Bitcoin has been turning heads since 2017 when it exploded in popularity due to its insane market value. People have been speculating that Bitcoin and other cryptocurrencies could become a more mainstream part of everyday life, and while that day isn’t here yet, there has been movement.
This movement comes mainly from the use of blockchain technology in governments around the world who are looking to use it for better transparency, security, and to completely digitize government processes.
This is good news for people who buy Bitcoin in Canada and around the world, and who consider cryptocurrency to be an important part of their investment portfolio. As blockchain technology becomes increasingly adopted by governments, the use and cryptocurrency and blockchain may become more mainstream and usable in everyday life.
Examples of using blockchain technology come from governments like China where the country has been creating initiatives to encourage its use. In Changzhou, for instance, healthcare data has been secured over a blockchain, and other cities in China have issued programmes to encourage blockchain development – Xiongan New Area is now considered a blockchain innovation hub.
India is another country that is looking to use blockchain to help propel the nation into the future, and is using blockchain to reskill its millions of unemployed across multiple sectors. They are also looking to use blockchain tech to help them in areas such as:
- Cross-border financing
- Supply-chain management
- Securing land and education records
- Identity management (ID management)
- Direct benefit transfer (DBT)
- Public distribution system or fair price shop (FPS)
These government-initiatives can go a long way toward improving the overall quality of life for the people of India, as well as help the nation get ahead when it comes to utilizing technology for the future.
It’s becoming clearer that blockchain technology is the next biggest thing when it comes to designing new and efficient infrastructure for both government entities and private corporations. This new infrastructure opens up a lot of opportunities for business, especially for Indian start-ups that are looking for more government support.
Does This Mean You Should Invest in Bitcoin?
If you’re an investor looking to expand your portfolio, or perhaps just someone who is curious about what all the hype is about, then you may be looking to buy cryptocurrency for their profitable returns.
When looking at the numbers, the last quarter has been good to Bitcoin. Between January 1, 2019 and March 31, 2019, Bitcoin prices grew by $379 – an over 10% return. So yes, investing in cryptocurrency can definitely be worth it, especially as it is being increasingly used as an acceptable currency by companies as well as government bodies.
Make sure to do your research so that you really understand how Bitcoin works, and about all the different types of cryptocurrency out there. There’s a lot of info to go through, especially because Bitcoin is so new – but the time and work you put into it can definitely be worth it.