Bitcoin’s usage, popularity, and acceptance have increased since its inception. Bitcoin has proven to be a financial revolution over the last ten years it’s been around. Its exchange rate is highly volatile. However, this doesn’t hinder people from purchasing this virtual currency.
Like the other digital currencies, Bitcoin’s concept runs on an innovative blockchain system. Its network adds all payments to a roster whose management is in the hands of volunteers. Many people see Bitcoin as a positive force in the world. However, some people are worried about its negative connotations. Initially, some individuals and government agencies linked Bitcoin with cybercrimes like weapons and drug trade on the black market. Nevertheless, this virtual currency leans towards greater acceptance and usage. Here are the top Bitcoin trends every crypto trader should watch.
Disregarding Price Predictions
You’ve probably come across experts that purport to predict this cryptocurrency’s worth. However, Bitcoin is highly volatile to a level where even a slight change anywhere in the world can crash or set off its spike. For this reason, some people see a Bitcoin investment as a gambling exercise.
But Bitcoin’s price has consistently increased over the years, despite its volatility. Therefore, some people use platforms like Oil Profit to purchase and hold onto their tokens. That’s because they expect this cryptocurrency to continue appreciating. Perhaps, you can visit the trustpedia.io/trading-robots/anon-system/ of this crypto exchange for more details or register and start trading Bitcoin.
Government Regulation Could Happen Any Time
It’s no secret that governments worldwide are looking for ways to regulate Bitcoin and other virtual currencies. In the future, more government agencies will try to control tax evasion and money laundering through cryptocurrencies. For instance, the government can experience capital growth in the U.S by taxing virtual currencies. Thus, other governments can follow suit and start taxing virtual currencies.
Increased Mainstream Acceptance
Bitcoin’s mainstream acceptance will most likely increase in the future. Currently, digital wallets and giant companies like PayPal and Microsoft are embracing this digital currency. That means large banks will most likely start taking this digital currency. What’s more, corporate investments in Bitcoin and other electronic currencies will most likely increase.
More Competition among Giant Tech Companies
Despite the challenges that Bitcoin has faced, this cryptocurrency has continued to gain popularity and acceptance. Today, giant companies globally are considering the idea of developing their cryptocurrencies. But, Bitcoin remains the prominent and popular virtual currency.
Nevertheless, companies like Facebook and Google are undoubtedly gearing up with plans to develop their digital currencies. Although these electronic currencies might not be huge yet, they can affect Bitcoin growth upon taking off.
Bitcoin Volatility Continues
Bitcoin’s value lacks a real-world anchor. And this explains why this virtual currency is highly susceptible to unexpected crashing and rising. Consequently, investing in this electronic currency is a risky venture for most people. Nevertheless, most people still invest in Bitcoin after realizing that its value has continued to grow over the last decade despite its volatility.
The Bottom Line
Over the years, Bitcoin has continued to dominate the cryptocurrency industry. Initially, this digital currency was an idea that some people thought was fictitious. Nevertheless, Satoshi Nakamoto committed the first code lines to the Bitcoin blockchain in 2009. At this point, Bitcoin moved from being a concept into a payment system that doesn’t depend on a bank, government, or any other central authority. Today, Bitcoin has users worldwide, and its value continues to increase, despite its volatility. Considering how this virtual currency has grown over the last decade, it’s arguably possible that its acceptance, usage, and value will keep increasing.