Yes, the CME came out with a statement earlier this month declaring that they will allow bitcoin trading by the end of 2017.
What does this mean for real-world industries?
The CME is a regulated market. Therefore, more trust will flow towards the bitcoin. Soon, industries and retailers will follow after the CME. Meaning that stores and service providers like Target, Amazon, Aeroflot, Walmart, and even Barnes & Noble might adopt the bitcoin into their business models.
Heck, the payment processor, Square, made an announcement recently stating that they will start accepting bitcoins in their app.
But organizations Square definitely have fewer risks accepting bitcoins than do huge retailers. Mostly because of volatility. Therefore, the risks associated with cryptocurrency use need to be mitigated. Businesses will be much more willing to accept bitcoins if they can be bought and traded for cash on a heavily regulated exchange. Thank you, CME.
Once cryptocurrencies are accepted at large retailers and service providers, they will become unstoppable.
Can you imagine using bitcoins to buy chickens and Coca-Cola at a grocery store?
Check out this guy buying a Red Bull with a bitcoin chip implanted in his hand.
How could bitcoins be used be used retailers efficiently?
Well, some people believe that bitcoins in paper form might become a possibility. Personally, I think it’s quite stupid and not efficient. Now, the gentleman in the video provided above has the right idea. I think that implanted cryptocurrency wallet chips would be a great idea. The procedure would be invasive, yet convenient.
Additionally, plastic cards, iOS, and Android wallet apps becoming integrated with the systems of major retailers makes a lot of sense to me. Hopefully, some ICO’s with enough technical expertise and finesse will provide us with these options.
Expect more regulations.
With the increasing popularity of bitcoins, ICO’s and other cryptocurrencies, it should not come as a surprise that new regulations will arise. I understand that the whole point of the Blockchain and crypto industry is decentralization.
Yet, if there are no smart regulations in place, the industry will take a nosedive. Because havoc will inevitably ensue.
Smart regulations will lead to increased trust, safety, and mass adoption.