Last Updated on 12/04/2022 by TheDigitalHacker
There’s no argument for the statement that cryptocurrencies are growing at a pace, barely imagined before! This can even be accredited to consequences brought forward by the recent covid pandemic that has undoubtedly played a role in accelerating the growth of crypto prevalence.
As the first cryptocurrency introduced to the world, Bitcoin has been the largest benefactor of this phenomenon. The market cap of Bitcoin has reached a staggering sum of $784,798,675,819 at the time of writing this blog post.
However, there is still much confusion surrounding the future, primarily due to the volatile nature of cryptocurrencies. That being said, continue reading as we attempt to do away with some of these confusions for good.
Indications Hinting The Growing Prevalence Of Bitcoin In Everyday Life
Determining the future of any cryptocurrency is not easy because Bitcoin and other cryptos have earned a reputation for their volatility. However, that does not mean one must miss out on the common indicators that can be leveraged to at least predict the near future of Bitcoin.
This trend is very evident when one sees the increasing use of Bitcoin in everyday life. Currently, one can use Bitcoin to buy varied goods and services. The ways people can spend and use their Bitcoin is growing, and some of these ways include:
Purchasing Gift Cards:
Gift cards are becoming one of the most common ways people choose to spend their Bitcoin. These vouchers can be bought using Bitcoin to purchase varied goods and services from different brands and businesses. The other reason behind the rise of converting your Bitcoin into gift cards is the easy process. All one needs to do is visit Coingate and convert their Bitcoin for gift cards from the brand or business of their choice.
Playing Online Games:
The other prevalent way of spending your Bitcoin is by using them to play online games and make in-game purchases without any hassle. Even prominent tech giants now allow their customers to purchase varied gaming items from their stores in exchange for Bitcoin. In addition, online casino games are also taking off as many platforms are now allowing players to wage bets using their Bitcoin.
Ecommerce stores can now provide an individual with almost anything starting from a toothbrush to hotel bookings or even other services. Many such eCommerce platforms are already accepting Bitcoin, all thanks to their existing payment integration. Some of the most well-known eCommerce platforms that now accept Bitcoin include WooCommerce, BigCommerce, PrestaShop, Magento, and Shopify, among many others.
NFT is soaring right now and analysts predict that it is here to remain. NFT transactions are mostly based on crypto and the technology is based on the core technology blockchain, which is used for almost all types of cryptocurrency authentication, persistence, and validation.
Bitcoin At Present
The world has certainly seen a great deal of rapid technological advancements since the start of the current century. The world of finance has been revolutionizing with the emergence of Bitcoin, and people are now enjoying this unregulated currency. With the pace at which the reliance of almost every is growing at the moment, it would be safe to say that Bitcoin is here to stay.
Furthermore, Bitcoin at the moment is both a medium for daily transactions as well as a store of value. This is also the reason why most conventional investors are hedging their funds to capitalize on the volatile nature of Bitcoin. This trend does not seem to be changing anytime soon as many governments are also opening up to the idea of the validity of Bitcoin as well as other cryptocurrencies.
These are the things that make it challenging to predict the future of Bitcoin, as any currency will remain volatile unless investors feel totally safe using and investing in this currency. The security of such currencies is still acting as a hindrance to the growth of Bitcoin. This has been very evident with Bitcoin worth billions of dollars being seamlessly stolen from exchanges by hackers.
What’s For Bitcoin In The Coming Years
Despite the volatile nature of Bitcoin, many experts are still hopeful that the crypto will go mainstream by the end of this decade. But the experts also suggest that this cannot happen without enhancements in existing technology that will make Bitcoin a safe investment. The existing blockchain technology leveraged by Bitcoin must be able to handle the huge influx of transactions that will only increase with time.
On the bright side, humans have rarely failed to upgrade their technologies whenever required. This is evident because new technologies such as the lighting network already show promising scalability in operations. This will grow further as more prominent organizations and institutions open up to the idea of Bitcoin and other cryptocurrencies.
The Future Outlook On Bitcoin
Thinking that investors will lose interest in Bitcoin because of its volatile nature is a false assumption to a great extent. One can say that the volatility gives more reasons to investors to stay in for the long haul. The short-term swings do not make much difference when someone is in for the long-term game.
Therefore, while it might be possible to speculate about the future of Bitcoin for a decade or so, there is no concrete way to understand where things will be headed after that. Hence it is up to the investor to weigh their risks and make informed investments instead of hasty ones.