Your cryptocurrency questions answered – What can bitcoin buy?

Your cryptocurrency questions answered – What can bitcoin buy?

Josh Lehman from Digital Surge will today give us a better understanding of how to trade and securely pay with bitcoin. 

The Logan-based company is the operator of Brisbane’s first cryptocurrency exchange, specialising in bitcoin trading. 

Digital Surge believes an Australian digital currency ecosystem that enables the use of this currency in everyday lives is vital. 

Josh said the company was committed to ensuring Australia’s digital currency ecosystem thrived by making it safe, simple, and easy to use. 

Cryptocurrencies, such as bitcoin, provide a secure, convenient, and decentralised digital wallet with a worldwide reach – useful for many regions of the world which have difficulty participating in the 21st-century economy.  

In the developed world, thousands of businesses have already discovered how cryptocurrencies open new markets and liberate them from the shackles of traditional financial institutions. 

However, almost a decade after the introduction of the world’s first decentralised cryptocurrency, bitcoin, there are still many would-be investors reluctant to explore the tremendous potential of this new asset class fully. 

Cryptocurrencies are misunderstood by many leading to investors missing out on the fantastic opportunities available. 

As Josh explains, over the past decade, there has been a massive shift from the traditional to digital currency. 

“Everything we do in our lives is now completely globalised and digitalised,” he said. 

Often, we now send an SMS rather than making a call and most people pay their bills online instead of at the local post office.  

Despite the deluge of information and hype out there regarding cryptocurrencies, many people are still not aware of is how it can be used in everyday life. 

Common questions asked include whether to invest digital currency until it becomes the norm, or splurge on items not really needed simply because the retailer accepts cryptocurrency. 

Bitcoin enthusiasts need to make purchases with their crypto to ensure the future success of the digital currency revolution.  

It’s important to support the industry by paying for things with your digital currency whenever you can.  

Josh said people would be surprised at how many things they could buy with crypto. 

“For example, the merchants at Brisbane Airport accept cryptocurrency for payment.  

“We have also seen larger companies adopting cryptocurrencies as a payment method in recent years – ETSY, OKcupid and Microsoft were all early adopters.” 

The industry is expected to explode as more companies accept it as a payment method and more people get used to paying for things with their crypto. 

Josh strongly encourages people heavily invested in crypto to use it to make everyday purchases and pay their bills and demonstrate to others how it worked to ensure the industry continued to grow. 

“The crypto community of today can help to strengthen and grow the industry to ensure it becomes a widely accepted form of payment in businesses and restaurants around the world.” 

One downside to using cryptocurrency is that it not yet accepted by all merchants or retailers. 

“Hopefully this will change in the future as it is embraced by more and more people.” 

Josh said it was important to consider companies in the past who have disrupted an industry.  

“Uber owns no cars, Facebook doesn’t own any content and Airbnb doesn’t own any property.  

“If you think back to when these companies all started, it seemed like a crazy idea – until it wasn’t. 

“While the digital currency revolution is making massive strides in the global market, it will not likely take over the traditional dollar anytime soon.” 

There are many things people do not understand about cryptocurrency. 

Influenced by doom-and-gloom headlines, some investors had unfortunately been led to believe that cryptocurrencies are unacceptably risky and have decided to stick with traditional financial methods.  

Josh explains that while there were certain risks associated with cryptocurrencies, their magnitude had been wildly exaggerated. 

“Modern cryptocurrency wallets and services are just as secure as online bank accounts, and the companies behind them have adopted the same security practices as leading banks.” 

Even crypto investors who aren’t particularly tech-savvy can safely purchase bitcoin and store it without any worries and with minimal effort. 

Surprisingly many crypto investors think that they need a lot of money to invest in cryptocurrency, so they don’t invest anything at all, robbing themselves of a chance to experience fantastic returns. 

For example, in July 2017, one bitcoin was worth around $4,000 AUD. Six months later, the same one bitcoin was worth over $28,000, eight times its original value. Even a relatively modest investment of $250 would balloon up to $2,000 over the same period and could increase in a similar manner in the future. 

“Simply put, it doesn’t make any sense to miss out on excellent early opportunities because the cost of entry seems prohibitive.  

In reality, anyone with any amount of money to invest can join a cryptocurrency exchange and start trading. 

“Gone are the days of rogue cryptocurrency exchanges and haphazard business practices.  

“Anti-money-laundering legislation (AML) and Know Your Customer (KYC) laws are now an integral part of the cryptocurrency world, and crypto investors are those who benefit the most from the new state of things.” 

For more information visit Digital Surge 

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