Belfast & Crypto Payments – What Does The Future Hold?
These days it seems like you can’t scroll down your newsfeed without encountering an article about cryptocurrencies. It seems the only way is up, something Bitcoin seems to be doing a lot of as of late. And with the added oomph of Billionaire industrial designer Elon Musk, who recently purchases $1.5 billion worth of the famed cryptocurrency, it’s as if someone fitted a turbo on to an already formidable engine. But are cryptocurrencies bound to be the dominant forces as punted by their supporters? Twitter co-founder and CEO Jack Dorsey has touted it as the native currency of the internet. Former White House Director of Communication Anthony Scaramucci has also thrown support behind Bitcoin while very recently rapper Jay Z and Twitter’s Jack Dorsey have committed to a Bitcoin development fund for African and Indian countries. With so much credibility behind Bitcoin and other emerging cryptocurrencies, the valid question that then pops up is: what does the future hold for Belfast and its use of crypto payments?
Belfast’s embrace of cryptocurrencies
The extent of the acceptance and thus legitimacy of of cryptocurrencies in Belfast cannot be undermined or taken for granted. In a world in which e-commerce and the internet governs so much more of our monetary transactions, it was only a matter of time before a currency born completely from the web would start to make a name for itself. Bitcoin’s rise can be traced back to 2009 when a programmer named Satoshi Nakamoto created the digital currency through a process of mining. Fast-forward to 2021 and a deluge of cryptocurrencies are being traded – 5392 to be precise. Notable ones include Ethereum, Litecoin, Cardano, Polkadot, Stellar and Chainlink. Belfast’s embrace of cryptos can be seen in social media groups that have emerged to punt and promote the use of these digital currencies. For instance, there are Meet Up groups specifically catering to all things cryptos while one of Northern Ireland’s largest home builders, Hagan Homes, is set to start accepting Bitcoin – a fact confirmed by the firm’s managing director, Jamesy Hagan.
Cryptos & Trading on the rise in Northern Ireland
The Internet’s influence on the world of commerce has seen the emergence of new digital currencies like Bitcoin while also allowing more traditional forms of finance to migrate into the world of cyberspace. For instance, the modern foreign exchange market started way back in the 1970s and was prohibitive to almost everyone, but thanks the wonders of the web, has become something that anyone with an internet connection and some money can access. Guides on how to trade Forex in Northern Ireland are available by way of Meet Up groups as well as various online trading sites that provide would-be traders with over 4000 markets. The most popular method of trading via these websites is known as CFD’s (Contract For Difference), a speculation on a currency or commodity. In other words, guessing if the stock price will rise or fall. Cryptos have also become part of this world of commerce, thus allowing Northern Irish folk to speculate on the price of Bitcoin without having to actually purchase any. Either way, what does seem certain is that Belfast is embracing the wave of digital currencies, be it by way of actually using it to make payments or by way of online trading.