In an era surrounded by "digital" technology, people's lives have changed significantly. With just a smartphone, one can manage transactions and complex daily plans in a short amount of time. The emergence of fintech, or financial technology, has made life easier for many.

   ‘Mobile banking’ is a prime example that we can already experience. However, financial transactions are about to undergo another transformation as “digital currency” or “Bitcoin” (BitCoin) is poised to become a primary currency for transactions worldwide.

    Bitcoin is a form of digital currency that uses encryption (Cryptocurrency). Its currency code is BTC, created and stored in the online world with blockchain technology behind it, serving as a medium for exchanging goods and services without relying on any specific currency. It can be used instead of cash to purchase various products and services. Today, Bitcoin is starting to make a significant impact globally, with many countries widely accepting it, especially within online communities. In some countries like Japan, many restaurants display signs accepting Bitcoin, and recent reports from the BBC indicate that some schools in New York, USA, accept Bitcoin for tuition payments.

In fact, Bitcoin has not just recently gained acceptance; it was used in various stores 3-4 years ago, with some shops even offering discounts for payments made with Bitcoin. In the United States, Bitcoin gift cards have been issued, allowing users to load Bitcoin onto cards similar to debit cards for purchases. Well-known retailers like Amazon, Target, Walmart, and Nike readily accept it.

    However, because Bitcoin is not a tangible currency like government-issued banknotes, and no one owns Bitcoin, there are no regulatory frameworks. Most perspectives in the global financial industry view Bitcoin as a “gray” currency that lacks comprehensive legal support, thus remaining prevalent only in niche markets or as a short-term speculative tool.

    According to information from bitcoin.com, Bitcoin can be acquired through a process called “mining,” which involves running specific software on a computer to solve complex mathematical problems. Therefore, the computer specifications need to be quite advanced to compete in the digital currency mining arena with people worldwide. If successful, you will own the Bitcoin you mined.

   In Thailand, you may not need to mine Bitcoin yourself, as many exchange websites for buying and selling Bitcoin are available with just a Google search. Globally, there are ATMs for buying and exchanging Bitcoin with various fiat currencies. According to ebay.com, there are now over 100 companies/stores that accept Bitcoin, such as 1-800-FLOWERS, Apple’s App Store, Dell, Expedia.com, Home Depot, Reddit, Victoria’s Secret, Subway, and various online gaming companies where you need Bitcoin to purchase in-game items.

    And of course, you can order pizza from famous global chains and pay with Bitcoin as well. It is evident that the main services accepting Bitcoin are in the entertainment, gaming, dining, travel, online shopping, and IT equipment/software sectors, all of which are part of daily life.

    In Japan, it is estimated that over 260,000 stores accept Bitcoin, although there may be conditions on how much yen must be spent to pay with Bitcoin. Payments can be made using Bitcoin through QR codes by simply displaying your Bitcoin account on a smartphone with a downloaded “bitcoin wallet app”.

    As for the trend of Bitcoin in Thailand, despite the abundance of information and websites for exchanging and buying Bitcoin, its prevalence remains limited. This poses a significant challenge for financial institutions in Thailand, particularly the Bank of Thailand, which is studying these digital currencies, not just Bitcoin, but also other emerging digital currencies that currently lack legal support.

    One frequently discussed aspect of Bitcoin is its volatility, which is greater than any other currency in the world. In less than a month, the price of Bitcoin can increase by 50% and can also drop by 30-40% in a short period. As of today in Thailand, 1 Bitcoin is likely to exceed 80,000 baht.

     Supporting every creative thought by “Siam Commercial Bank Group”

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Thanks for the information and images from: "Bitcoin" The New Digital Currency Disrupting the Modern World