The kind of prediction we will be doing in this article will determine the future of bitcoins, what will happen to them in the coming twenty years? It sounds a bit odd because this is going to be something that might either turn out great and intellectual or something hilarious. But let’s give it a shot and see what predictions we have for this cryptocurrency here.
This currency has gone through its own set of ups and downs in the computational market. These sets of coins became famous for providing the framework to create other cryptocurrencies. Similarly, in each instance you get to hear about the latest bitcoin news, it appears to stick to a similar pattern.
As soon as you come across reports of the latest innovations or guidelines, they lead you to the collapse of bitcoin. It’s followed by a price increase. And after that, the news says about the instability and continuance of the debate as for bitcoin’s development.
Just because it’s an online firm in the form of cryptocurrency doesn’t mean it will work. Let us take the example of Flipkart, an e-commerce platform that bought Snapdeal thinking it will increase their sales, but the opposite happened. Now as of current neither Flipkart is earning that much nor is Snapdeal. Both are facing losses.
But then again, we can’t judge a book by its cover. The main reason why we fail in predicting is that we think our opinion is final. It’s not our opinion that’s reality but the future that we fail to observe. In the case of bitcoins, lots of investments are being put forth with the belief that you might gain profit from it.
As the network of bitcoin permeates the system it will make it much easier to use your phone to buy things with bitcoin. In five years, we’ll try to use fiat money to buy coffee and the barista will laugh. Because you never know, what can happen? What we predict might not be always true you know?
That is why it’s pretty contradictory as to what side one should choose. I feel like the money in my bank is less secure than my bitcoin is. But if you see it in a generic view, banks are constantly trying to stop hackers from breaking in, but so far no one has managed to hack the bitcoin network.
Bitcoin, just say this term word to 5 different people, and you’ll get 5 different responses ranging from upgradation to degradation. Though nobody denies its existence, the world is relatively well; spinning around on the merits of its existence. Half of the people think it is the future, while the other thinks it has no future.
Keeping in mind as the blockchain reaches a scaling watershed, there’s one key differentiation that the world will come to acknowledge is that; one, enthusiasts are likely already very familiar with the vast contrasting figures between Bitcoin, Ethereum and other decentralizing technologies.
Bitcoin’s succession to digital gold has been mind-blowing and has signaled the beginning of a whole new techno-economic era. But digital gold is just—a beginning.
If you take a look it’s not so much a matter of if, but when the house of cards tumbles with major worldwide implications. One looks at the five biggest economies in the region and it’s clear.
Therefore, digital assets have exiguous properties similar to gold and oil in that they are provenly scarce. If this crisis lands, the digital asset class will be the hedge to traditional central banking systems that resort to printing—and thus depreciating—currencies in times of crisis.
There’s a looming problem with the idea though. That is, there’s no cap on the number of other cryptocurrencies that can be created. Bitcoin cryptocurrency might increase with exposure if people get to know the merits of this currency. But then again there will be a doubt in the minds of the people regarding whether this method of payment should be trusted or not.
With different kinds of cryptocurrencies coming into the view, people have a lot of options to choose from. So, it also creates a lot of competition for the bitcoins to maintain their position in the market as of now.
Not so with fiat currencies. Even though a government has the right to print more money, it generally practices restraint in doing so, since rampant money-printing devalues that currency and can spur inflation which can cause loss of money or the exchange of black money.
Also, anyone who wants to own another country’s currency must trade existing currency. In my personal opinion, globally; for better or worse, the amount of money that can be held at any given time is finite, securing at least some semblance of value.