What Does Bitcoin Need For Win: Three Hypotheses
In this article, we have collected three hypotheses that concern the future of BTC and the entire cryptocurrency industry in general.
There are many optimistic scenarios concerning the Bitcoin future. Among them is the asset price will reach one million dollars. This will make it a more valuable asset than any of the existing fiat.
As a result, the first cryptocurrency will take the place of the reserve world currency.
But the scenario seems to be more real when an alternative economy will be built based on Bitcoin, which will become a means of deterrence for the current financial system.
Let's go back to the basics and recall that Satoshi Nakamoto did not create a new world currency and plan Bitcoin for a million dollars. He hardly expected about even $ 20,000 for BTC.
The only goal was to create an alternative payment network, where there would be no regulatory authorities that could block a transaction or account.
This task can be considered partially completed because the Bitcoin network exists and successfully works. Its users not only can freely exchange money with each other but have already built an alternative financial system on its basis.
Bitcoin As A Means Of Payment
Someone will say that Bitcoin is speculation and cryptocurrency haters will definitely remember about illegal transactions on the darknet.
But if someone does not see how people get paid in BTC and use the first cryptocurrency as a protective asset in their investment portfolio, this does not mean that this is not the case. Perhaps you just did not plunge enough into the sphere of cryptocurrencies.
In the future, an alternative economy based on Bitcoin will increase, and the strengths of this world will have to reckon with it. Today, cryptocurrencies are on the agenda of the meetings of G20 and others. The world's leading banks are considering issuing their own digital money.
And the point here is not the technology that everyone tells us about. It’s just that the authorities and bankers understand that people have an alternative, that people no longer need them to solve financial issues and therefore they have to adapt. The authorities are forced to look for options on how to make the current financial system better so that people do not go into Bitcoin.
If we take the cryptocurrency market as a basis and the fact that bitcoin on it plays the role of the main exchange asset, such a dollar in the crypto world. Can we build something new on its basis? For example, a new alternative financial market, because if there is a securities market, real estate, the foreign exchange market, then why not the global cryptocurrency market?
Today we actually have all the necessary infrastructure for this and the cryptocurrency market has a great perspective. But there are three serious problems.
The first is the lack of real value for most tokens traded on cryptocurrency asset exchanges.
Second, the market is too young and unregulated. We are not talking about regulating bitcoin, but about stopping the manipulation of the cryptocurrency market. Transparent and understandable rules are needed so that the only tool that affects pricing is the market, that is, supply and demand.
And the third problem, voiced by the new head of the Bakkt cryptocurrency platform, is the struggle for a place in the sun. He stated that today we can see offshore trading with very limited KYC and AML measures.
All three of these problems are important, but they are all completely solvable. Regardless of whether most cryptocurrencies will be stuck, or they will have a real price, or who will steer the Coinbase or Bakkt market, over time the situation will come to a common denominator and a normal cryptocurrency market will appear next to the stock market.
Moreover, looking into the future, we can assume that they will be integrated and you can buy shares of the acclaimed Tesla for BTC, or receive dividends on Coca-Cola securities in cryptocurrency.
Today it may sound exotic, but we see no obstacles to such a future not come.
Speaking about the new Bitcoin, we are not going to take the side of various hard forks.
But whether we want it or not, Bitcoin is simply obliged to change, because it’s like with money - we have gone from shells to paper notes and now we pay by contactless methods.
Bitcoin originally appeared in the digital space and this simplifies the matter of integration into the modern world and the world of the future. But as you know, for people to start using the payment system, it should be as simple as possible.
You can prove to others as much as you like that in Bitcoin you yourself control your finances, but for most people, it will remain an empty phrase, because setting up a wallet and sending bitcoins is too complicated for them. They simply won’t even try to figure out how it works. Therefore, Bitcoin needs to become as clear and easy to use as possible.
To solve this problem, we have two options.
The first is simple from Bakkt, that is, from bankers. Remember, they are developing a cryptocurrency payment application that is due to appear this year. It will really be one big and maximally simple button, but at the same time, this is a huge step back. After all, in fact, we will again lose control of our own money and will manage the accounts at the bank, only they will call them differently.
The second way is Lightning Network or other options for simplifying bitcoin transactions. The main problem of these developments is that bitcoin is both a simple and complex mechanism. It sounds like complete nonsense, but decentralized bitcoin makes its basic code and make any changes to it to simplify payments while maintaining the initial principles of the network is extremely difficult.
The Future of Bitcoin
Anyone who will be able to solve these problems and make Bitcoin as clear and convenient as possible for everyday use in various fields can well be on a par with Satoshi Nakamoto himself. So we believe in the best and look forward to the emergence of a new crypto hero.