A change can occur in Chameleon’s color as fast as 20 seconds, but the value of Bitcoin suffers change at a much faster rate. Unless you are living under a rock or just woke up from long hibernation and stepped into the future, you have probably heard a lot about Bitcoin. It’s fine if you still don’t know what a Bitcoin is, because we don’t want you to panic and throw yourself out of the window. Bitcoin, in short, is a cryptocurrency that has taken the world by storm. It is a currency like any other currency that you can use to shop online, buy games or even make secret donations to your favourite torrent websites. What can or can’t be bought with Bitcoin, that is not the question here, question is what can be bought with Bitcoin in future? Before you go back in search of your missing sock, we will try to answer the above mentioned question, and we will try to imagine the possible future of Bitcoin.
The Good Future
It took approximately 1800 days for a single Bitcoin to reach its first US $1000 in value, but after crossing the US $9000 mark, it only took 72 hours for Bitcoin to reach US $10,000 in value. Many tech investors and giants believe that Bitcoin is “The Chosen One”, the one who is here to fulfill the prophecy of destroying the paper currency. John McAfee, founder of McAfee Associates, thinks that future of Bitcoin is bright, and it will hit 1 Million US Dollars by 2020. Major retailers and companies like Expedia, Microsoft, Subway, Wikipedia, etc. have started to accept Bitcoins.
After crossing the US $9000 mark, it only took 72 hours for Bitcoin to reach US $10,000 in value.
Many people speculate on the security of Bitcoin network, they fear what will happen if someone in near future will hack and take over the entire network. Well, it’s a lot safer than traditional Piggy Bank at our homes, it uses blockchain technology as its basis that makes it almost impossible to hack. It will require 51% of the total computing power of entire Bitcoin network by single entity in order to hack and manipulate it, that somewhere around 75 gigawatt hour per day. In other words, it will require approximately US $5.4 billion only in terms of hardware cost.
The Bad Future
Before you jump to the conclusion after reading the good deeds of Bitcoin, and you decide to sell your inherited old vintage GrandPa’s car parked in your garage for decades to invest in Bitcoin, you need to see the other side of Bitcoin. Future of Bitcoin seems a bit dark, darker than the DC universe and that’s saying something. Bitcoin was founded in 2009 by someone whose name is still unknown, the inventor goes by the alias of Satoshi Nakamoto. Its 2018, we know the truth about Darth Vader, but we don’t know who is Satoshi Nakamoto. To put in another way, we still don’t know who to punch in case if anything goes wrong with our money. Bitcoin is decentralized, peer-to-peer, not governed by any institution, and that makes it highly suspicious in future to rely on.
Bitcoin is decentralized, peer-to-peer, not governed by any institution, and that makes it highly suspicious in future to rely on.
There was a time when Bitcoin was rapidly climbing up the ladder. It reached around US $20,000 at the end of 2017, but now it holds value of US $9,500 approximately. It feed on rumours, and its high volatile nature pushes the investors away. Many of the governments are cracking down on Bitcoin, making it harder for people to invest in it. Bitcoin has a limited number of coins that amounts to 21 million. After all the coins are mined, the Bitcoin transaction charges will not be enough to cover the high expenses of its hardware to keep the network ongoing.
Bitcoin have inspired hundreds of new cryptocurrencies. Bitcoin is not the answer to all of our currency solutions today, but one day it might lay the foundation of a new, better and stable cryptocurrency. It is possible that the Governments in near future issue their own regularized and centralized cryptocurrencies. Retails giants might develop and issue their own cryptocurrencies. Right now the future of Bitcoin as an investment point of view seems more like a gamble instead of an investment.