Bitcoin is peer-to-peer, digital cash. It’s totally decentralized. This implies no authority can make more of it or decide who has what share of it. The network’s rules manage everything. These rules are difficult to change without all parties agreeing on them. The inability to change the rules is known as censorship resistance. This is an extremely powerful quality of Bitcoin.
The Future of Bitcoin
The future of Bitcoin will, to a great extent, rely upon which use case it becomes used more much of the time. There appear to be two major examples of use cases for Bitcoin. One is of a medium of exchange, and one is of a store of value.
Bitcoin as a Store of Value
One of the greatest use cases that Bitcoin has is as a store of value. This may seem a little goofy when we’ve quite recently been talking about it falling yet simply hear it out!
Bitcoin really makes a brilliant store of value in its current form theoretically. The main reason it isn’t behaving like one is down to individuals’ eagerness and naivety concerning what it is and why it is special. So the value itself assumes a key role in the future of Bitcoin.
It has been equated to “digital gold” by the co-founder of Apple, Steve Wozniak. It really behaves better than gold from various points of view as well. It’s simpler to store, it’s simpler to ship, it can’t be taken from you by force, and the quantity is known. Gold is risky for every one of these reasons.
If you’re battling to grasp why something you can’t see (Bitcoin) can be spoken about similarly as Gold, at that point, let’s understand about the value that assumes an immense role in the future of Bitcoin.
Bitcoin as a Medium of Exchange
Another use case for Bitcoin is employing it as a medium of exchange. As recently mentioned, Bitcoin is, as of now, used far and wide as a medium of exchange. Could the future of Bitcoin be it becoming the primary medium of the transaction?
Wistfully, it’s not so much that good in its current form for use as a medium of exchange. Bitcoin is a blockchain-based digital currency. It was designed to be as secure and immune to attacks as could be expected under the circumstances. This means it must sacrifice speed for this security.
To increase the security of the Bitcoin chain, it has long spun times between the invention of each block. While this makes it significantly more expensive to attack the network for any length of time, it additionally means that transactions are slow to experience.
Another issue with the blockchain that backs Bitcoin is that there is just a specific amount of space per block. This means when many people are using the network at the same time, not all the transactions that are requested can fit into the blocks. This makes a sort of waiting list.
Since the computers that verify the network (miners) are trying to make profits, they incorporate the transactions that have the largest fees appended in the next block. This makes a situation where people keep upping their fees to try and get the network to notice their transactions.
The Future of Bitcoin’s Price
There have been many different price predictions for Bitcoin made over the years— these range from the negative to the highly optimistic. Let’s look at some of the more notable examples. Unlike price predictions for various altcoins around, Bitcoin price predictions are frequently made by people with either financial or technological backgrounds. This makes them someone more dependable. Nobody can truly understand what will happen!
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