Signs Bitcoin Will Stay Around for Decades
Bitcoin was the first cryptocurrency. Here are some signs Bitcoin will stay around for decades.
As the most volatile and historical of all the cryptocurrencies, there is much debate around the longevity of Bitcoin and crypto in general. While the digital payment system established the blockchain technology we know and love today, it's difficult to say how it will last in the long term.
However, due to its long history when compared to other blockchain projects, we have reason to believe that Bitcoin will stay around for decades, longer than the naysayers think. Here is some of that rationality broken down.
It has already skyrocketed in value.
Though this is one of the many things everyone forgets about Bitcoin, it has been around since Satoshi published the white paper back in 2008. That's right. It's a ten year project. Since the start, the price of Bitcoin has grown from 0 to over $11,000 at one point.
As of this writing, Bitcoin seems to have stabilized at around the mid 6,000's in value. However, the fact that we've seen it rise higher than a couple thousand is a testament to the resistance of the digital currency. Because of this, we have every reason to believe that one of the things needed for Bitcoin to skyrocket and stay high in the next couple of years is likely to happen.
Mainstream adoption is on its way.
Bitcoin, cryptocurrencies, and the blockchain are now mainstream knowledge. Ever since the big blowup back in last 2017, everyone from your neighbor to your great aunt has heard of digital assets.
However, the volatility and inherent uncertainty surrounding cryptocurrencies are keeping the public from fully adopting them. This fear is relatively common, as new technologies tend to scare people until all the kinks have been sorted out. Right now, only a tiny fraction of the world even has any money in Bitcoin. That said, we may be closer to mainstream adoption than we think.
Currently, popular stock trading platforms like NASDAQ have voiced their interest in placing digital currencies onto their platforms alongside traditional stocks. Of course, this all depends on how and when the United States government decides to regulate them.
The government is getting involved.
That's right, the government has been looking into all sorts of different ways to take control of an uncontrollable asset. The SEC has recently started to claim most digital assets as securities. Once these claims come more into effect, and Bitcoin and other cryptocurrencies are regulated, more people will definitely begin to take notice.
It has the potential to replace fiat currencies.
While it isn't going to be a replacement for cash anytime soon, Bitcoin is looking to revert control of our money back from the hands of third-parties. This change is on a worldwide scale. You can use your Bitcoin in America the same way you can in Bali, assuming you find Bitcoin-accepting vendors in both. Bitcoin can basically be treated as a fiat currency already.
Plus, it's not like we are going to stop using money to trade for goods and services. Bitcoin will stick around because it's improving an issue that the entire world currently does and will continue to face. If that's not one of the signs Bitcoin will stay around for decades, I don't know what is.
Bitcoin has a universal use case.
Bitcoin isn't some niche solution to a small problem. Instead, the first cryptocurrency is attempting to solve an international issue: control of our hard earned money.
Right now, citizens all over the world rely on banks and other central authorities to handle and store our funds. Though unlikely, it's possible that the banking system as we know it can suddenly collapse.
The naysayers are just that.
As mentioned earlier, new technologies scare people. Society isn't the most accepting of change, but fight hard enough, and it will happen.
People like to think they know everything. Some of them will see something different, look into it for a few minutes, and act like they know everything it has to offer. They'll either write it off or say it's the best thing ever. Others go as far as to call out Bitcoin's negative history. The digital currency is used on the black market, and can even be a way to enable money laundering.
However, these opinions don't mean anything, and these groups form an echo chamber of negativity. Those who have done their research into blockchain and Bitcoin, in general, know that this isn't some trend. This is a potentially world-changing technology, and whether or not we see mainstream adoption, it has already caused the thinkers of the world to change their viewpoints.
Governments are scattering themselves while trying to figure out what to do with digital assets. Business tycoons are either throwing money into Bitcoin or vehemently disavowing it. Important people in power are looking into this technology for a reason. Those that simply dismiss it are doing themselves, and the world, a disservice.
Bitcoin runs on the blockchain. The blockchain is an entirely trustless technology. No one person can ever take control nor dictate how it works. It can't be "shut down." This asset, alongside all the different altcoins. will always have users participating in the network.
Innovation by Decentralization
Decentralization is another major plus. Computers all over the world participate in the Bitcoin network. Each device is considered a node, and they are all required for systems to keep going. This community is dedicated to the cause and will continue to be as Bitcoin and other digital assets gain popularity.
The process will simplify.
Right now, purchasing cryptocurrencies is difficult. People who aren't super into computers will have a very hard time getting Bitcoin.
Nearly every Bitcoin exchange requires a ton of your personal information, and some don't even allow for fiat currency purchases. Plus, once you've purchased Bitcoin or other cryptocurrencies, you still have to find the best way to store them.
Private keys, recovery keys, hardware wallets, software wallets—the entire process can be extremely overwhelming to all but the most dedicated. This is a huge barrier to entry.
However, as time goes on, we will find more straightforward ways to gain access to Bitcoin and other cryptocurrencies. Eventually, digital assets won't be something for computer geeks and hardcore business people. As the process gets easier, we'll see more and more people jumping onto the Bitcoin train and further extending the lifespan of the digital asset.
People use it as a monetary fund.
People are already investing in Bitcoin for the long term. Some are using it to hold their money somewhere safe, while others are betting on it as a long-term option. As long as people keep putting money in and believing in the idea, we'll continue to see interest in Bitcoin and it will continue.
These are just a few of the many reasons Bitcoin is here to stay. As I said, people are scared of emerging technologies. They are called "emerging" for a reason. The world needs to embrace change if it is to survive, and the digital asset is one such change.
In some ways, we can look at Bitcoin as a new form of independence. As we put more control back in the hands of the people, we will likely see them spreading the word around, and we'll see even more signs that Bitcoin will stay around for decades.