Since its inception in 2009, Bitcoin has grown into a significant cryptocurrency in markets worldwide. Even though the early days of Bitcoin started out as a niche interest among tech enthusiasts, cryptocurrency has now expanded into a global phenomenon. At present, Bitcoin is a medium of exchange, a store of value, and a hedge against inflation.
As Bitcoin has taken the world by storm, so is the case in Canada. Bitcoin has penetrated various industries, making it a staple economic element across many industries. The role of Bitcoin across these industries has made industries more available to more people.
How Bitcoin has impacted industries in Canada
Beyond the impact Bitcoin has had on individual users is also the role Bitcoin has had for various industries. In line with the realization of the potential of Bitcoin, the cryptocurrency has been integrated into more and more industries’ operations. The impact of Bitcoin on industries in Canada is still increasing, but in some industries, it is already an integrated part of the setup.
Finance and fintech
One of the earliest adopters of Bitcoin is the financial industry in Canada. There is a vast amount of fintech companies in Canada which has embraced Bitcoin by offering various services. Some of these include Bitcoin wallets, exchanges, and payment processing with Bitcoin. What most of these companies has managed to do is to develop innovative solutions that enable Canadians to buy, sell, and store Bitcoin easily and securely.
Within the industry, various traditional financial institutions have been exploring the potential of using Bitcoin and blockchain technology. This has resulted in pilot projects testing blockchain’s capability to streamline processes, which has been initiated by Canadian banks. The processes being tested include cross-border payments and securities settlement. Such initiatives are statements that confirm the growing recognition of Bitcoin and the underlying technology which allows for transformative changes in the financial sector in Canada.
Online casinos
Another industry which has been quick to recognize the benefits of accepting payments with Bitcoin as a form of payment is the online casino industry. The number of casinos offering players to deposit and withdraw funds using Bitcoin is increasing, as it also offers an added layer of privacy and security. Due to the decentralized nature of Bitcoin, transactions are not subject to the same regulatory scrutiny as traditional payment methods. This becomes beneficial for both players and operators.
Bitcoin being adopted by online casinos is a part of a broader trend of digital currencies being adopted in the gaming industry. Among players, it is especially the opportunity to make fast and secure transactions which is deemed beneficial. For operators, it is the lower transaction fees and the ability to reach a global audience which makes Bitcoin an advantageous choice.
E-commerce
Along with the increasing popularity of Bitcoin in Canada, so has a growing number of merchants started to accept Bitcoin as a form of payment. This reflects a proactive strategy by businesses, as they are taking steps ahead of the curve, which is showing that as consumers become more comfortable with digital currencies. There has especially been a surge among online retailers offering digital currencies as a form of payment. The reason for this could be related to the lower transaction fees of Bitcoin, compared to traditional credit card payments. Furthermore, Bitcoin also has the ability to facilitate international transactions without the need for currency conversion.
It is not only for the merchants that there are several advantages of offering Bitcoin as a form of payment. For consumers, the advantages of paying with Bitcoin includes enhanced privacy, faster transaction times, and the potential to benefit from Bitcoin’s appreciation in value. The number of Canadians shopping online is increasing, and it is fair to assume that the demand for Bitcoin payment options will follow the same direction.
The journey of Bitcoin in Canada
In the past years, Canada has emerged as a leading country when it comes to Bitcoin adoption. As a tech-savvy country with a well-developed financial sector and a supportive regulatory environment, Canada has had many elements in the favor of the growth of Bitcoin. One reason for the increasing popularity of Bitcoin in Canada is because it offers a decentralized alternative to traditional financial systems. It also provides a means of financial inclusion for those underserved by banks. And lastly, a major reason for Bitcoin’s appeal is that it serves as an investment with a potential for high returns.
In the early days of Bitcoin, it was a speculative asset, but since then it has evolved into a widely accepted form of payment. A survey made by the Bank of Canada shows that over 90% of the Canadian population has heard of Bitcoin, reflecting a high awareness of Bitcoin among Canadians. The same survey found that about 5% of Canadians own Bitcoin, but the number has been steadily increasing over the years.
The Government of Canada has generally played a big role in Bitcoin’s growth, since it has been adopting a progressive approach to cryptocurrency regulation. Back in 2014, Canada was one of the first countries to regulate cryptocurrency exchanges under its anti-money laundering (AML) laws. Due to this regulatory approach, Bitcoin has been provided a level of legitimacy, and Canadians has been encouraged to participate in the cryptocurrency market.
