Bitcoin is big news right now, thanks mainly to its skyrocketing value. Because of this, people who had previously been completely unaware of its importance are viewing it as an asset and considering how they can invest in its future. Although the cryptocurrency itself is of incredible value, there are other forward thinkers that are using bitcoin to bring forth new innovations, and these startups are definitely worth our attention. Join me this week as I explore the innovations that are coming to market thanks to the rise of bitcoin.
As the value of bitcoin continues to rise, more and more people are realizing its potential as an investment. That being said, many of these people want to invest in bitcoin without really knowing what they can do with the cryptocurrency. Unchained Capital saw potential in this and built a business around it. The startup offers commercial loans that use bitcoin as collateral, giving business people an opportunity to put their digital assets to good use. This service will be invaluable for entrepreneurs who may be bitcoin rich but credit poor, or those who want to keep their bitcoin but want access to its value. As bitcoin continues to rise people’s interest will grow, and startups like this that can tap into its value are setting themselves up for success.
Across the pond, British companies are introducing innovations that will be of great interest to anyone watching the rise of bitcoin. The Dragoncard, created by the London Block Exchange, allows its users to convert their cryptocurrency holdings into sterling and use it in their everyday dealings. Revolut is offering a similar service through their mobile app, allowing people to easily store and trade the cryptocurrency and transfer the value over if their digital wallet is running low on funds. This seamless transfer between physical and digital currency will prove to be a fantastic way for people to easily transition over to the new FinTech world.
Of course, cryptocurrency doesn’t necessarily mean the end of ATMs. For those who wish to use the more old-school bank machines to manage their money, there is Bitaccess. The Ottawa-based company saw the forthcoming cryptocurrency revolution and set out to create an easy way for people to gain bitcoins. By visiting a Bitaccess ATM (or BTM, a.k.a. Bitcoin Automatic Teller Machine) users can exchange physical currency for cryptocurrency, then gain access to the benefits that come from using cryptocurrency as a funding source. The first BTM was launched in Toronto in 2014 and the company now has machines worldwide, which is good news for the ever-growing bitcoin presence in the marketplace.
As technology infiltrates more and more of our lives our various systems adapt in order to work within the new structures. This is what is now happening with finance and currency. Cryptocurrency is set to change how we handle financial transactions, and this is a good thing. Startups across the globe know this and are showing us the fantastic ways we can use bitcoin. One thing we can say for sure: Exciting times are ahead for the currency world.