Tomorrow mark’s a very important day for Bitcoin. Tomorrow is its 10th birthday, marking the day when Satoshi Nakamoto released its whitepaper.
Still Going Strong After 10 Years
Compared to the end of 2017, 2018 has proven to be a tough year for the market. Bitcoin, which was trading around $20,000 mid-December, is now valued at $6,330, according to CoinMarketCap.
Yet, while it has remained within the $6,200 and $6,800 range for several months, this isn’t necessarily a bad thing. For many, it’s a sign that market speculation is on the decline, leaving behind a market that is less volatile. And it’s because of movements such as this that people in the industry think its price will eventually rise.
Iqbal Gandham, eToro U.K.’s managing director, said the next 10 years will prove positive for Bitcoin, reports the Independent.
Its price, although volatile at times, will fall in line with other assets as its utility increases and speculation reduces. […] 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.
Nigel Green, founder and CEO the deVere Group, an international financial consultancy firm, is also confident as to where the combined crypto market is heading. In the next 10 years, Green believes that it will increase by 5,000 percent.
Notably, though, he is of the opinion that Bitcoin’s influence will decline in the same time frame. He thinks that mass adoption of the crypto market and the introduction of other cryptoassets will push Bitcoin from the number one spot.
Is This Likely to Happen?
Whether it happens remains to be seen. For now, though, it doesn’t appear likely. Not only that, but efforts are already being made to boost scalability of the Bitcoin blockchain.
Various projects with the Lightning Network are showing that the technology has the potential to increase Bitcoin’s transactions per second (TPS) from around seven to billions.
By working on scaling solutions now it’s bettering its chance of remaining number one further down the line. Not only that, but with the aid of off-chain transactions, Bitcoin’s adoption will be easier and more widely felt. It’s definitely been an interesting 10 years of the currency’s existence; it’s likely that the next 10 will just be as exciting as well.
What do you think the next 10 years will hold for Bitcoin? Let us know in the comments below.
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