The UK Poised To Be At The Forefront Of The First Cryptocurrency Economy
The UK is positioned as a leader in blockchain technology and Cryptocurrency economy. With the relevant infrastructure and government support, Bitcoin and blockchain technology could be a global leading force within just five years, reports suggest.
Blockchain is a digital record which provides a transparent means of facilitating transactions. The market leader for this technology is currently Bitcoin - the virtual currency everyone is talking about. These crypto transactions are recorded on a public database, across a network, which creates a long list of all transactions completed since the creation of Bitcoin.
As Great Britain is already the financial capital in the world - and currently leads the way in fintech - it is ready to create waves in the blockchain technology and Cryptocurrency world. The suggestion is that the UK could merge Cryptocurrency with the current financial system at some point in the future.
Hundreds of millions have been invested into blockchain technology via ICOs (Initial Coin Offerings), Bitcoin, Ethereum, EOS and Ripple, to name just a few. This investment could see this digital economy soar to new heights - we could well see citizens trading in Bitcoin instead of the pounds sterling (GBP).
The British Parliament have already recognised blockchain as highly significant and have expressed a willingness to work with businesses to speed up the adoption of virtual cryptocurrencies.
Bitcoin is still in its infancy but has already created a storm in the world of Crypto. With many companies impressed with the technology, the future looks bright. Watch this Crypto space at BC Bitcoin for further developments in the future.