Bitcoin is the future
Bitcoin is the currency of the future. Bitcoin is designed to be used as an open-source worldwide digital currency. Bitcoin transactions are cheap and fast; currently, there is no way for either merchants or banks to cheat Bitcoin Prime app users out of their money, so it will always remain a cheaper and faster alternative than PayPal, Western Union, Moneygram, and bank wire transfers – which can all be compromised by corrupt banks and financial institutions. And since Bitcoin works peer-to-peer without a central intermediary (like eBay), transaction fees are much lower than those charged by companies like Visa and Mastercard.
Bitcoin: A digital currency
Bitcoin’s creator Satoshi Nakamoto originally said that Bitcoin was “a purely peer-to-peer version of electronic cash [which] would allow online payments to be sent directly from one party to another without going through a financial institution.” Bitcoin has been described as “cash for the Internet,” allowing people to send and receive money with nothing more than an Internet connection. Bitcoin was the first digital currency not to rely on any central intermediary (like PayPal or a major bank) during peer-to-peer transactions; it is essentially controlled by its network rather than by any singular entity.
Bitcoin works like cash in some ways – Bitcoin can be used just like paper money, and this means that Bitcoin does not require personal identification information such as names and addresses when people buy and sell goods and services over Bitcoin.
There are different opinions on how this evolution will continue. Some think that bitcoin can easily replace all financial processes we have today while others believe that the currently existing infrastructure just won’t be able to handle Bitcoin transactions.
There are several scenarios of how Bitcoin future could look like, the following are three of them:
1) Bitcoin will replace existing financial infrastructure One Bitcoin supporter said that Bitcoin is easier, cheaper & faster than any other payment solution available today. No wonder many people all over the world are eager to find out if he’s right. He thinks Bitcoin could be in your wallet within a few years and that Bitcoin will totally revolutionise the world we know today. The Bitcoin protocol is open source and there’s no central authority controlling Bitcoin; it’s controlled by market demand.
2) Bitcoin might die out There are several challenges Bitcoin will need to overcome before this cryptocurrency becomes mainstream:
– Understanding of Bitcoin needs to improve so regular users can use Bitcoin without feeling lost or confused
– Getting integrated with existing payment processors such as PayPal, Dwolla & bank transfers
– Established merchants which already have an existing customer base willing to accept Bitcoin for their products and services want guarantees that transaction fees won’t rise dramatically over time, making using Bitcoin too expensive for regular purchases – Regulators will need to accept Bitcoin and make Bitcoin transactions legal
– The Bitcoin community itself should remain open to improvements & changes while avoiding internal conflicts
3) Bitcoin will evolve into a cryptocurrency that can be used for regular purchases. In this scenario Bitcoin would only be the first step in making cryptocurrencies something people use on a daily basis. Bitcoins will lose their speculative value and continue simply as a currency users can trade with. What’s more, Bitcoin could even stop being the dominant cryptocurrency at some point in time, just like most other currencies it replaced before (e.g.: the dollar).
Of course, there are many scenarios possible where Bitcoin doesn’t change anything or dies out completely but if you ask me this is not very likely. That’s why I’m putting my money in Bitcoin and will continue buying Bitcoin until I can pay for my groceries in Bitcoin.
Conclusion
Bitcoin is a cryptocurrency that has the potential to revolutionise how we think of money today. There are different opinions on how this evolution will continue, but some think Bitcoin could easily replace all financial processes we have today. Others believe that the existing infrastructure isn’t capable of handling Bitcoin transactions, so it’s more likely Bitcoin won’t change anything or might even die out completely. However, if you ask me I’m certain Bitcoin will evolve into something people use on a daily basis, but not just as a currency for speculation purposes. Bitcoin might stop being dominant at some point in time too which would be similar to what happened before with other currencies (e.g. the dollar). Bitcoin will either replace, evolve or die out completely but Bitcoin has a huge potential and it’ll be exciting to see where Bitcoin is going in the near future.
