As we all know, Bitcoin is the largest Cryptocurrency in the world. However, with improved technology and many new coins available, we will look at whether Bitcoin still has a future as the powerhouse of the Crypto world.
In terms of market capitalisation, Bitcoin is the by far the biggest. Yet the performance behind the coin it is actually very poor.
Bitcoin transactions at the minute take around 10 minutes. To put this into perspective, Ethereum takes around 16 seconds.
Not only this, but fees compared to other coins are extremely expensive, and are still increasing.
Another major problem is transactions per second. Bitcoin can only confirm 7 transactions a second. Again, when compared a coin like Ripple tat can confirm thousands in a second, this is a major flaw.
However, it is not all doom and gloom. There are companies out there that are close to changing this. One company called Lightening Labs, believe that are on the brink of creating the tech to significantly increase the transaction rates for Bitcoin.
Regulation is always being monitored. There are mixed reviews of whether an increase in regulation will decrease the price of Bitcoin or help it. We believe that the more countries regulate Bitcoin, the more the price will increase. Here is why;
Japan were the first to take Bitcoin on board officially. Since their adoption, there are over 180,000 stores in Japan that accept Bitcoin, and the number is still growing. This can only help boost the price of Bitcoin.
China recently caused the price of Bitcoin to plummet due to tightening their regulation of Bitcoin being used in its country. A crack down on miners and companies having a physical location in China did not do the coin any favours.
The more Bitcoin is regulated and accepted by major global powers, the more Bitcoin will be recognised as a currency, which can only help the price to increase over time.
If you have look at the price predictions of Bitcoin, some of the numbers are staggering. John McAfee predicted Bitcoin to hit $1m by the end of 2020. He recently changed the timescale but still predicts $500,000 in the same time. But more realistic predictions of Bitcoin’s value in 5 years range from anything from $25,000 to $200,000.
Regardless of whichever prediction you look at, the majority believe that Bitcoin is not only here to stay but will increase in price year on year. We also believe that there is a future for Bitcoin, if nothing else as an investment for the further future. But, although Bitcoin is the major player today, do not be afraid to look elsewhere when deciding where to invest in the Crypto market. They may not be as big as Bitcoin at the moment, but when each Bitcoin was worth less than 1 cent each, no one expected this coin to explode either.