Will Bitcoin Payments Replace Cash/Debit Payments?

Bitcoin started to be used as a method of payment in some countries in April this year including Japan, where cryptocurrencies are accepted in a vast majority of retail stores. Japan sets the path for other countries and their governments to reconsider their approach to digital currency. In the past few months, it is considered that more than 20.000 new digital wallets have been created daily.

Of course, like many currencies, bitcoin is also associated with a few disadvantages. For example, there are governments that do not accept the use of bitcoin, also a hard drive containing your digital wallet can crash, or not having enough protection.

Also, Bitcoin’s drastic growth has led a lot of analysts and experts to give out a warning that bitcoin is approaching bubble territory.

And this might be true, but reaching its phenomenal rise, investors and developers are improving the technology that runs it, acquiring more people to work on this issues for its improvement and making it appealing for other institutions and governments. All of this is being made done today for a better and cheaper tomorrow where people would be granted better ways of handling their money or their transactions.

So, if you think about it, it is definitely the currency of the future. However, it is too early to say if Bitcoin payments have the potential to replace cash debit payments. The only reason for that is the fact that the entire network is decentralized (not controlled) and this may cause a lot of problems in the future.

Ultimately, Bitcoin and other crypto currencies are in the middle of a great evolution so there are a couple of questions that need answering.