Bitcoin’s Future: Will The Pioneer of Crypto Survive the Next Decade?
Bitcoin was developed with the revolutionary thought of changing the financial world. Its decentralized system was designed to free the people from the shackles of a central bank and to enhance the security of their investments. Users were amazed by blockchain technology and its technique of processing and protecting their data.
But Bitcoin’s reign has seen a lot of stumbles, controversies, and a significant fall due to its price decrease from a whopping $68,000 to a plunging $19,500 as of now. The upcoming decade shows an uncertain market regarding the rise of cryptocurrency. We do not know which crypto will rise, but Bitcoin will still doubt people’s minds due to its high turbulence.
Setbacks to a Revolutionary Currency
Bitcoin was first introduced in 2009 and developed by Satoshi Nakamoto, a pseudonym used by someone whose identity is still unknown. But this was the least of Bitcoin’s problems. Nakamoto came up with the astounding idea of blockchain through which regular people could make suitable investments without paying extra fees charges to banks and other subsidiaries.
Nakamoto said that paying the middleman (mediation costs) gives rise to the transaction costs, which limits the minimum transaction and cuts off the option for casual and small transactions. This statement by them made the others realize that this could be an aid for people as it is catering to the exact problem that needs to be solved.
But the practice of decentralization lasted for a few years as crypto whales or investors with massive reserves of the currency are believed to control its price in the markets. For the sake of equity in mining, the efficacy of large mining farms has been undermined. Scaling issues plague Bitcoin's technology, leading to a long stream of forks and alternate coins.
Predicting the Next Decade
Uncertainty is a crucial part of the cryptocurrency world which everyone has started to accept now. Bitcoin will see a significant rise in the upcoming decade because many countries like Japan have started using the currency as their essential means of transaction. The other will likely follow suit and compel more people to invest in digital currency.
One point of concern regarding Bitcoin or any other cryptocurrency being the standard transaction means is that the ecosystem will have to conduct hundreds of transactions per second. It will also pose a risk to the user's investment as hackers could disguise themselves as any broker or online payment system, which could lead to the trader losing their investment. The bitcoins code won’t be enough to keep malicious users from hacking the system. So, new cryptocurrencies like Bitcoin Cash and Bitcoin Gold are working to improve the current ecosystem by enhancing its security.
Final Verdict
Bitcoin has the potential to grow as the years pass by, but it will also require improving its systems to handle the load of unlimited transactions happening on its server. Enhancing the people’s security will also be a huge priority because hackers and malicious users will find their way to slip in through the system and steal the trader’s precious money. Turbulence will remain, but people should learn and have been learning about how to use that uncertainty to their advantage. Possibly, instructors and experienced people will provide guidelines to others and might build a promising community.
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