The strange thing today is that opinions and predictions about Bitcoin’s future is making more news than the Bitcoin itself or the underlying blockchain technology. Experts on cryptocurrencies have varying opinions about Bitcoin’s future. According to Warren Buffet, the Bitcoin is “a delusion”; on the contrary, Elon Musk finds it “brilliant”, as do many of the new-age entrepreneurs.
The Bitcoin first made an appearance in 2009 and now is a good time to consider whether the Bitcoin will continue to hold its dominating position amongst cryptocurrencies, or whether the Bitcoin future is bleak. People are more curious than ever to know whether new advancements in the blockchain technology will lead to Bitcoin’s mass adoption.
Bitcoin had been anonymously created by Satoshi Nakamoto, a developer’s team and was the first digital decentralized peer-to-peer currency to emerge. Ever since people have started to understand the revolutionary nature of the cryptocurrency they have become more open to holding onto the currency. Bitcoin has a limited supply and this is why even if the demand goes up, the supply will stay intact; so, the prices are likely to go up. Bitcoin future will depend on how far it becomes a medium of exchange, and whether it remains a store of value. Now that the bitcoin is traded even using automated software applicatons like bitcoin era more investors are expected to join the cryptocurrency world. This informative bitcoin era review will help you understand how the automated software works.
One of the best uses of the Bitcoin in the future will be in the form of store of value; it has been called “digital gold” by Steve Wozniak, Apple’s co-founder. Incidentally, it is even better than gold because storing it is simpler. It cannot be taken away forcibly and you can be sure of the quantity. Another key use of the Bitcoin will be as medium of exchange. As of now it has not realized its full potential as one, although it was meant to be immune from attacks and completely secure. To enhance security, the time taken between the block-creation is still quite long. So, transaction speeds are slow but risks of attacks are low.
Moreover, if the blockchain is being used by too many users simultaneously, it cannot fit in all the transactions; this creates waiting. Last year, a scaling update was added to Bitcoin network to resolve this issue. The SegWit upgrade helps to split the data relating to transactions so that not everything will be stored in the blockchain. This in turn ensures that greater number of transactions can be accommodated into each block. So, if all Bitcoin addresses are able to upgrade to the SegWit, the network will become stronger and this spells a bright future for the Bitcoin. Likewise the Lightning Network is being developed so that users can install payment channels when they want to make multiple transactions between themselves and a vendor. This Lightning Network is expected to keep all micro-transactions off the blockchain so that the network becomes free. And this means reduced fees for users.
This is why people are now keen to find out more about Bitcoin’s future than about the cryptocurrency itself. They want to be sure that Bitcoin can offer them a secure future before they start investing in it.