Bitcoin or BTC has been in the headlines again recently because of the recent $1.5 Billion Tesla purchase and the likes of Mastercard and PayPal coming on board. It has also reached a new ATH of over $58,000.
Bitcoin was the first peer-to-peer electronic cash system, originally made to replace centralized currency. Bitcoin has not replaced money yet as we know it, although it is rapidly becoming more adopted by the mainstream every day.
You can trade Bitcoin, earn interest on it, you can mine it, and you can buy stuff with it. Some people love it, some people are still very sceptical and don’t like the idea of cryptocurrency at all. Some countries are trying to ban cryptocurrency.
What do you think?
What is the Future of Bitcoin?
BTC – The Big Dog
Bitcoin is the Big Dog when it comes to cryptocurrencies. It is considered the first cryptocurrency and has market dominance with the highest market capitalization.
Bitcoin was created in January 2009 by the mysterious and pseudonymous Satoshi Nakamoto.
There are no physical bitcoins. It is digital, and there are only balances kept on a public ledger that everyone has transparent access to. All bitcoin transactions are verified by computing power. You can receive rewards for confirming these transactions. This is called Bitcoin mining.
Satoshi’s whitepaper outlining bitcoin also describes the concept of blockchain technology for the first time, saying that “the network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work.”
Blockchain is the technology that Bitcoin works on and enables it to be decentralized. The future is Blockchain.
The future will be decentralized.
Blockchain technology is one of the greatest things to come out of Bitcoin. It is only a matter of time before blockchain is common in most business.
- Blockchain technology has far-reaching applications across many industries.
- Blockchain is already used to facilitate identity management, smart contracts, supply chain analysis, and much more.
- The full potential of blockchain technology likely remains to be discovered.
Blockchain has attracted significant public and private investment and introduced previously nonexistent products and services across multiple industries.
One of these new emerging industries is Decentralized Finance.
Decentralized finance or DeFi is a general term for various financial applications on the blockchain in the crypto space. DeFi is distinct because it expands blockchain from simple value transfer to more complex financial use cases.
CAKE DeFi is an example of what is possible in the DeFi space. They have developed their own blockchain that is anchored to Bitcoin blockchain. It is called DeFiChain. The DeFiChain is dedicated to financial services and provides a way to generate cash flow from your crypto.
Watch the video below CAKE DeFi explained in under 2 minutes.
Cake is an easy way for the average person to access the world of DeFi and put your crypto to work for you. If you want to learn more about CAKE, you can read my post ===> What is Liquidity Mining | CAKE DeFi Review
I personally run a node on the DeFiChain. I loan money to the DEX or decentralized exchange and receive outstanding interest from the crypto I loan to the DEX. To learn how to receive over 100% APY, goto my post ===> What is a DEX.
Bitcoin and Blockchain technology has made all this possible, but what is the future of Bitcoin now.
Big Investors & BTC
Bitcoin has bought a lot to the table in the crypto world, even though it has not replaced our currency. Will it in the future? I don’t know, but it is a great store of value and continues to be the best performing asset. It has gone from zero to hero to ‘digital gold’ since 2009.
With Headlines like “Bitcoin’s 9,000,000% Rise, This Decade Leaves the Skeptics Aghast.” from Bloomberg.
CoinMarketCap says, “Bitcoin Closes 2020 As Best Performing Asset Of The Last Decade.”
and companies like
- MicroStrategy now holds $3 Billion in BTC.
- Tesla – $1.5 Billion
- Galaxy Digital Holdings – $770 Million
- Grayscale has over $30 Billion under management in the Grayscale Bitcoin Trust “GBTC.”
These are just a few of the top ones. There are many more. PayPal recently decided to adopt crypto, and now MasterCard is coming to the table as well. Apple is rumoured to be the next one to adopt crypto.
So when people ask me What is the future of Bitcoin, I tell them it looks gooooood.
Although I am bullish on Bitcoin in reality, nobody knows what the future holds. Everything points to BTC continuing to rise. I will continue to trade it, HODL it and continue to explore the world of DeFi. It is working well for me, and I am excited for the future of Blockchain, Cryptocurrencies and DeFi.
Many people are still sceptical and want nothing to do with Bitcoin, it may not end up being used as originally intended, but I think it is definitely here to stay. I found an interesting article on the possible scenarios at Coindesk. You can read it from this link ===> The Future of Bitcoin: 12 Scenarios From Bullish to Bearish.
My Final Thoughts on “What is the Future of Bitcoin?”
I personally think the future of Bitcoin looks bright and will continue to trade Bitcoin. The way that I trade Bitcoin, I can short it, so I can make money when it is going down as well. I will also continue to interact with DeFiChain they have big plans for the decentralized finance space.
The future is Blockchain, and cryptocurrencies are here to stay, whether you like it or not. I have chosen to learn about it and get involved, and it has worked well for me.
What is the future of Bitcoin nobody really knows for sure, but I know I will continue to make money from it?
Bitcoin is how I create Wealth with Crypto.
Be the Best you can Be
❗ DISCLAIMER: I am not a financial advisor. This is not financial advice. The content and material I provide on 2dsirecrypto.com is my opinion only and general in nature. Always do your own research before investing any money. You should always understand the risks involved in trading and investing and seek advice from licensed professionals before undertaking any investments of your own.