Bitcoin has endured a rollercoaster-like history in its short lifespan since its inception in 2009. At times, and in particular in late 2017, it has been touted as the solution to online spending. However, the dip of 2018 showed that the speculative market is highly volatile and put a lot of investors off. Still, it feels as though the digital currency which operates using blockchain technology could be just a few steps away from becoming mainstream – A cryptocurrency revolution. For this to happen, it will require a number of big industries to have faith. Montreal could be one of the places in which bitcoin takes center stage.
One of the ways that bitcoin will win over the masses is when people start to understand how beneficial and necessary blockchain technology is in the internet age. The growing list of records that is linked using cryptography is used to record transactions in the bitcoin ledger, but it can also be harnessed for numerous other applications. Now, the largest Montreal-based accounting firm, Raymond Chabot Grant Thornton has made a multimillion-dollar investment to boost the technology.
The investment is into a new consulting firm called Catallaxy which will help other companies navigate and leverage blockchain. The idea is to get more businesses involved with the concept, as it will provide a revolutionary way of storing large databases of information online. Standard digital files are easy to copy, but when records are stored publicly on a blockchain they can be continuously checked and verified by other computers using a complex system of codes.
One of the reasons why bitcoin hasn’t gone mainstream yet is that it is finding it hard to convince large numbers of people to get away from their tried and trusted ways of storing wealth. But with increasing incidents of cybercrime, it may be the perfect time to convince internet users that a new system for handling their assets is required. There were 7,727 victims of cybercrime in 2018 in Canada, and this number is on the rise.
Another factor towards getting bitcoin into the mainstream is that major industries have got on board with the cryptocurrency. The online casino sector is a prime example of this, and bitcoin casinos are on the rise in Canada. Bitcoin casino Canada guides show where the best places to play are, and these sites pride themselves on the tightened security they can offer players. The operators also claim that using bitcoin gives players a fairer chance of winning because the house edge is lower. Aside from the online casino industry, bitcoin is accepted at various other gaming offshoots. For instance, the Xbox One online store accepts the cryptocurrency.
With Montreal firms getting behind blockchain technology as well as Canadian businesses embracing bitcoin, Montreal and Canada could well be at the heart of the cryptocurrency revolution in the years to come. People need to gain trust in this new system and realize that it is a more secure method of storing funds and making payments.