A Glimpse of the Future: Is Bitcoin ready to match up with other currencies?

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Numerous companies, corporations and projects are now embracing the concept of cryptocurrency. You can find it at least in any field — sports, entertainment, business, etc. More sites are starting to accept crypto as a payment option, of course, this would not be possible without the help of some big personalities. One of the few is Tesla’s big head, Elon Musk, who hyped a specific meme coin hundred times on his Twitter account. Gwenyth Paltrow and Bill Gates, two of the richest people in the world, have also endorsed cryptocurrency as an alternative to complex loans and traditional banking.

Bitcoin, being the highest ranking coin on the market, has successfully set the standard by which all other existing coins are being measured. In fact, it was known as “The Face of Cryptocurrency”, and if you would ask anyone from the industry, they would tell you that Bitcoin is one of the “dream coins”. This information is not even disquieting, as Bitcoin holds a long-list of exceptionalist functions and has gained massive support from the traders since 2009.

Bitcoin was intended to solve some of the existing transaction dilemmas in finance, and was produced during an economic crisis at the same year. It was created to help people have a smoother and more secure transaction of money through the internet. In other words, it offered an alternative payment system that would operate free of central control. By that, it has obtained different impressions from the public.

Is Bitcoin the future currency?

As of March 2022, there are over 18,000 cryptocurrency in existence. Although many of these are just duplicated projects, or cryptos with little to no trading volume, the fact remains that there are thousands of options in the market. Despite the wide range of competition, Bitcoin has been banging the chart since ages, and is always on the top priority list of traders. In fact, a lot of those little to no crypto projects were just failed epigones of the Bitcoin network.

In addition, there are also central banks who are planning to launch their own ‘Bitcoin’, still with the touch of being a fiat money. As mentioned, still with the supervision of an upper institution. Bitcoin on the other hand, uses peer-to-peer technology and enables all of its functions to be executed by the network itself, including issuing of currency, processing and verifying transactions. All of this just goes to show Bitcoin differs from any fiat currency even on an elementary level.

However, it is still a long way to go for Bitcoin to be fully accepted as a legal currency across the world. The number of traders that use cryptocurrencies has been on the increase, yet still remain as part of a minority in the overall trading population. This status quo can still change in the next five to ten years. It is a long process, and a stepping stone is to meet the tall demands for safety and efficiency that are expected for a legal currency.

Totally, tons of regulations will be implemented once Bitcoin is considered as a mainstream financial network. Traders should also learn to adapt and sacrifice a few, in order to make this coin one of the building blocks of a successful economic-technological future.

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Demondre Andrews

Demondre Andrews

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