Will Bitcoin be Widely Accepted? If Yes, When? – Banks and governments are aware of bitcoin and blockchain technology. That’s why they are investing millions of dollars in studying Bitcoin and its surrounding blockchain technology, as well as implementing it into their existing systems. It’s been around for eight years now, and it’s still not as easy to use as a regular debit card, for example, but the first real Bitcoin-based startups will start taking off soon.
So What’s Next?
On the one hand, you have the ‘techies’ looking to become wealthy by investing in this fantastic new technology. But, on the other hand, you have banks and governments interested in using it for their own needs. For example, NASDAQ announced that they would start implementing blockchain tech into their systems soon, speeding up transactions and making international investments easier.
It’s not a coincidence that the most significant Bitcoin exchanges are also starting to implement blockchain tech into their services. For example, Coinbase, one of the biggest Bitcoin companies today, uses ‘the blockchain’ for transactions between its users. Once companies like them become more popular worldwide, new services will be created around cryptocurrency.
But what about the price?
Bitcoin has experienced some fantastic rallies throughout its eight years, but its value went down after each rally. Unfortunately, history may be repeating itself now, and another vast bubble is about to burst, which could result in the price going even lower than last year.
Bitcoin is an accepted form of payment
It’s just a matter of time until people will be able to pay with cryptocurrency directly in shops, cafes, or even at McDonald’s! I’m sure it will take some time, but once companies like Coinbase can create cash-to-bitcoin ATMs worldwide, you could probably go to Starbucks tomorrow and pay for your coffee with bitcoin.
It’s essential to see Bitcoin as a ‘long-term investment,’ not only something you should buy because the price is going up quickly. So if you’re planning to invest in cryptocurrency, I strongly suggest you do your research and hold on to those coins you believe are worth it!
Bitcoin to be A Major World Currency?
Bitcoin itself is the most incredible phenomenon in the world of finance. The total market cap of Bitcoin is already around $20 billion, while one year ago was only about half a billion dollars. This means that the value has increased 300% in one year, which is incredible in any scenario.
Since Bitcoin was created more than eight years ago, it has been pretty volatile, and the price sometimes goes up to 1000$ per coin. This means that investing in Bitcoin can be risky because of its nature as a cryptocurrency, but it also gives you the chance to earn a lot of money.
What is the future of Bitcoin?
In previous years, investing in Bitcoin was something for hackers and gamers only, but today, it’s becoming more popular around everyone. As a result, it is believed that 2016 will see a massive increase in the price of Bitcoin, and people will be very interested in it. At the same time, banks are starting to realize the potential of cryptocurrency, and they will be investing massive amounts of money in studying its technology.
The key to understanding whether or not Bitcoin can become a primary world currency is based on scalability issues. Unfortunately, the blockchain’s design has some scalability problems since each transaction takes up to 10 minutes to be confirmed by other nodes in the network. If these problems could be solved, Bitcoin will become a significant currency worldwide, but right now, it has too much competition like Ripple or Stellar about this matter. Social media play a big role in the Bitcoin price hike, so you check an interesting article on Bitcoin and Digital Marketing .
In conclusion, Bitcoin will become a significant currency worldwide in the future if it continues to grow. In 2016 we’ll see a massive push from the banks and governments into researching blockchain technology which could increase the value of Bitcoin by more than 300% by next year. However, investing in cryptocurrency is not an easy task since there are some risks involved, and you should always do your research to make sure that you’re making the right decision.
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