The first cryptocurrency came into life on the 3rd of January 2009. It is fascinating to notice how, even though bitcoin was initially considered a threat for traditional markets and currencies, recently, its presence within the economy has been acknowledged. And if you’re interested in knowing more about bitcoin mining click here.
Take France as an example: you can already find different shops, bars, and restaurants offering discounts to bitcoin owners. Therefore, the central part of this article will focus on Bitcoin’s impact on the French market.
6 ways bitcoin affects the online markets of France
According to Deloitte, the volume of Bitcoin transactions in France has increased by about fifty percent between 2014 and 2015. The general opinion is that this growth should be attributed to the advertisement campaigns within the cryptocurrency market and its growing presence on the French online market.
1. The emergence of Bitcoin ATMs in the country
There are currently 46 active Bitcoin ATMs within France. This is quite important, considering that this number does not include the machines installed in the overseas territories. By using these devices, people can exchange their bitcoins for fiat currencies.
2. There is still a lack of Bitcoin regulation in France
As previously mentioned, the growth of the cryptocurrency market cannot be attributed only to its advertisement campaigns within this sphere. Moreover, it has not been regulated and plays an essential role in France.
3. The implementation of the European Union’s regulations on e-payments within the country
To make the creation and distribution of electronic money possible, new regulations have been implemented by the EU in all member states. Thereby, bitcoin is a legitimate means of payment that can be used outside traditional banking systems.
4. Attractiveness for online businesses operating on foreign markets
The number of French retailers offering payment methods through bitcoins is constantly growing. For instance, you can now purchase your everyday groceries using bitcoins via several websites providing delivery services to France.
5. The support of the French bitcoin market by payment service providers
It should be noted that there are still not enough trusts within the country to use bitcoins over other currencies to make online purchases. This is due to its volatility and uncertain regulatory status, making companies unwilling to implement bitcoins as their accepted payment methods.
Nevertheless, more and more retailers that operate on foreign markets are willing to work with payment service providers, which have embraced the cryptocurrency market due to its enormous growth in recent years.
6. The growing interest from investors
As previously stated, more and more French merchants have decided to cash on bitcoin by offering discounts for purchases made in this currency. In addition, the exponential growth of its value has been noted for a couple of years now, which turns it into an exciting investment tool for investors interested in making a considerable auto profit from their savings.
3 ways bitcoin negatively impacts France online markets
Even though it can be claimed that the cryptocurrency market has already made quite a considerable impact on the online demands of France, there are also some negative aspects of its presence within this sphere. Here they are:
1. The low number of people using bitcoins in their daily lives
Today, only 13% of French citizens have heard about bitcoins, and even less of them use them as a currency for making payments over the Internet. This is primarily due to this currency’s confusion, mainly caused by its uncertain legal status.
2. The low-security level within the sphere
Since any financial authorities do not regulate bitcoin, no measures are taken to assure users that their transactions will be carried out safely and anonymously.
3. The lack of demand for this coin within the country
As mentioned several times before, there are numerous reasons why most French citizens are unwilling to use bitcoins over other currencies both on the Internet and offline. However, the major one is their unwillingness to make a significant investment in money with a controversial reputation.
Conclusion
Bitcoin and other currencies of the crypto market have already significantly impacted the French online markets. However, they remain an uncertain sphere having most of its users located within foreign countries due to the limited outreach of this coin after France signed up for the eurozone.
