Bitcoin was the first cryptocurrency that launched the digital asset space. It was a revolution for the financial system, as major controlling bodies did not expect a replacement for fiat currency – at least, not its sudden launch a few years back. Bitcoin is a decentralized financial system, and until now, no one can tell of its founders, except, of course, Satoshi Nakamoto, with no face to his identity.
Bitcoin was initiated to the public in 2008, and ever since, it has experienced high volatility. Bitcoin price is therefore volatile, but its popularity was massive in 2018, accompanied by a tremendous loss for investors. What else can we expect from Bitcoin, especially for the next decade?
This article provides the correct answer. Hence, read till the end to discover some facts about digital currencies.
Table of Contents
Bitcoin’s Performance in the Past
let’s consider the bitcoin price history and its current performance. We can deduce the possibility of significant advantage in the future.
During its early stage, bitcoin went through significant scandals and the wrong perspective. It took hard work to pull out of the popular scam theory. Thankfully, influencers like Elon Musk began vouching for it, which changed its narrative. Meanwhile, influencers claimed their support for cryptocurrency is not based on a partnership purpose, rather the expected hope of changing the financial market.
Despite non-acceptance at the initial stage, many big organizations use bitcoin as a means of payment for their product or services.
Has Bitcoin Revolutionized the Financial Market?
Cryptocurrency founders aim is to cripple fiat currency, especially with flexible bitcoin prices. Hence, provide a cheaper and easier mode of investment for new investors, especially the millennials. As noble as the goal may sound, bitcoin is yet to revolutionize the market. There are external forces against it, which serve as a hindrance to its growth. Some governments do not accept the need for a decentralized platform as a means of exchange or daily transaction. Amidst all the restrictions, investors keep asking what hope lies for them in cryptocurrency?
Bitcoin Evolution in the Next Decade
Recently, the bitcoin price has dropped drastically, causing investors to sell off their assets at ridiculous prices. Just as we have newbies in the market, the Bitcoin community is large-based, with experienced investors.
With the rapid rise of bitcoin enthusiasts, blockchain technology would improve, enabling millions of transactions per second. Presently, we have the Proof of Stake mining mechanism, taking over the Proof of Work mechanism. This proves that cryptocurrency is adopting better means to ease transactions. More so, the bitcoin price would have skyrocketed, leaving early investors of enormous benefit.
In the next decade, decentralized exchanges would have taken over centralized exchanges. This means that investors and traders would not need a platform to buy and sell your crypto. Since technology keeps advancing, we can expect no centralized exchanges in the next decade.
Cryptocurrency mining farms would continue to increase, as wealthy people now show great interest in the increase of bitcoin price. For instance, a Chinese company called Bitman owns about 75% of the market currency. They are not ready to hold back, but rather keep owning a significant portion of the market. Nevertheless, cryptocurrency is a vibrant ecosystem, which always finds its balance.
More importantly, Bitcoin would serve as a medium for daily transactions and store value in the next decade. Some governments, such as Japan, accept bitcoin as a means of legal payment. Institutional investors can expect bitcoin to offer the same valuation as gold in the next decade.
According to the CTO of a payment firm, Rambus, Chakib Bouda, security remains the most significant failings for bitcoin and other cryptocurrencies over the years. Hence, developers are putting measures such as Lightning Network in place to respond to this situation.
Also, Bitvavo, an exchange platform, states that digital assets are safe, regardless of the security threat, provided one leaks out no personal information. “One of the main benefits of digital assets is that you do not need to trust third parties like banks or exchanges, such as Bitvavo.
Conclusion
Possible problems may arise from the bitcoin price and its evolution in the next decade. Big investors with large shares of the market may keep compromising the blockchain mining mechanism. According to experts’ analogy, significant shares investors receive a massive return from mining large volumes of currency. As a result, they influence its price.
Although Bitcoin raises a high hope of greater possibility in the next decade, it may be cut short. If the founders do not attend to the influencers selfish role in high bitcoin price, it may lose its decentralization band.
About Carson Derrow
