Since its launch in 2009, the Bitcoin digital currency has grown massively in popularity all over the world. Created by Satoshi Nakamoto, Bitcoin is a cryptocurrency that can be ‘mined’ online and spent in an ever-growing number of ways. Bitcoin wallet providers have worked to ensure that the digital currency is as secure as any other form of currency, if not even more. For that reason and the fact that there is no need to worry about traditional fiat currency exchange rates, Bitcoin is slowly but surely taking over the world.
2016 has been a pretty solid year for bitcoin, with its value rocketing to the highest it’s been since 2014, rising by over $300 across the year. But despite its growing success, it’s still early days for bitcoin, which is pretty exciting. If it’s doing so well in its infancy, what could the future hold for the digital currency? With the steady development of mining technology, we could be mining bitcoins on mobile devices in the near future, which could perhaps make it more accessible for potential users. 63% of shoppers stated that they’re interested in using Bitcoin and only 11% of shoppers currently do; perhaps the introduction of mobile mining could help bring that 63% into the Bitcoin world.
Along with the rest of the world, New Zealanders are jumping on board with Bitcoin. There are several different New Zealand Bitcoin exchanges such as bitNZ, New Zealand Bitcoin Exchange (NZBCX), and BittyBot.
Thriving Bitcoin Businesses
Large businesses such as WordPress, Subway, Microsoft, Reddit, Wikipedia, and Steam are all now accepting payments from customers in bitcoin. The New Zealand-based privacy company Mega.nz also allows payment via bitcoin. If a business founded on principles of privacy and security is choosing to accept the digital currency, it must be pretty secure.
But many more sectors have embraced the cryptocurrency. Bitcoinpokies.com is an online guide dedicated to bitcoin gaming and guiding players through the world of bitcoin. Their partner casino lets players deposit and withdraw funds using the digital currency in order to try their hand at all sorts of online games.
2Talk, a small telco company in Auckland, claims to be the first business in its industry from New Zealand to start accepting payments in bitcoin. They explain that their customers are “early adopters by nature.”
The majority of businesses that work with bitcoin are internet-based. However, there are also companies that accept bitcoins in store. Bitmart is a store based in Christchurch that sells an eclectic range of products, from groceries to electronics. In the store, a jar of Vegemite (normally $4.50) will set you back ฿0.0088.
Are New Zealanders Ready to Adopt Bitcoin?
Looking at the current bitcoin market, it seems that the answer is yes. Just like the rest of the world, New Zealand is well on its way to accepting Bitcoin as a true form of currency.
The real question is: if you haven’t got a Bitcoin wallet yet, what’s keeping you?