Dollar hegemony takes hit in Europe as Bitcoin goes mainstream in the EU

From day one, Bitcoin has been seen not only as a competitor to the dollar and all other fiat currencies, but it has also formulated itself as a threat to U.S. hegemony.  And in a strange twist of fate over the past seven years, use of Bitcoin worldwide has risen at the same time that use of the dollar has declined.

But without sovereign status, Bitcoin has always had a stumbling block in fully going mainstream, and in reaching that point of critical mass where it became accepted currency in commerce for most goods and services.  However, that may soon be changing.

On April 25, the European Union (EU) granted Bitstamp, a global Bitcoin exchange, license to operate in the 28 nation states within the EU.  And with this sovereign recognition, Bitcoin has the potential to become a standard global currency anywhere retailers and consumers have access to Bitcoin wallets.

Bitstamp has now become the first nationally licensed Bitcoin exchange, approved to operate across 28 countries in the European Union, it was announced on Monday.

The license goes into effect on July 1, where it was granted in Luxembourg. It will then be nationally licensed under the EU’s “passport” program, which allows financial services providers legally established in one member state to be recognized and operate in all of the others.
“This is an industry first,” Bitstamp cofounder and chief executive Nejc Kodric told Forbes. “We are entering a new era where [being a licensed exchange] is becoming an industry standard.”
Bitstamp is currently the third largest bitcoin exchange, but is likely to grow with this announcement. The exchange is also launching euro-Bitcoin trading, which they did not previously offer.

“We believe that this is stability-inducing — that people will see this as a sign of Bitcoin going mainstream,” said Kodric. “It also allows us to be taken seriously and partner up with more serious institutions, because we had a lot of discussions in the past but it always comes to a point where there’s no one overseeing us, and bigger financial institutions are still reluctant to work with unlicensed companies doing [financial technology].”

— Sputnik News

Today's licensing and recognition is just the first step in expanding Bitcoin into one of the world's largest markets.  What is necessary now is for consumers to buy into the Bitcoin process and be willing to learn the necessary steps needed to function with a digital wallet and encrypted system.  And history shows that for older generations, it is much harder to accept new changes, especially when it comes to money and finance.  But the younger ones like the millennials, they will flock to Bitcoin because of its digital and anarchical elements.

The U.S. has tried its best to villify Bitcoin as the currency of criminals, and have even labeled it as an investment rather than as a form of money.  But the world is also moving away from the dollar and U.S. control over the global monetary system, and it appears now that Bitcoin will have its place in global commerce, and a way along with gold and silver, to aid people in once again wresting control from the banks and governments over their own money.