Bitcoin and cryptocurrency have bloomed since 2009. Will cryptocurrency be accepted and regulated by the central banks of the nation? What will be the future of bitcoin? Is it a good idea to invest in Bitcoin? All these questions can be troublesome for people looking to invest in bitcoin or any other cryptocurrency.
Though the value of Bitcoin has been on a rise since couple of years, it has not received acceptance in most of the countries. Bitcoin price has risen sharply in last couple of years despite many fluctuations. Skeptics anticipate its collapse at some point while the true crypto believers see Bitcoin as the currency of the future.
Bitcoins are traded at a number of places online. There are websites that have started accepting payments as Bitcoins. Even the betting sites also accept Bitcoin. The popularity of this cryptocurrency is immense. The future of Bitcoin is a subject of debate. Will it remain the main cryptocurrency for normal transactions?
The Dominance of Bitcoin Over Other Cryptocurrencies
Started in 2009, and being the pioneer in an all-new industry has put a lot of weight on the shoulders of Bitcoin. However, this has also helped Bitcoin dominate the market as it is the oldest player in this segment. The rising coin value, a greater number of investors, and more earning opportunities have drawn the interest of people towards Bitcoins.
There are other cryptocurrencies like Ethereum, Altcoins etc. trying to establish their market, but they all have consistently failed to overcome the market segment captured by the oldest player. More profits and more margins are some other factors that have contributed to the growing popularity of Bitcoins.
This is one of the reasons why Bitcoin is the widely accepted cryptocurrency on a number of websites. There are Bitcoin ATMs as well to help people withdraw money in exchange of their coins. Isn’t it interesting?
From nowhere to $50,000-coin, Bitcoin has significantly captured the interest of general public and has increased its userbase. No doubt it will remain the widely accepted cryptocurrency for many normal online transactions. It is worth noting that Bitcoin is the only cryptocurrency whose creator has remained totally anonymous but have given a new currency to the world.
Few Myths About Bitcoin
- Bitcoin is a real money that can be used for payments.
Bitcoin can be used for payments, but only at limited online websites and vendors. The government of most of the countries have not accepted it as a centralized currency and the chances of its acceptance are also very less. So, Bitcoins are not real money but can be used for payments.
- Cryptocurrencies (Bitcoin) are a great investment.
The investment funds in Bitcoin and other cryptocurrencies have nicely proliferated. It’s not like that at all. Nobody can identify that when Bitcoin/cryptocurrency will fall or rise. It’s a total risk and you need to be lucky to make your crypto investment a good investment.
- Bitcoin is fading away and Meme coins will be the future.
Time will tell who will fail or stand in future. Bitcoin is not fading away as of now, though people have started looking for new options as well. It’s always up in the game. Coins like Dogecoin have a long way to go to reach the level of the oldest player.
- Bitcoin will displace dollar.
Dollar is a nationwide accepted currency and no one will ever dare to displace it. Unless and until the president of the US announces that Bitcoin will displace dollar, don’t believe in this myth.
Who will stay?
With more and more new players coming into the market, surely, people have started looking to book profits there as well. But as far as Bitcoins are concerned, we will not see its major downfall in next few years. It might collapse someday when every nation announces it to be illegal and scam, but it’s not going to happen in the next few years. Newly launched coins will find it really hard to compete with Bitcoins and they might fade away with time.
The Bottom Line
Bitcoins will continue to be used as normal currency for transactions at different stores and online carts until the government of those countries totally ban use of Bitcoins. Till then, keep investing and booking your profits in mining.