Buying a house, funding the Jamaican bobsled team at the Winter Olympics, or ordering a pizza. These are just some of the ways you can currently spend cryptocurrency.
One of the comments we often hear is that there’s no easy way to spend digital currencies. Well, if you take a look at the range of merchants who are already accepting Bitcoins in the UK, then maybe you will change your mind. You can order a takeaway from around 7,500 listed restaurants, pop into a number of pubs for a quick pint, buy a bike to pedal off the excess or travel in style by hiring your own private jet. You can even rent a designer dress and jewellery for the occasion. And just this month, Microsoft announced that it is now accepting Bitcoin for all digital purchases through BitPay. This includes Windows, Windows Phone and Xbox software.
Why are people welcoming more choice in financial transacting? Because digital currencies offer a range of benefits over traditional fiat currencies: privacy, security, low to no fees and free marketability. The enterprise community in particular is excited about a more flexible and faster way to build their businesses, without wading through miles of red tape.
According to the Treasury, it is estimated 20,000 people in the UK currently hold Bitcoins – and around £60m worth are circulating in the UK economy. The market for a new cryptocurrency, like LEOcoin, is huge and the pace of its development is faster than ever. We are going to change the face of how people do business – one coin at a time.