Bitcoin has remained at the centre of focus for the cryptocurrency industry. Whether it is performing well, or not, you can almost guarantee that someone will be talking about it for good or bad. At the moment though, the news seems to be good, and experts are even predicting that it is destined for even greater heights in the future!
One reason that Bitcoin has been predicted to go far is due to the simplicity of the Bitcoin blockchain. It was the first successful implementation of the distributed ledger framework via a blockchain. Because it was the first of its kind, in the years that Bitcoin has been created, there have been many other iterations of the technology, but not all have been successful.
Certain updates, such as SegWit and the Lightning Network have meant that the efficiency of the blockchain can be improved even more. One thing that is for sure though, even with these improvements, the Bitcoin blockchain remains to be simple and basic, which adds to it’s a appeal, especially to those who are less technologically minded.
We can also note the fintech revolution as part of the reason for their success. Bitcoin has started to dominate fintech, especially since recent reports have shown that the Square Cash app is overtaking Paypal’s Venmo in terms of growth. In the first quarter of this year alone, Square has sold $34 million worth of Bitcoin.
Bitcoin is at the heart of fintech growth in areas such as Africa, with a lot of payment platforms beginning to offer Bitcoin products. This has made payments a lot easier.
Despite cryptocurrencies in their nature being incredibly volatile when it comes to the price, Bitcoin has, overtime shown itself to be relatively resilient to market events that sends other prices up and down. Bitcoin, on the whole only suffers single digit declines, and it has been predicted that as the market matures, Bitcoin will show even less of a reaction. This is great news for the oldest cryptocurrency.
Finally, as time goes on, Bitcoin will continue to be adopted into the mainstream finance world. A recent example of this is when Nasdaq recently partnered with Gemini to ensure the fidelity of the exchange platform’s Bitcoin trading infrastructure.
Despite seeing some price falls at the beginning of the year, 2018 has been great for Bitcoin inclusion. Both Coinbase and Goldman Sachs have recently unveiled products that have been targeted at institutional investors, along with OTC Bitcoin trading decks that will soon allow significant Bitcoin buy and sell orders without it negatively impacting the market.