The buzz has been all about Bitcoin, the cryptocurrency that keeps on rising and making people worldwide go crazy with investments. But since it is still so new, nobody is sure of its sheer potential and just how big it could go. Could it be the future of worldwide currency, or is it just a fad? Let's dive in and explore what the future may hold for Bitcoin.
Bitcoin Around the World
Bitcoin has made waves all around the world. In some parts, Bitcoin is becoming more widely accepted by retailers from small local stores to huge global organisations. You can book your flight and accommodation using Bitcoin, you can use it to buy a coffee, and even buy a brand new Tesla with it.
Some places such as Ecuador, Bangladesh, Bolivia and Nepal, Bitcoin is not considered to be a legal form of currency, so growth has been slowed. However, other parts of the world have allowed Bitcoin to thrive. Japan is embracing the use of Bitcoin with both arms as it has officially become the largest Bitcoin trading market in the world. There, you can find Bitcoin used everywhere from karaoke bars to Bitcoin-only casinos like Bitcasino. The most Bitcoin friendly countries in the world exist mostly in North America, Northern Europe, and some parts of the Far East. Bitcoin is growing steadily and more and more countries are vying to get on board. It may take some time for skeptical countries to join in, but if growth continues and relevant changes are made then we may see Bitcoin take over as a global currency.
What are people saying?
In recent months, we have seen the value of Bitcoin fall and then skyrocket to new highs more times than we can remember. While we may not be able to accurately predict the future of Bitcoin, we can look to credible sources to make calculated guesses. Christine Lagarde, the boss of the International Monetary Fund (IMF) recently made a blog post where she wrote about the promising potential of Bitcoin. She states that Bitcoin could significantly impact the ways that we manage our savings, investments and bill payments.
Lagarde says that a crucial element to the successful future of Bitcoin is through proper regulation. Bitcoin is currently not owned by any banks, organisations or people, it survives on a Blockchain. While it is a very secure system, there are still skeptics who are wary to get involved with Bitcoin due to the lack of proper regulation. Gaining the trust of people and authorities worldwide by incorporating global regulations and security measures is a key factor in the growth of Bitcoin.
Jerry Brito, the executive director of non-profit Coin Centre, has also long advocated for the use of Bitcoin to become more widespread. In his book Bitcoin: A Primer for Policymakers, he writes about the benefits of Bitcoin, including the fact that transactions are fast enough to significantly reduce international transaction times. By existing online on a secure Blockchain, there is a very remote chance of your wallet ever being stolen, and since Bitcoin is a global currency, there are no exchange rates when using it overseas. He has stated that we need to give Bitcoin more time to grow in the ways that Google and Facebook did, so only time will tell how far it will go.
What's in the Future?
The future of Bitcoin remains uncertain. With fluctuating markets and countries still remaining skeptical, it may take some time before we see Bitcoin being as widely used as the Dollar.
However, if we see relevant changes made such as proper regulations and safety measures like Lagarde states, and by giving Bitcoin time to grow like Brito suggests, we may begin to see Bitcoin rise to new heights of popularity and widespread use than ever before.