At the moment, Bitcoin is one of the most talked-about subjects in the global financial industry. This cryptocurrency managed to break records that no one thought were possible. More so, it became as valuable as gold, which is something that no product or history has managed to achieve in history.
Research shows that Bitcoin is used by around 5 million people and the number keeps increasing by the thousands with each passing day. But, one of the things that interest many is what the future holds for Bitcoin. Even though this cryptocurrency is well-accepted by the public, it is still hard to determine its future since many governments still oppose it.
That’s exactly the topic that we are going to discuss in this article. We’ll check what is Bitcoin’s current state and see whether we can determine its future. Let’s dive into the details.
Bitcoin’s Current State
At the moment, people use Bitcoin to make a profit and as a payment method. Many of the world’s most renowned brands accept payments with Bitcoin. Some of those that deserve a mention are Expedia, Starbucks, Subway, AT&T, Home Depot, Shopify, Microsoft, and Wikipedia. As for the reason why so many people are willing to pay online with Bitcoin, it is because it holds tons of advantages.
One of those advantages is the chance to make a profit. At the moment, Bitcoin is valued at around $40,000. The breathtaking value is what motivates so many people to dive into the world of Bitcoin trading and use this cryptocurrency to make a profit. It is reported that there may be as many as 100,000 Bitcoin millionaires in the world.
To process of trading requires users to register at trustworthy trading sites such as bitcoinfortress.io and after they verify their identity, they can sell their assets. This particular site even uses automated systems that can predict Bitcoin’s future fluctuations with great precision. Yes, Bitcoin ATMs are still an option for trading Bitcoins, but they are far inferior compared to trading sites.
Now, let’s take a look and see what the future holds for Bitcoin.
Will All Bitcoins Be Mined at Some Point?
Mining is one of the main processes that powers Bitcoin. It is the main way through which Bitcoins are released to the network. Due to the fact that mining is free, many users use this process to earn Bitcoins and thus maximize their profits.
Furthermore, halving events are its counterpart. During these events, the circulation of Bitcoins is drastically lowered. Since all things are finite, there must be a certain amount of Bitcoins that can be mined. While we are not familiar with the exact number, it is believed that by 2032, 99% of Bitcoins will be mined.
But, if you think that it will take another year or two for the number to reach 100%, you are wrong. Analysts state that the year in which all Bitcoins will be mined is 2140.
Will Bitcoin Become an Official Payment Method?
Due to the fact that Bitcoin excludes banks and is not controlled by governments, they oppose it heavily and deem it as an outlaw currency. While there are some that believe that Bitcoin will become an official payment method in the future, many are sceptic.
After all, no government is fond of things that it cannot control, but if Bitcoin proved to us anything is that it is capable of anything. That is why we are excited to see what the future holds for this cryptocurrency. There’s no denying the fact that people will continue to use it. The question is whether governments will finally give in to the pressure and decide to legalize it, or will they continue to wage war against it.