilized price point only suggests that Bitcoin is not a foster kid anymore. It has gained enough attention and support to announce its presence and is here to stay at least for now. The growth of Bitcoin has even inspired countries like Ecuador to instill its own digital currency to aid unbanked population.
These recent developments only suggests that people value Bitcoin and sees its ability to change how we think of and use currencies. However Bitcoin still needs to further strengthen its place before the said revolution can be seen. Only time will tell where it goes from here but for now it seems to be a revolutionary adult in the making.