Mrbtc.org — Bitcoin has been in the crypto market for almost a decade now and was introduced back in 2008; the principal of Bitcoin is being to remove the intermediaries. The Treasury of The U.S. has identified bitcoin as virtual currency, which is more commonly described as
the first cryptocurrency and it is the largest of its kind with an all-time high market cap of $334 billion
dollars.
The general consensus about Bitcoin was that it would take the world by storm, but the storm yet to be seen, which is also seen to uproot the commercial banking at present, is a material decline in the sticky bank depositors which is a negative for the bank top line revenue.
At present many well-known companies accept Bitcoin for payment which include Amazon, Apple, Expedia, Subway, Overstock, Reddit, Microsoft, Tesla, Dell, Bloomberg.com, Kmart, Sears, Gap, Victoria Secret.
There is a long way for Bitcoin to go before it becomes a globally accepted form of currency, which is a virtual one. A few counties have outright banned the use of the Bitcoin, though the numbers of countries are diminishing, due to the wider issue being lack of regulation on Bitcoin itself which is coupled with concerns over the technology limitations.
The technological development over the short to medium term will certainly influence the value of the crypto markets and, also as a global regulatory landscape develops, which would expect the usage and the demand to increase, by driving the value, and the types of returns that are not apparent with cash, and even now it is cash which is the King that is maintaining its status.
Whether investors consider Bitcoin an alternative hedge or as an investment remains to be seen. Either way, when considered with the year-on-year surge in the value of Bitcoin, is just shy of 200%, the only way up is if the regulatory walls continue to fall and the transaction volumes continue
to rise, then Bitcoin hopefully will have an all-time high hit of $19,891 again.
The Bottlenecks is it will undoubtedly limit the transaction volumes over a near-term, leaving the door open for traditional payment methods to compete, but this is only going to be a matter of time before the payment systems are upgraded and Bitcoin has an opportunity to become
a primary payment of mechanism.
In the end, it is the success and the evolution of Bitcoin across mainstream economies and beyond will likely boil down the attitudes of the Central Banks. Bitcoin is most popularly used in the online gambling industry, as there are numerous online casinos
accepting bitcoin and other cryptocurrency’s as their payment option.
The intention of Satoshi Nakamoto was ultimately knock central banks off their perch, the inventor of Bitcoin has publicly discussed distrust towards central banks in the bitcoin white paper. The evolution of Bitcoin has certainly opened the eyes of many; by bringing into question in the need for central banks and Bitcoin has become a method of exchange, as there would be no requirement for any issuance and
settlement.
This published article is from Mrbtc.org