Ten Years After its Creation, Experts Weigh In On Bitcoin’s FutureNov 01, 2018 at 0:03
This week marks Bitcoin’s 10th anniversary and as the premiere cryptocurrency, it is still the king in terms of market cap and value. However, the future of Bitcoin is still considered unclear as it has yet to return its peak level of nearly $20,000.
In a report by British publication The Independent, Chakib Bouda, chief technology officer at American payments firm Rambus, said that even if Bitcoin is the leading cryptocurrency, it still needs wider adoption.
“Confusion among users has played a part but arguably the biggest failings for Bitcoin and other cryptocurrencies over the past years lies with security, in the first six months of 2018 alone over $761 million bitcoin was stolen, with experts predicting that the amount stolen from exchanges will top $1.5 billion by the end of the year,” he stated.
The official added that in order to gain more public trust and live up to its ambition of becoming the new global mode of payments, Bitcoin and other cryptocurrencies must assure that access to private keys must be secure yet user friendly.
“Once this secure ecosystem is in place, it’s going to transform how many sceptics view Bitcoin transactions… So while cryptocurrencies like Bitcoin have been described as the Wild West by the UK treasury, we expect in ten years’ time, Bitcoin will become mainstream and have a remarkably different reputation,” Bouda further stated.
On the other hand, Iqbal Gandham, UK managing director of online trading platform eToro, also said Bitcoin should improve its reputation to garner more public support.
“The next decade could see bitcoin being accepted as the norm when it comes to money transfer and payments… As with any startup idea, early days are always risky, but I feel these are now few and far between,” he explained.
Meanwhile, Nigel Green, founder and chief executive officer of financial advisory firm deVere Group, said Bitcoin’s dominance in the cryptoverse will wane in the next ten years but noted that the market could easily expand by as much as 5,000 percent.
“I don’t wish to rain on anyone’s parade, I believe that Bitcoin’s influence and dominance of the cryptocurrency sector will drastically reduce in its second decade. This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched by organizations in both the private and the public sectors. This will increase competition for Bitcoin and dent its market share,” he claimed.
Green specifically pointed out that other cryptocurrencies with better technology, features, and solutions like Ripple’s XRP and Ethereum will eat up some of Bitcoin’s current lion’s share of the market.
The full story about Green’s prediction of the future can be read here.
Bitcoin has really come a long way ten years since its white paper was posted in a cryptographic mailing list by the still-unknown Satoshi Nakamoto that led to the birth of the first cryptocurrency.
Fast forward to today, there are now over 2,000 cryptocurrencies in circulation with the entire industry estimated to have a value of $200 billion.