Buying a plate of Char Kway Teow with bitcoins in Singapore, too soon?
Currency of the future
Cryptocurrency is a wild thing to think about, isn’t it? Not only has it been 12 years since it was introduced, but it is also actively used to purchase items now.
Over 6700 types of cryptocurrencies have been introduced today, and all of them have their own market capitalization. Bitcoin, Litecoin, Altcoin, to name a few.
The biggest one, you may ask? Bitcoins, it is. They have the highest market value, and people in most countries can also sell, buy or exchange them.
There might be some doubts concerning digital currency in your heart. However, this new mode of abstract trading can save you from a lot of hassle if you think about it. You don’t have to go through lengthy paperwork to have a Bitcoin wallet like normal bank accounts do. The process of salary, payments, and foreign exchange becomes much simpler with Bitcoins.
Elon Musk, the founder of SpaceX and Tesla Motors, also began accepting payments to buy Tesla in Bitcoins. This fact clearly shows that using Bitcoins has become common in most people’s daily lives.
Elon Musk, the founder of SpaceX and Tesla Motors
“You can now buy Tesla with Bitcoin,” he tweeted. “Tesla uses only internal and open-source software and operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency. “
In the future, people residing outside the US would also be able to buy Tesla using Bitcoins.
“Paying by Bitcoin will be available outside the US later this year,” he said.
Char Kway Teow by Bitcoins in Singapore?
While we’re on this topic, I wonder if we would be able to sit in the Hawker centre one day and buy a plate of char Kway Teow using Bitcoins alone.
We don’t need to worry about the initiation of Bitcoin usage in Singapore since it was the second country, after the US, to have regulated virtual currency (Bitcoins). The future for Singapore seems to rest well in this case.
Bitcoin ATMs have also been installed across the country, which makes this whole situation even better. Maybe, we would be able to buy a plate of noodles with crypto soon.
Bitcoins and the word of Bank of Singapore
The value of Bitcoins remains on the rise in the country, as the Bank of Singapore (BOS) states:
“Cryptocurrencies could replace gold as a store of value.”
Although they disagree that Bitcoin might replace fiat currency one day, the bank still considers it a pretty big deal.
Judging by how technocratic Singapore is, it is believed that bitcoins will become a regular type of currency in some years.
Doubts about Cryptocurrency
There remains some doubt about Cryptocurrency. It has been labelled an “inefficient unit of exchange” due to the high volatility levels that come along with it. Using this model of currency would significantly increase account hacking, terrorism financing, and money laundering. However, all hope is not lost.
Overcoming “hurdles such as trust, volatility, regulatory acceptance and reputational risks” will also mean that “digital currencies can also be used in investor portfolios as a potential safe-haven asset and for asset diversification,” says BOS.
Once all these milestones have been achieved in making Bitcoin usage a safe business, it would surely become the new norm. Undoubtedly becoming the future that we envision.
For it to work, we would need to update our shops and markets. The people that remain unaware would need to be educated. The market would have to be specialized to consider and accept Bitcoin as a proper currency.
The future has arrived.
As far as the question of “is it too soon for the local public to use Bitcoins to purchase everyday goods?” goes.
Perhaps, it is.
However, the days are not far off when it will all materialize. Just some tweaks here and there in the system, and we might as well be using Bitcoins as the common currency. It is something that would not happen in an instant but probably in a few more years.
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