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Guest Post

What’s Next for Bitcoin?

Bitcoin

For 10 years, cryptocurrencies have been gaining popularity in mainstream economic, political and social circles. The most notable cryptocurrency, Bitcoin, has seen a massive growth in value and popularity. Its evolution continues to reshape financial markets and the nature of online payments, leaving many people wondering what’s next for the cryptocurrency giant.

Bitcoin

To help answer that, let’s take a look at where Bitcoin is currently and how it has transformed numerous day-to-day functions. With that information in hand, we can then paint a better idea of what to expect for Bitcoin in the coming months and years.

Bitcoin-Inspired Tech

Over the past several years, Bitcoin’s underlying technology and innovation has inspired a plethora of new business ventures and technologies. Most notably, the blockchain technology behind Bitcoin has given rise to new forms of verification, financial systems and even possible crypto-inspired election reform

Blockchain companies most notably utilise similar systems to ensure secure financial transactions, but they have also been used as a method of securely storing data. Even governments are getting in on the action, using blockchain tech to safeguard yet make publicly verifiable a variety of official documents. 

Mainstream Acceptance as an Investment

Many Bitcoin fans were adamantly opposed to regulation by governments and financial agencies, but this aspect of Bitcoin’s evolution merely highlighted its growth and acceptance. Today, a seemingly countless number of financial institutions and trading platforms allow for buying, selling and trading of the currency.

Trading on a crypto exchange isn’t all that’s available with Bitcoin these days: a wide variety of options that include futures and derivatives now make Bitcoin a legitimate investment. For example, contract for difference (CFD) trading is now available through platforms like easyMarkets, ensuring that Bitcoin will continue to become an investment option for increasing numbers of people.

Reduced Volatility in the Market

One of the biggest noticeable changes in Bitcoin’s economic impact is the reduced amount of volatility. Several years ago, it was not uncommon to see Bitcoin prices fluctuate by as much as 30 percent in a day. Those kinds of movements are largely non-existent today, and the amount of potential volatility in the market will continue to decline thanks to increased adoption.

While not necessarily the primary force behind reduced volatility, additional coins being mined also continue to have a stabilising effect on the currency. 

Faded Interest as a Currency

While much of the initial buzz surrounding Bitcoin was rooted in its use as a potential secure currency, mainstream trends are pushing it away from this. More people than ever are treating Bitcoin as an investment commodity rather than a form of money, changing its nature in the process.

While many businesses and brands still accept Bitcoin payments and will do so for the foreseeable future, most who choose to acquire or invest in Bitcoin do so from an investment angle. This increased adoption as an investment rather than currency has likely reinforced the stability of its price over the past two to three years – and will continue to do so.

Bitcoin’s future is far from certain, but we can see several trends surrounding it continuing to develop. Whether it be reduced volatility, treatment of it as an investment, or new generations of tech inspired by the currency, the future seems both bright and multi-faceted; countless brands and industries will continue to be influenced by its development.

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