The Future of Bitcoin

What are the future prospects of Bitcoin?
The adoption of TCP/IP suggests blockchain will follow a fairly predictable path. While the journey will take years, it’s not too early for businesses to start planning. In 10 years, Bitcoin can reach $100K or even hit $200K. As long as there are no threats to it in terms of competition and regulation, its finite supply and growing popularity should ensure that it keeps on reaching new price highs.
Are cryptocurrencies the wave of the future and should you be using and investing in them? And do the massive swings in their prices—nearly $1 trillion was wiped off their total value in May—portend trouble for the financial system? Thanks for the detailed stats but I see no point such far-reaching Bitcoin price predictions because it is hard to say what the industry will look like even after several very next years…
Whether Bitcoin is a good investment or not depends on your portfolio and risk appetite. It is still going strong, and despite all the online doom posting coming from various stock market experts, the crypto market “bubble” still hasn’t popped. If it fits into your portfolio, and you believe in it as an asset, Bitcoin can indeed be a good investment in 2022.
Together, all of these aspects make Bitcoin an incredible financial technology with the potential to change the world. And as a result, Bitcoin projected growth is expected to be substantial and reflect its true value as a global currency. According to Bitcoin price history, the father of crypto will continually go up, but of course, it’ll still be a wavy process. I have no doubt ’bout BTC price rise…while the last Bitcoin isn’t mined people will invest… after that the end of supply and apocalypses)))
If Bitcoin is like early e-mail, is blockchain decades from reaching its full potential? In our view the answer is a qualified yes. We can’t predict exactly how many years the transformation will take, but we can guess which kinds of applications will gain traction first and how blockchain’s broad acceptance will eventually come about.
How could Bitcoin be improved?
Blockchain could slash the cost of transactions and reshape the economy. Whatever Bitcoin’s eventual fate, its blockchain technology is truly ingenious and groundbreaking. Bitcoin has shown how programs running on networks of computers can be harnessed to securely conduct payments, within and between countries, without relying on avaricious financial institutions that charge high fees. For migrant workers sending remittances back to their home countries, for instance, such fees are a major burden. Technologies that make payments cheaper, quicker and easier to track would benefit consumers and businesses, facilitating both domestic and international commerce.
While Bitcoin has failed in its stated objectives, it has become a speculative investment. This is puzzling. It has no intrinsic value and is not backed by anything. Bitcoin devotees will tell you that, like gold, its value comes from its scarcity—Bitcoin’s computer algorithm mandates a fixed cap of 21 million digital coins (nearly 19 million have been created so far). But scarcity by itself can hardly be a source of value. Bitcoin investors seem to be relying on the greater fool theory—all you need to profit from an investment is to find someone willing to buy the asset at an even higher price.
As it grew in popularity, Bitcoin became cumbersome, slow, and expensive to use. It takes about 10 minutes to validate most transactions using the cryptocurrency and the transaction fee has been at a median of about $20 this year. Bitcoin’s unstable value has also made it an unviable medium of exchange. It is as though your $10 bill could buy you a beer on one day and a bottle of fine wine on another.
Nowadays, cryptocurrency generates many opportunities, such as efficient, fast, secure, collaborative, and global opportunities, and, thus, have the potential for growth in the market. Despite cryptocurrency's various opportunities, it also poses many drawbacks and problems. Firstly, Cryptocurrency has been used for money-legalizing, tax dodging, illegal import transactions, extortion, and robbery of Bitcoin itself (Bloomberg, 2017). This leads to the need to investigate users' knowledge about the Bitcoin ecosystem with relation to confidentiality, safety, and secrecy. It was concluded that 22% of participants lost money due to self-induced faults and security gaps (Krombholz et al., 2016).
Together, all of these aspects make Bitcoin an incredible financial technology with the potential to change the world. And as a result, Bitcoin projected growth is expected to be substantial and reflect its true value as a global currency. Second, as the technology matures and operates within regulatory guardrails, it could start playing a role in improving the workings of the financial system. In particular, the technology has the potential to make certain elements of finance, including payments, more efficient.
If you want to learn more about this topic, feel free to leave your valuable comments. We are happy to assist you. All the best for your future.
(All the material in this article are only the view of the author, and couldn’t be taken as “Financial Advice”)

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