Bitcoin has been on the go for around ten years now and has led the cryptocurrency revolution. The currency exchange rate is extremely volatile and there is no method of regulating the flow. The concept runs on a blockchain system, with all payments being added to a roster managed by volunteers. Although cryptocurrency is viewed as a positive force to some, it also holds negative connotations and can be linked with online crime including the trade of drugs and weapons on the black market. However, as the currency leans further towards acceptance, we can track trends on an annual basis.
Disregard For Price Predictions
So-called experts claim to predict the future of Bitcoin worth. However, the truth is that it’s so volatile that the slightest changes in the world can set off a spike or crash. With that in mind, investing largely in Bitcoin is a ginormous gamble. You should only invest in cryptocurrency if you know what you’re talking about – people have lost fortunes in the past after investments haven’t paid off. However, if you wish to exchange your hard-earned regulated currency, it pays to choose the right one. Sites like Best Bitcoin Exchange can help you make a decision on which exchange to use.
Regulation On The Way
Governments around the world are grasping for control of Bitcoin and other cryptocurrencies. Throughout 2021, you can expect to see a fight to control widespread money laundering and tax evasion through crypto. For example, in the U.S, capital growth through cryptocurrency can be taxed. This is a nudge in the right direction and shows that regulating crypto is potentially achievable.
In 2021 and beyond, you can expect to see a growing acceptance of the use of Bitcoin and other cryptocurrencies. You can see this trend coming on the back of 2020, with digital wallets like PayPal now allowing the trade of bitcoin. Over the next year, large banking groups will likely move towards storing cryptocurrencies or investing in the coin themselves.
Big Tech Competition
Bitcoin, through all of its faults, has forced global giants to look into offering global digital currencies. There is still a market for an international digital currency to take center stage and hit the mainstream. You can already see a shift in this regard, with Google and Facebook gearing up with plans to move into digital marketing. Their currencies aren’t huge yet, however, they could cause damage to the growth of Bitcoin if they take off.
Volatility Goes On
Bitcoin’s worth has no anchor in the real world, which is why it’s so susceptible to random rising and crashing. With this in mind, investing in Bitcoin will continue to be a risky game. However, there’s a possibility it may pay off.
Bitcoin, although being around for a decade, is still in its teething stages when it comes to global practicality, regulation, and acceptance. However, things are starting to move in the right direction, and it will be interesting to see where the Bitcoin rollercoaster heads next.