It goes without saying that Bitcoin managed to provide us with the most innovative payment method in history. Thanks to its peer-to-peer focus, users have accepted this cryptocurrency very nicely as it provides them with tons of advantages. The fact that Bitcoin is user-orientated is what makes governments and banks oppose it so much.
The fact that Bitcoin is still considered an outlaw currency makes it hard to determine its future. Nevertheless, we wanted to dive into this topic and see what the experts think about the situation that this cryptocurrency faces. But first, let’s take a look at the current state of Bitcoin.
Bitcoin is currently used by millions of users from around the world to make a profit. Some research has stated that there are over 100,000 millionaires that managed to make their wealth by trading with Bitcoin. As of the end of March 2021, Bitcoin’s value is above $50,000 and the chance to make a profit is vast.
The most commonly chosen method of making money with Bitcoin is mining then selling it at trading sites. Mining is a part of the blockchain technology that powers this cryptocurrency. With mining, people verify Bitcoin transactions, which go by the name blocks. These blocks are then added to the log (blockchain). The reward for mining is Bitcoins and even though this is a very hard and complicated process, it is free and that is the reason why many people decide to go with it, rather than buying and re-selling Bitcoins for a profit.
After a certain amount of Bitcoin is earned through mining, traders turn to reputable trading sites to sell them and make a profit. One of the most popular and trustworthy sites of this character is Bitcoin Billionaire. This site utilizes an AI system that analyzes the market and uses the data to make accurate predictions on Bitcoin’s future fluctuations.
This data is then shared with the traders who know when is the best time to sell Bitcoin and maximize their profits. This type of advanced service from trading platforms like the aforementioned one is what motivated so many people to join the network and start trading.
Aside from making a profit, many global brands even accept Bitcoin as a payment method. The list of popular names includes Shopify, Microsoft, Wikipedia, Overstock, Whole Foods, Starbucks, and soon, maybe even Tesla.
When it comes to the future of Bitcoin, experts are very divided. One side thinks that because Bitcoin is user-focused, the number of people who join the network will keep rising and a point where a majority of the world’s population uses it will be reached. The pressure to legalize Bitcoin will become too big and governments will have no other option.
The other side thinks the opposite. They claim that since Bitcoin is highly decentralized and cannot be controlled, governments and banks will always oppose it. They’ll put massive time, effort, and money into making sure that Bitcoin stays an outlaw currency.
Finally, we wanted to mention some of the reason why Bitcoin has become so popular. First of all, Bitcoin is far superior and different from all other cryptocurrencies. Not only that, but it makes all regular payment methods look obsolete. First off, Bitcoin users gain a certain level of online anonymity, which makes this cryptocurrency much safer.
Not only that, but due to the fact that has a peer-to-peer focus, banks are excluded from the process and users do not have to pay any additional/unnecessary fees. Finally, Bitcoin is fully optimized for online use and all online transactions with it are instant.