2009 was famous for the economic downturn when the world faced economic recession and credit crunch. Markets including stocks and bonds crashed at a huge level, and people lost their funds. According to the experts, it was due to the traditional banking system, when the UK Chancellor of the Exchequer, Alistair Darling declared it as a second bailout for banks. For more information about Bitcoin visit here.
Satoshi launched the first bitcoin on 3rd January 2009 and it was launched with zero value. He mined 50 coins at the first stage and the first crypto was launched in the market. Initially, people found it as a fake currency and declared it an illegal trading activity. But bitcoin has proved them wrong and it gained huge popularity within a few years. Now, you can find the price of bitcoin at its highest peak, and investors are running after this crypto like anything.
Even, celebrities and major business owners are promoting this crypto to a large extent, and the future of bitcoin is promising. If you think that bitcoin will have vanished from the market in future then you are living in the wrong word, because major businesses are accepting payment with bitcoin and there will be no scope for demolishing this crypto in future, even government cannot ban this coin as most of the states trying to implement an uniform law and regulations for bitcoin traders.
Exploring What The Future Holds For Cryptocurrencies
Indeed, merchants are not willing to accept this coin as a valid payment mode because the price of bitcoin can be decreased at any moment. For example, you can buy a good online with your BTC and the price of BTC will drop immediately after your payment, and the merchant will have to face this loss.
On the other part, investors always try to hold such coins for a longer period and they do not want to sell or use their coins for their daily purchases. So, it can take a few years to make this crypto as a currency and people can consider it as an asset. Here, you can find some future scopes of bitcoin:
- Bitcoin is based on a decentralized network and it is impossible to implement any regulation on it. Government cannot implement any regulations on bitcoin usage, as they cannot control the mining process of this coin. But it is necessary to implement a centralized regulation on bitcoin usage because it can lead to mass adoption of bitcoin in the global market. The government of different states and countries are trying to make clear guidelines for investors, and if they successfully implement these guidelines then people will start considering this coin as legal tender, and it will reduce the volatility of this market.
- You can easily pay for goods and services with fiat currency, and you can also use your credit or debit cards for the same. Even, you can find some payment apps in the market for easy payment, and it is very simple to pay through these apps. But making a payment with bitcoin is a complicated process because you need to choose a wallet and use your private keys to make such payment with BTC. For example, you can use a hot or cold wallet to transfer your funds through BTC. To make it simple, PayPal has added this crypto to their dashboard and now PayPal users can use their bitcoin through their PayPal account only. In future, Visa and Mastercard will also add such facilities, and people can experience an easy payment process with BTC, similar to fiat currency.
- Blockchain is the backbone of the bitcoin network and around 2700 transactions can be stored in a block. But the bitcoin blockchain network can take almost ten minutes to add such records to their blocks, while Visa can add more than 2000 transactions to their blocks within a second. So, it is important to increase the scalability of the bitcoin network, which is a major issue of bitcoin today. It is known as the blockchain scalability trilemma, and you can get to know more at the Official trading App.
Finally, if you want to make money from your bitcoin investment then this is the right time to fund your crypto account and add BTC to your wallet.