2017: the year of Bitcoin

One of the hottest topics in 2017 has without a doubt been Bitcoin. With breaking price records, the cryptocurrency has never been out of the spotlights. Since January, Bitcoin value has increased 400%, reaching over $8,000 in November.

Many events have led Bitcoin to feature in headlines around the globe during this year:

  • January: On the second day of the year, Bitcoin exceeded the $1,000 mark.
  • February: Japan announces digital currencies will be recognised as a payment method.
  • May: The ‘WannaCry ransomware’ shed light on cryptos as the hackers were asking for $300 in Bitcoin for the unlocking of stolen files. The attack affected organisations in 150 countries, including the NHS in the UK.
  • August: A hard fork marked the history of Bitcoin and introduced Bitcoin Cash to the crypto market.
  • September: Six global banks joined forces to create a digital currency, named Utility Settlement Coin (USC), expected to launch next year.
  • October: Bitcoin enters the property market. A mansion in Notting Hill went on sale for £17 million, or 5,050 Bitcoins.
  • November: Bitcoin breaks the $8,000 barrier.

2017 was the year of bitcoin

Various shops and merchants now accept cryptocurrencies as method of payment, via mobile wallets. Pubs, coffee shops and fashion stores in East London have been particularly welcoming to cryptocurrency.

Merchants are encouraged to consider new methods of payment to stay on top of their game. Security, speed and convenience are important features of mobile wallets and should be considered by retailers looking to improve their customer shopping experience.

Secure Trading has a specialised team who will be able to advise on the best payment options for your business.

For further advice on managing chargebacks over the Christmas period, or to discuss your specific requirements for online payment processing and fraud protection, contact our team: Call +44 (0)808 159 7217 or email [email protected]