In the early part of 2014, momentum was strong for the rise of bitcoin as a mainstream form of currency. Complications and conspiracies slowed the buzz and stunted acceptance, but it seems like it will inevitably become acceptable. Recent rumors from New York City point to the possibility that 2015 will be the year that bitcoin gets big.
MarketWatch is reporting that the Big Apple is considered allowing bicoint, Apple Pay, and PayPal to be acceptable methods of payment for parking tickets. If that sounds like minor news, keep in mind that the city makes well over half a billion dollars per year on these tickets. If 5% of that was paid with alternative methods, it would be significant.
Bitcoin has a few advantages over traditional funds. Its digital nature makes it easier to track and distribute. The rise of eCommerce has built companies like PayPal and enabled companies like Apple and eBay to find greater success. What does all of this have to do with New York City?
Unlike other large cities, New York is one that tends to avoid following others. Like San Francisco, Hong Kong, and Dubai, New York City sets the trends. The attachment of PayPal and Apple Pay tot he bitcoin phenomenon could have the effect of giving it credibility.
Most important of all is that the financial capital of the world could very easy drive bitcoin acceptance if it becomes popular. The more things that they allow to be paid with bitcoin, the more likely that people around the world will follow suit.
It's still not certain that this will happen, but if it does, expect other major cities to quickly embrace the digital payment phenomenon.
According to MarketWatch:
No set plans are in place. So far the city has only issued a Request for Information due Jan. 15 that seeks information about a potential mobile payments system. From there it will analyze any proposals issued.
Disclaimer
This article is for informational purposes only and does not constitute financial, investment, tax, or legal advice. Market data, tax rules, and prices can change after the article date. TECHi and its authors may hold positions in securities or digital assets mentioned. Always conduct your own research and consult a licensed financial, tax, or legal professional before making decisions.
About the Author
Connor Livingston is a tech blogger who will be launching his own site soon, Lythyum. He lives in Oceanside, California, and has never surfed in his life.
