The use of Bitcoin in international transactions should continue to increase

The use of bitcoin as a medium of exchange continues to grow as certain countries adopt it as legal tender. The proliferation of its use could also see it taking on international transactions on the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network.

As blockchain technology continues to mature and evolve, new innovations could make international transactions faster. A recent Forbes article pointed out how it could increase the speed of data movement on the SWIFT network, which is already partnering with fintech companies.

“The Society for Worldwide Interbank Financial Telecommunication (SWIFT) on Tuesday (September 13) announced a partnership with fintech firm Symbiont to bring more accurate data to financial firms through blockchain technology,” reads a Cointelegraph article.

Previously, bitcoin transactions did not have the transaction speed that is now possible over the Lightning Network. Essentially, what the network is doing is introducing transaction activity that can take off the traditional Bitcoin blockchain, greatly increasing the speed of transactions, whether they are domestic or international.

“As long as the source country has the liquidity in a fiat/bitcoin market to allow someone making a payment to buy it, and the destination country has enough liquidity for the recipient to sell it, bitcoin is a perfect vehicle to process this international payment with minimal slippage/fees and settle it within a few blocks,” reads a Bitcoin Magazine article by author Shinobi. “Add the Lightning Network to the image and it’s done in seconds.”

Get sustained growth exposure via futures

As bitcoin continues to grow in popularity as a medium of exchange, regulatory action is still needed to prop up the cryptocurrency exchange market, especially in the eyes of regulators like the Securities and Exchange Commission (SEC). Until then, investors may still be reluctant to invest directly in Bitcoin with confidence.

There is another alternative: Investors can also choose to get exposure to bitcoin futures contracts via the ProShares Bitcoin ETF (BITO). With cryptocurrency regulation in its infancy, BITO will allow investors to get Bitcoin exposure on a traditional market exchange, reducing the risk of a public exchange going out of business.

Additionally, BITO is actively managed, giving investors dynamic exposure to the bitcoin futures market. This places portfolio management in the hands of market professionals who can increase or decrease exposure to contracts given the current nature of the ever-changing, volatile crypto market.

For more news, information and strategy, visit crypto channel.

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