In 2019 we can say it clearly and openly: Bitcoin isn’t quite what we thought it was. It may yet become that, but for now, it’s a boom-or-bust commodity that has proven to be unimportant as a currency alternative and unreliable as an investment. We’ve reached a point at which even the likes of Warren Buffett are slamming bitcoin as “a pure gambling affair.” Once painted as a promising new future technology and an exciting development in the very concept of payment, bitcoin is now shrouded in uncertainty.
So what exactly should we make of it? Aside from the fact that it’s not a particularly reliable commodity, are there positives to hold onto?
No one can say for sure. However, if there are still promising aspects of bitcoin or exciting aspects of its potential, these would be some points to focus on.
Do not take this as explicit advice to invest in bitcoin. Most, it seems, would advise against it these days, including (as mentioned) Buffett. However, when searching for the positives remaining around bitcoin, we should at least mention the possibility of significant gains in the future. There is a reasonably good chance that bitcoin will spike again at some point, though knowing when or to what degree is just about impossible. If you look at experts’ price predictions, you’ll find that plenty are still bullish at least on the cryptocurrency’s capability of gaining value.
Integration With Processors
One of the major hurdles to bitcoin becoming particularly useful or popular is ease of use. Even if exchanging cryptocurrencies is relatively easy once you get the hang of it, the learning curve can be steep, and a lot of people simply don’t want to deal with crypto wallets, bitcoin pricing, etc. Thus, we should at least keep our eye on the potential for bitcoin to be made simpler for people, conceivably through integration with known payment processors. More simply, if bitcoin is somehow made usable via PayPal, Venmo, the Cash App, or something similar, people may just become more interested in owning it.
Integration In Gaming
Integration in gaming also comes to mind, in part because it’s already happened, only on a small scale. Bitcoin has peeked in on the online casino industry on some newer and smaller platforms, yet with the newer sites that are trending in 2019 innovation continues to be crucial in this industry. That could well lead to more bitcoin utility among millions and millions of gamers. Similarly, bitcoin can be used in Microsoft’s digital gaming stores, and was briefly an option at Steam, indicating that it could also catch on for non-casino games in a fairly big way. It’s also possible it’s gone as far as it can go in these categories, but gain, they’re worth keeping an eye on.
An Unforeseen Fork
You won’t see a prediction here as to what kind of bitcoin fork would change the commodity’s future in a meaningful way, but the possibility of such an event should never be forgotten. A “fork” in this context essentially means that the very nature of bitcoin shifts such that it practically becomes a new cryptocurrency. A hard bitcoin fork at this point in its development probably isn’t likely, but it can be done, and it’s at least conceivable that such an event would be used to improve bitcoin’s value or appeal in some meaningful way. This would naturally change things quite a bit.