While Bitcoin is definitely an industry leader, it has also had its fair share of disappointment, so it is no lie that people have begun to doubt it at times. Many people have declared Bitcoin useless and for some people, it may be, however, for the right people, Bitcoin opens up a world of opportunity. It has definitely gained some popularity, though in all fairness, people are beginning to create negative assumptions about it which are certainly affecting it.
While there have been times people expected it to dwindle out, Bitcoin has come back with guns blazing and in 2020 alone, the cryptocurrency markets regained billions of what they lost. Despite scandals, doubt, and many other frustrations, it still remains on the rise. However, this leaves us with the question, with so much volatility, is Bitcoin actually worthwhile?
A useless innovation
There are many times that Bitcoin has been referred to as a useless innovation and that can all be blamed on the volatility of it. When it was designed, it was originally created to become an internationally available form of currency and something anyone could use for daily transactions no matter their geographical location. This was an amazing idea, though it was met with plenty of criticism for many, many reasons.
Over the years, it has been used for more illegal reasons than it has legal which has been disappointing for the people who had generally high hopes for it. It has been used for things such as money laundering, illegal activities, and even black-market purchases. So, maybe the illegal use has made it skyrocket.
There are some legitimate things that have come out of it that are insanely helpful, such as the Algo Affiliates, which is certainly helping Bitcoin take back its official, responsible, and intended use. While these things will likely never outweigh the illegal use of Bitcoins, they are still having a positive impact on the industry and creating a more reasonable world in the meantime. Whether or not this will continue over time is anyone’s guess.
What will the future look like?
There are very many Bitcoin enthusiasts that are saying that Bitcoin definitely has the staying power to be in the game for the long run. There have been many great technological advancements recently that are helping Bitcoin with its staying power and are making it a more legitimate form of currency that is used for its intended use. On the other hand, the Bitcoin ecosystem is also continuing to grow and make positive changes to expand its range of use cases.
Bitcoin is a great asset to hold because it can even help you out with loans because of the fact that you can use it as collateral. You can also buy jewellery with Bitcoin which seems to be a selling point for some people. There have even been changes in the small and mid-size business industries as they begin to use Bitcoin as a form of payment because of the lower fees in comparison to other payment options.