Bitcoin was the original cryptocurrency. Since it’s creation, new cryptocurrencies have been introduced (the most notable being Ethereum) but bitcoin is still the most commonly known and traded cryptocurrency. It has been accepted around the world as a valid currency and today, many online stores readily accept payment in bitcoin.
The future of bitcoin in the global economy depends on cryptocurrency further inroads into ground-level transactions, and that looks likely. It won’t be long before you can ‘swipe your bitcoin’ at the grocery store, at the coffee shop and the corner café, pay the school fees, your car payment and your insurance.
Bitcoin’s rise and fall
Trust in this outcome (which would mean it’s here to stay) as well as bitcoin offering easy, unregulated online trading, and the approaching limit in the number of bitcoin that can be produced, sent bitcoin’s value through the roof. However, the meteoric rise in price scared off new investors and led to the creation of other cryptocurrencies to challenge bitcoin’s dominance. This inspired mass sell-offs in fear that the ‘bubble would burst’. This caused the sudden drop in the value after the initial boom, and uncertainty as to bitcoin’s future.
The future of bitcoin
Bitcoin’s future relies on its price, and that, in turn relies on demand – based on trust in its price. After the initial boom, when price fell heavily, and trust was damaged. But, importantly, it didn’t herald the end of cryptocurrency -or bitcoin. That makes ‘now’ a great time to invest in bitcoin.
Bitcoin has a rosy future in the global economy. It’s the most secure currency in the world, and the blockchain technology the underpins it offers 100% error-free transactions. Additionally:
- Bitcoin is independent from banks, and so their ‘cuts’ from transactions
- Bitcoin is global currency that doesn’t lose value across borders
- Retail and other services going online
- Corporations have embraced bitcoin
- Converting bitcoin to cash is easy through most wallets and exchanges.
Bitcoin is here to stay. Converting it as easy as converting any other currency – and the fact that it is limited means that the future of bitcoin is as the ‘gold-standard’ in cryptocurrency – a blockchain equivalent to the US$ on the global market. Just keep in mind that the Governments are rapidly changing their tax regulations when it comes to Bitcoin and cryptocurrencies, so keep up to date with your countries regs.