Bitcoin (BTC) was first created by independent programmers back in 2008. In the last few years, the market cap reached more than $138 billion and became the most popular digital currency to date.
Purchasing and selling of this currency are possible through different online exchange platforms and even ATMs. Since the development of this currency more than a decade ago, the value of one bitcoin showed highly volatile behaviors. For instance, if you started to be a Bitcoin trader in 2017, you would’ve experienced a significant surge in its value in just a couple of months.
Various Bitcoin Adoptions
Since the rise of Bitcoin, it also has gained a few competitors. This urged Bitcoin to create new trends so that it’ll still be able to compete in the growing industry. With that, the currency was adopted on several online payments and earning platforms.
Here are Bitcoin trends that are revolutionizing the world of cryptocurrency:
- Exchange for Goods and Services
Today, people who use Bitcoin can exchange it for different goods and services. As cashless transactions are growing in trend, many users find it revolutionary.
Despite paying for products and services being available for users today, the system is not being adopted by most people. There are new systems that were developed to make it easier for bitcoin holders to use their currency as a form of payment. However, these are relatively new systems of Bitcoin adoption and are not widely known to the masses.
Some major online retailers who accept this currency claimed to see significant success in cryptocurrency payment systems. People have been buying items, like household items and food, using bitcoins. Companies became increasingly open to the idea of accepting bitcoin payments because processing fees for credit cards are more costly than processing this online currency.
It could be surprising that many merchants still accept bitcoins despite the volatility of its value. Despite this issue, many businesses are becoming more proficient in mitigating this kind of risk. For instance, merchants can choose in terms of the cryptocurrencies that they accept and also the services that are covered.
Additionally, companies ensured that they partner with reputable and notable Bitcoin wallet service so that they can also be protected from scams and frauds. Aside from that, price volatility can be used by these merchants to increase their profits. If they choose to store a part of these currencies in bitcoin, there’s a chance that its value will rise.
Just like handling stocks in the traditional market, handling bitcoin or other cryptocurrencies comes with the risk of losing money due to a possible decrease in value. However, this is the risk many of the merchants are ready to take.
- Used for Online Gaming Purchases
Cryptocurrency and gaming have been increasing in popularity nowadays. Using bitcoins in online games is shared among millennial gamers. Many of the players have invested in cryptocurrencies rather than traditional stocks so that they can use this money in their online games.
There are already mobile app developers that accept Bitcoin as a form of payment for in-game purchases.
- Online Games Adding Bitcoin Earning Features
An online gaming platform, DonnerLab, has developed a system that lets its gamers hunt for bitcoins. Also this year, Satoshis Games revealed that they’re developing “a Fortnite-like game” that has Bitcoin microtransactions. The name of the game is Lightnite, and players are rewarded or penalized with bitcoins. In simple terms, players can earn bitcoins by shooting other players and get penalized when they’re shot.
This new Bitcoin earning trend is said to increase Bitcoin’s value higher in the coming years. If more users would indulge in this adoption system, there’s a chance that the Bitcoin value will reach more than $250,000 in the next 2-3 years.
Innovations like these systems can help increase Bitcoin values through an increase in transactions involving the currency. This means that bitcoins can be used freely, and it can be converted to different services as well.
The Future for Bitcoin and Other Cryptocurrencies
With the increasing number of uses and trends of Bitcoin, the future seems to look bright for the currency. Many experts believe that the rise of bitcoin is continuing despite the volatility of its value.
One major issue regarding Bitcoin is that, when users store it digitally, there’s a chance that all of it will be gone with just one computer crash or if a hacker gains access to the account. The growing advances in digital security can address these challenges as the exchange and purchase of bitcoins will increase with the trends you just read above.