Much of this is due to Bitcoin’s gradual integration and acceptance within large firms. Tesla has announced they will be accepting Bitcoin as payment for their cars in the future, and Mastercard plans to accept certain cryptocurrencies too. PayPal has announced that it has plans to roll out buying options with Bitcoin, that can be stored “directly within the PayPal digital wallet”.
However, there are critics of cryptocurrency. There is speculation whether the cryptocurrency is a more of a speculative trading tool that is open to market manipulation, as well as concerns about the huge amounts of energy that is required to mine Bitcoin and conduct transactions. In fact, Cambridge University suggested that Bitcoin uses more electricity annually than the whole of Argentina! “This means that Bitcoin’s energy use, and hence its CO2 production, only spiral outwards” says David Gerrard, author of the Attack of the 50 Foot Blockchain.
With the effects of the COVID-19 pandemic, the number of online shoppers is growing, making physical coins and notes ever more redundant. Is this now the future for our transactions?