Credico UK Warns Consumers Not to Get Swept Up in Bitcoin Hype

Despite considerable fluctuations in value Bitcoin has seen increasing popularity in 2017, and this month saw a leading online auction site confirm that it is considering accepting bitcoin payments in the future. However, Credico UK is warning consumers to remain cautious of the cryptocurrency until the market stabilises. 

What was once a currency synonymous with users of the dark web and illegal purchases, Bitcoin has now hit the mainstream media, to become the world’s most famous digital currency. Created eight years ago, Bitcoin is the first decentralised digital currency, working on a system without a central bank or single administrator. This is believed to be one of Bitcoins strongest selling points, as anyone can set up a Bitcoin account in seconds to store, keep track, and spend the currency, without any of the tradition checks or fees often associated with regulated banks. 

Throughout 2017, there has been increasing interest in Bitcoin, and some retailers are now accepting the currency, alongside traditional payment methods. CEX, a highstreets electronics and entertainment exchange store is already taking the currency, as too is a growing number of pubs and takeaway restaurants across the UK. What could prove to be Bitcoin’s most significant endorsement to date, however, is the recent announcement from the Senior Vice President of the world’s leading online auction site, stating that it is seriously considering accepting Bitcoin in the near future. 

 Credico UK believes that support from this global online retailer could be a game changer in the Bitcoin world, and open the cryptocurrency up to a whole new demographic. ‘Up until now, Bitcoin has been on the periphery of the general public. However, the process of earning Bitcoin (‘mining’) which involves using computer programming to solve cryptographic problems can seem massively off-putting to those with little technical know-how. As more big retailers come out in support of Bitcoin, it is likely to reassure consumers that this is something worth getting involved with, and encourage more people to learn about it.’ States Credico UK. 

While the field marketing agency believes influence from big companies could propel Bitcoin into mainstream retail, it is also suggesting consumers remain cautious in the current climate. ‘The value of Bitcoin is still fluctuating wildly and due to it working on the basis of anonymity, once you make a payment there is no way of getting it back.’ Outlined Credico UK. ‘Furthermore, the value of Bitcoin is largely based on its exclusivity. The creators have confirmed that there will only ever be 21 million Bitcoins available to be ‘mined’, and no one really knows what will happen to the currency’s value once this limit has been reached.’ 

 As an advocate for innovation, Credico UK is excited by the developments Bitcoin could have on e-commerce and retail, and the ways it could improve the sales experience for certain consumer groups. However, the agency believes people should avoid getting too swept up in emerging trends, especially in their infancy when their long-term trajectory is still an unknown factor. As such, Credico UK believes inexperienced consumers should tread with caution while Bitcoin still teeters on the edge of mainstream retail.