Bitcoin recently turned 10 years old. It was back in 2008 that a whitepaper started doing the rounds among online cypherpunk circles. This whitepaper, written by an enigmatic figure named Satoshi Nakamoto, spoke of a new way to digicommerce.
The whitepaper said the new currency would eliminate the central dominance of the banking authorities and give transactors free agency. And moreover, it would do so without allowing double spending by using this brand-new technology called the blockchain.
Ten years on, and many of the predictions which that original whitepaper made have come true. Bitcoin is a contentious, if not influential force, in the world of international commerce. Further, it has spurred the development of countless other blockchain-based projects which are taking cryptocoins to the next level.
In light of this fact, as Bitcoin turned 10 years old on October 31st, 2018, let us look at what it can bring to the table in the future.
What Is Bitcoin’s Future?
At the moment, Bitcoin is the world’s most expensive cryptocoin with 1 BTC valued around US$6,000. Now, this by itself is an impressive sum. However, this is not something you should look at in isolation. At the beginning of 2018, many prominent cryptocurrency pundits and thought leaders declared something.
These experts said Bitcoin would surpass its previous all-time high of US$19,500. Some even said it would go beyond US$25,000. Yet, as the year comes to a close, Bitcoin is valued at about 1/4th to 1/5th of the estimated price. So, the question becomes, is the Bitcoin boom really over?
What Has Caused Bitcoin’s Downturn?
The fact is that there are plenty of altcoins in the market now which are offering specialised services which Bitcoin doesn’t. Ethereum, for example, uses smart contracts and so is a better potential fit for mass uptake in financial institutions. Similarly, there are other best altcoins in the market which are making their own presence felt. All this has reduced the popularity of Bitcoin and caved into its pricing.
Further, a number of altcoins which are direct forks of the original Bitcoin which have emerged. Each of them tries to bring something unique to the table. However, only one among all these best altcoins actually comes close to preserving Nakamoto’s vision. This is Bitcoin Cash.
With a blockchain 32 times larger than Bitcoin and an optimised transaction model, Bitcoin Cash is looking to succeed Bitcoin. One of its best features is that each block will lower transactions as the number of transactions increase. Further, Bitcoin Cash is one of the best altcoins because it implemented Bitcoin codes which can now allow for smart contracts.
How Will Bitcoin Cash Influence the Future Market Growth?
Bitcoin Cash is already finding a lot of companies which are willing to use it as a payment mode. For example, the Brewdog company, a British company, recently announced it will be accepting payments via the cryptocoin. Apparently, accepting Bitcoin Cash is cheaper for them than processing other digital transactions.
Similarly, Bitcoin Cash has been accepted as a mode of payment by Microsoft and another computer company, Newegg. Various apps like South Africa’s Centbee and Spain’s HandCash App are exploring new ways to use this cryptocurrency. Meanwhile, an app The Money Button is considering how to use it for micropayments and discouraging advertisements on online channels.
With all these new developments, it is almost certain that Bitcoin and cryptocurrencies as a whole have a promising future. It may take a while for their value to manifest in the larger market. But their ascent to global prominence in the financial world seems virtually guaranteed.