Will Bitcoin Rule In Ten Years?
Source: Pixabay If you haven’t heard of Bitcoin by now, you’ve probably been living under a rock. Bitcoin has taken the world by storm in the last few years, and has been riding the buzz ever since. Masses of average people rushed out to get involved in what seemed to be the fastest way to get rich quick, and although there have not yet been that many reports of these people walking away under the weight of quickly earned millions, Bitcoin continues to make headlines everywhere. Notably, Twitter CEO Jack Dorsey recently made a rather bold claim, stating that he thinks Bitcoin will be the only currency in the world in 10 years. A rather bold claim indeed, perhaps even a little outrageous. But certainly a sign as to just how big the waves are that Bitcoin is creating. Of course, the fact that Square, another company Jack Dorsey is CEO of, recently added the option to buy and sell Bitcoin probably has a lot to do with his statement. Others, however, may point out that former Microsoft CEO Bill Gates recently made a statement of his own. Only, his was not such a positive one, stating that cryptocurrencies cause deaths.
Could The World Really Go Bitcoin?
In his statement, Bill Gates was referring to the fact that cryptocurrencies revolve around being anonymous. Therefore, they are the preferred currency of those involved in criminal activities. Hence, drug deals and other such illegal transactions are often done with cryptocurrency, and so have indirectly not only aided crime, but also resulted in deaths. In other words, the anonymity of cryptocurrencies such as Bitcoin is not positive at all, and could cause immense problems if ever becoming more popular than they currently are. But despite this fact; could the world operate on Bitcoin? The answer to this question is another question; would the world, at large, accept Bitcoin as a currency? Currently only a few entities accept Bitcoin, and these include the odd online casino, and a few ecommerce brands such as Shopify and Gyft. Steam, the online video game selling platform, has recently stopped accepting Bitcoin and Google is also set to ban all cryptocurrency advertising, due to the excessively high percentage of questionable deals being advertised. In order for Bitcoin to become truly valid, acceptance would have to extend a great deal further than where it currently stands. And, as it stands, not many organisations are rushing to accept Bitcoin as valid currency. In fact, most organisations seem to be making an effort to distance themselves from it. Source: Pixabay
What Will Become Of Bitcoin?
Theoretically the world could operate on Bitcoin. This, however, would require a drastic, enormous transformation of economies all over the world. Banks would have to crumble in order for this to happen, or at least fall into a more background role. This seems unlikely. Blockchain, however, the technology that cryptocurrency is based around, is likely to not only revolutionise how financial trading is conducted, but likewise most industries the world over. Interestingly, though, blockchain technology is not being focused on as much as Bitcoin itself, but is likely where the real digital revolution is set to occur. Blockchain technology, when properly implemented, will allow financial transactions to occur instantly, the world over, as opposed to taking days to be processed. And, in contrast to cryptocurrencies themselves, allows for a far more transparent financial world, as opposed to one that allows even more anonymity. A better question to ask is; will the world be based entirely around blockchain technology in ten years? And if the answer is yes, it’s something that everyone should be thrilled about. It will mean an instant, cleaner financial world.