Will We See A Big Boost In Bitcoin Adoption?
Bitcoin has had a tumultuous run of things thus far, but with many of the cryptocurrencies critics deriding its fortunes many are beginning to wonder how long it can endure in the market. Despite the fact that the world's leading cryptocurrency has tumbled quite a bit from its lofty peak evaluation, many proponents nonetheless contend that it's not going anywhere anytime soon, however.
Will we see a big boost in Bitcoin adoption in the near future, or is the digital token doomed to keep dwindling until it disappears entirely? Here's a rundown of Bitcoin's near-term adoption prospects.
There are still plenty of reasons to be hopeful
Bitcoin may not be nearly as valuable as it once was, but that doesn't mean the cryptocurrency is permanently sentenced to wander the market at a low valuation. As a matter of fact, the immensely volatile nature of cryptocurrency markets in general and Bitcoin in particular gives credit to the predictions that today's diminished tokens could be tomorrow's hot economic asset. There are a number of reasons to be hopeful about Bitcoin in the near-future, starting with the fact that major financial institutions and companies are seriously beginning to warm up to the idea of cryptocurrencies.
While digital tokens like Bitcoin were once derided as being far too niche to succeed in the mainstream economic marketplace, it's a simple matter of fact that the biggest banks around are seriously interested in cryptocurrencies. As the World Economic Forum has highlighted, some of the world's most respected financial institutions are beginning to adopt cryptocurrencies thanks to optimistic predictions about the future of currency as we know it.
With central banks from London to Washington considering the possibility of minting their own digital currencies, many critics of leading tokens like Bitcoin have been forced to concede that while cryptocurrencies may not replace all cash they're nonetheless a valid part of the modern economy. Whether Bitcoin can remain at the top of the dogpile remains to be seen, however; even some proponents of the world's leading cryptocurrency find time to worry about its valuation compared to leading competitors like Ethereum, which have never caught up to Bitcoin but still threaten its prestigious spot at the top of the market.
In developing parts of the world in particular, however, the rapidly expanding cryptocurrency market is giving Bitcoin a myriad of opportunities to establish itself as a long-term dominant player in the economy. In places like Indonesia, which is on-track to have more Bitcoin traders than traditional stock investors, cryptocurrencies like Bitcoin are rapidly growing in popularity and stand to become ingrained in the economic activity of markets that are often ignored by financial behemoths in Wall Street.
Businesses are still accepting Bitcoin
The fact that small companies all around the world are expanding the degree to which they accept cryptocurrencies is immensely beneficial for Bitcoin exchange, too. As the cryptocurrency market's leading token, Bitcoin is accepted at more business locations than virtually every other token, with many small entrepreneurs and corporate professionals alike waking up to the fact that they can turn a profit on the ongoing cryptocurrency boom. A number of major brand-name businesses already accept Bitcoin, with a myriad of smaller mom-and-pop shops around the developed world having pivoted to accepting it and other cryptocurrencies, too.
If more companies begin to accept cryptocurrencies like Bitcoin as a form of payment, it's only natural that we'll others will want to hop aboard the trend and adopt it themselves. The more commercialized Bitcoin becomes, the more everyday shoppers will be exposed to it and thus natural to try and embrace it themselves.
Cryptocurrencies were once a deeply cryptic development that few people understood, but thanks to leaders in the market like Bitcoin they've become commonly recognized everywhere and finally stand poised to break through the currents into mainstream economic waters.
Perhaps the most important consequence of businesses accepting Bitcoin has been the subsequent innovation it spurred. In an effort to make it as easy as possible to pay, exciting new developments like Bitcoin's Lightning Network have emerged. With the Lightning Network expected to help Bitcoin compete against smaller yet more nimble competitors, it stands to reason that the market's leading cryptocurrency is only going to increase its gravitas in the near-future. The volatile price of cryptocurrencies will continue to scare some away, but the broader market itself is becoming vastly more popular by the day and won't want for capital anytime soon.
Cryptocurrencies are always a fickle asset to investigate, but there are plenty of reasons to believe we'll see a boost in Bitcoin adoption thanks to the fact that the cryptocurrency is becoming easier and easier to accept everywhere. Furthermore, the attention major financial institutions and regulators are paying to Bitcoin stands to bolster its legitimacy. All in all, the cryptocurrency market is set to keep growing - and Bitcoin will likely keep leading the way.