Bitcoin prices saw a sudden surge at the beginning of 2018, but they have fallen by two-thirds over the past couple of months. This makes the future of bitcoin highly risky and unpredictable for investors. Bitcoins gained popularity due to the ease in the transaction and the lack of a central governing body for bitcoin transactions. However, the stability of bitcoin is at stake because of increasing costs of bitcoin transactions and the lack of widespread acceptance as a mode of transaction. But these reasons do not suffice to ignore its relevance. Certain real-world events such as regulatory status and technical advancements can prove to be of importance when to comes to predicting the future of bitcoin.
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“There are currently over 1500 cryptocurrencies including bitcoin in the market and many more governments and central banks are considering introducing their own cryptocurrencies, which will directly compete with bitcoin,” says an expert from Quantzig.
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Key factors affecting the price and future of bitcoin:
Cryptocurrencies in the form of bitcoins have been operational for almost a decade but the regulations in the sector are still in its early days. Many people believe that the price of cryptocurrencies will be negatively affected if governments start regulating cryptocurrencies. Despite this, Japan had completely regulated bitcoin in 2017 and, at present, has the highest trading volume in the world for bitcoin. The wide use of bitcoin is a positive sign for the future of bitcoin as more countries are expected to follow the suit. To gain more insights into cryptocurrencies and the future of bitcoin, Get in touch.
Bitcoin holds the top position in terms of reputation, market capitalization, and real-world usage in the world of cryptocurrency. But reasons such as delayed transactions, high transaction charges, and the level of scalability may hinder its acceptance. Moreover, the bitcoin network can only confirm seven transactions per second; whereas, cryptocurrencies such as NEO and Ripple can confirm thousands of transactions per second. So, bitcoins need to be technically sound before becoming a global payments system. To know more about the future of bitcoin, request for more information.
Adoption and real-world usage
Other than Japan, few nations such as the USA and UK accept bitcoins as a mode of payment. The future of bitcoin will look better when it is accepted as an actual currency in retail outlets and online channels. Also, the market value of bitcoin will escalate if the real-world usage of bitcoin increases. To access the complete list of factors affecting the price and future of bitcoin, view the full article here!
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