The Rise of Bitcoin, Blockchain, and Cryptocurrency
Bloomberg reported back in 2015 on the “Isle of Man,” a libertarian paradise where cryptocurrency reigns. According to the story, “Lady Chauffeurs is one of a growing number of businesses on the island that accept the digital currency. Bitcoin startups tend to cluster where the venture capital money is: London, New York, San Francisco. Taking on these behemoths might appear to be a stretch for a tiny British protectorate that can seem more time capsule than Tomorrowland. Yet the Manx government is indeed seeking to make the island the world’s foremost hub for the technology. Some 25 startups working with digital currencies or the blockchains that underpin them are already based here — and that number is growing steadily.”
Bitcoin islands like these are popping up all over the place, including in Louisville Kentucky where a block of businesses have banded together and agreed to accept Bitcoin in an effort to attract so-called “Bitcoin Millionaires” to do business there.
Cash is being used less and less and other forms of currency are becoming not only more widely accepted but also less difficult to use. Regardless of your preferred method of payment, it’s worthwhile to diversify your currency so that you will always be able to use it when you need to. After all, you never know when your government might decide to devalue your currency, as was the case in India last fall. Learn more about the rise of cryptocurrency and the need to diversify your currency from this infographic.