It appears we’ve been talking about Bitcoin for aeons now, but the potential is finally becoming reality this year. It’s been years of gradual acceptance rather than a financial revolution, as the cryptocurrency has gradually found traction among retailers and become increasingly mainstream. Whatever your individual opinion of using Bitcoin for your day-to-day financial obligations, from a business perspective, you can no longer ignore the virtual currency or you may find your customers dispense with your services.

Bitcoin & Blockchain

Most of us are now aware that Bitcoin refers to the coins themselves and the underlying technology that crafted them is called blockchain. Blockchain has become the more significant aspect of the financial progression as it distributes and tracks Bitcoins and other cryptocurrencies all over the world. With Market Reports Hub reporting that the global blockchain technology market is projected to swell from $210.2 million in 2016 to $2.3 billion by 2021, it’s one of the biggest technological developments of the decade. The lack of awareness and uncertainty from both industry leaders and consumers are no longer restraining the growth of both Bitcoin and blockchain as they are now commonplace across a variety of sectors.

Business Implementation

Bitcoins are the market leader and chief name in digital currencies and you’ll find them being accepted in some anticipated and a few more unexpected places. Most of the larger retailers are onboard, with Tigerdirect, Home Depot and Kmart among the mounting number of names working with Bitcoins. The tech firms such as Microsoft and Dell are inevitably invested, as well as a large number of online companies including WordPress.com, Reddit, Expedia.com and the gaming platform Steam.

One of the online industries leading Bitcoin advance is the iGaming sector, with a host of online casinos allowing deposits and withdrawals to be made using cryptocurrencies. Gamblers can now try to make it big on a Bitcoin-only casino site, with the usual casino games, live dealer games, sportsbook and lotteries only available to those who either have Bitcoins already, are exchanging local money for Bitcoins or are getting free Bitcoins from the casino’s own faucet. Among the more surprising ways of spending the digital currency is getting a sandwich from Subway or buying Domino’s pizza with Bitcoins, but expect many more ways to gain sustenance with Bitcoins to emerge in the near future.

Consumer Adoption

Bitcoin becoming more widespread among consumers has been dependent on a feeling of security and convenience from consumers that were in the past sceptical, but are now largely committed to alternative payment methods. Consumer education has been key and if businesses are able to pass on some of the savings they make by using Bitcoin as opposed to more expensive transaction methods, the rise in consumer users will be more prominent. Consumer payment behaviours are notoriously slow to change and the fact that people still use personal checks is proof of this. So, although consumers using digital currencies wasn’t the revolution some expected, its slow adoption rate doesn’t trigger the demise of Bitcoin. Cash is still king, but there is a steady embracing of Bitcoins among the paying public that will continue throughout 2017.

Bitcoin is far and away the strongest brand in the digital payment landscape and after all the hype and spectacle, it’s finally become a reality. Businesses have seen the change coming for some time now and while many are firmly on board and already reaping the benefits, some now need to move fast or be left behind.

You might also enjoy: Ways for business owners to invest in the marketplace