The most common reaction amongst people when handling new currency is ‘What is that?’ Some even ask if it really is actual money or just part of a scam. In the end, new money will wash over the old money and become the new standard. The same thing is happening with Bitcoin, the revolutionary crypto-currency that aims to put people solely in charge of their own money.
Unlike actual money, though, the scepticism towards Bitcoin is far greater. Bills and notes are physical and they are verifiable through official sources and the system of giving money in exchange for a product and service has been the standard ever since. Bitcoin changes a bit of that regularity, though it does so in quite large chunks. For one, the emergence of this digital money will put banks on the brink. In Bitcoin, there is no need for an intermediary, from which the banks deliver most of their profit.
Disrupting the System
If the Internet has become a real society, then Bitcoin is its money. More than that, it is similar to the latter in so many ways but none more so than its anonymity. The blockchain is making it easier for everyone to track every transaction that ever happened, but it does not eliminate the simple fact that the whole process is so exhaustingly extensive.
Nevertheless, buying bitcoins in the UK, or anywhere really, is legitimate thanks to brokers. At this point in time, an intermediary can be useful because not everyone is familiar with the currency. To study it is not really opening and closing a book; Bitcoin is always warping from one thing to another that it is a continuous endeavour.
Integration to Society
It certainly helps that agencies and governments are slowly integrating Bitcoin and Bitcoin-related processes in society. In the Isle of Man, the use of Bitcoin is becoming easier as more businesses recognise its benefits, primarily in terms of how they can make more out of it. The process is still a few seconds slower than a traditional transaction, but the use of Bitcoin in the area is a prime example.
There is also a stock exchange for Bitcoins. It works just like normal stocks, although the market is much more volatile. To make money out of it, timing is everything. Other than this, Bitcoin works just like regular money. It is a lot harder to understand from its root, but the endpoint is still the same: it is a way to pay for a transaction.
There is no timetable where experts see a definite date when Bitcoin will be official. All they can do is predict that in a decade or two, much more will use the currency that they do now. Nonetheless, it has its uses and proves to be profitable and useful when utilised properly.