In the United States, millions of citizens enjoy a subscription to Netflix, one of the largest streaming services currently available. These subscribers pay easily, via credit card or a Paypal account. However, customers in less developed countries don’t have such easy access to a credit card. Often credit cards are not used nation-wide in these areas. But there is an easy solution- bitcoin.

Why Bitcoin?
The CFO of Netflix, David Wells, has appeared to have expressed interest in utilizing bitcoin. In a press conference in January 2016, he stated that, “It sure would be nice to have bitcoin, in terms of a global currency, that you could use globally.” Looking at the perks of using bitcoin, its easy to see why. It is far more secure than a gift card or credit card. The level of fraud would dramatically decrease, and users wouldn’t have to worry nearly as much about their information or credits being swiped. Bitcoin is also a universal form of payment, and easily accessed by anyone with a computer. Another bonus for Netflix is that bitcoin transactions are irreversible. Cancelling a payment is out of the question once a customer transfers their bitcoins.

Why Now?
Bitcoin has been steadily gaining more traction as a form of currency. 2016 has been a good year for the value of bitcoin, and it has been increasing since November of 2015. Its current value is 629.79 U.S. dollars. Many businesses, such as Overstock.com and the Golden Gate Hotel and Casino, now take bitcoin as a form of payment. It is even accepted by the University of Nicosia as payment for tuition. Netflix, on the other hand, failed to bring in the 2.5 million new subscribers they were banking on in their last quarter. At only 1.7 million, it would appear this gap between expectation and reality might only widen. Something needs to be done to pull in new customers. If more people had access to the payment options Netflix offers, and if Netflix were able to widen those options, their sales would have the opportunity to rise. Bitcoin could easily aid this process, as it would open up the streaming service to customers who previously had no way to access it.

The Future of Netflix
If bitcoin truly is the future of currency, then those businesses who utilize it now will be ahead of the curve. Netflix desperately needs this edge if it wants to stay relevant as a company that seems to be slowing in its growth. Usage of bitcoin has the potential to not only expand Netflix’s marketability, but its customer base. This would secure the future of Netflix, and cement its relevance.