When it comes to Bitcoin, there are two main schools of thought. The first is that the digital currency will continue to grow in popularity and usage, eventually becoming a mainstream form of payment.
The second is that Bitcoin will ultimately fail, due to a variety of issues including its volatility, scalability, and lack of regulation. So, which is it? Will Bitcoin be around in 10 years?.
There’s no doubt that Bitcoin has had a rocky few years. After reaching an all-time high of almost $20,000 in December 2017, the price of Bitcoin plummeted in 2018, losing over 70% of its value.
This rollercoaster ride has led many to question the future of the digital currency.
However, despite the volatility, Bitcoin continues to be adopted by businesses and individuals around the world. In 2019 alone, major companies such as Facebook, Microsoft, and AT&T began accepting Bitcoin as payment.
And according to a recent survey by Blockchain Capital, one-quarter of millennials say they would rather invest $1,000 in Bitcoin than in stocks.
So it seems that there is still strong interest in Bitcoin, despite its recent struggles. But what about the other challenges facing the digital currency?
One of the biggest criticisms of Bitcoin is its scalability issue. The blockchain technology that powers Bitcoin can only process a limited number of transactions per second.
This means that if Bitcoin were to become widely used as a form of payment, it would quickly become bogged down by transaction fees and slow processing times.
There are some solutions being developed to address this issue, but whether or not they will be successful remains to be seen. Another concern is regulation.
Because Bitcoin is not regulated by any central authority, there is worry that it could be used for illegal activities such as money laundering and tax evasion.
So far, governments have been slow to act on regulating Bitcoin. But this could change in the future if the digital currency continues to grow in popularity and usage.
Ultimately, only time will tell whether or not Bitcoin will be around in 10 years. There are certainly some challenges that need to be addressed before it can truly become mainstream.
But there is also a lot of interest and excitement surrounding Bitcoin, which suggests that it could still have a bright future ahead.