Cryptocurrency is potentially a game changing development that will fundamentally alter the way that we live our lives. The reason? It offers an alternative to paper cash and it takes out the middle man in reliance upon a system that is notoriously unstable. Bitcoin is largely the most famous of the various Cryptocurrency options to hit the market. It was developed by Satoshi Nakamota and published for release in January of 2009. Today an individual Bitcoin, mined through blockchains on the internet, is worth nearly $2,700 U.S.D. The currency is clearly making headway and now it looks like it will become mainstream thanks to Bitcoin ATMs in Philadelphia.
The biggest hurdle that Bitcoin has to face when becoming a more mainstream currency is that it is notoriously hard to understand and visualize for people who aren’t plugged in to the internet at all times. The truth is that Bitcoin needs physical representation in at least some different ways in order to be effective. That is why it is so exciting to see what is going on in Philadelphia in regards to the currency becoming more usable and malleable in the physical world, away from the internet and paypal.
We have seen Philadelphia move to really embrace Bitcoin as a mainstream currency in a variety of different ways. There are gas stations under the Citgo brand that allow customers to use virtual wallets, Bitcoin can be purchased from a storefront that specializes in shipping services, and now ATMs are physically situated inside of the Cheltenham Township. At these ATMs people will be able to turn their paper money into actual Bitcoin within a Dollar Plus store. While this may seem like a small thing, it is actually huge in that it engages people physically, thus giving them a tangible way to embrace Bitcoin.
Right now there are plans for at least 24 Bitcoin machines to be placed throughout the region. These machines take regular cash in order to credit a private Bitcoin account. That private Bitcoin account can then be used to shop online, make payments, transfer cash, or even gamble. There is also the reality that Bitcoin is being used in illegal activities but that is a trend that Bitcoin pioneers are trying to get away from.
In 2015 a single Bitcoin was worth $220. Now it is worth nearly $2,700. Bitcoin is making headway and people are excited to embrace the currency alternative.