Bitcoin has been around for close to a decade now, but its popularity only seems to be increasing. In the past year or so, there has been an influx of people investing in Bitcoin, some even referring to it as digital gold. So, what will happen to Bitcoin in 2022?
Will it become mainstream? Or will it be replaced by another cryptocurrency?
Several factors will likely play into Bitcoin’s future. These include its performance in the market, government regulation, and so on.
How is Bitcoin Being Adopted by Consumers in the Retail Market?
Consumers are slowly but surely adopting Bitcoin in the retail market. A study by Chainalysis revealed that a total of $3.7 billion worth of Bitcoin was used in retail transactions in the second quarter of 2018. This is a testament to the growing popularity of Bitcoin and other cryptocurrencies as a means of payment.
The study found that online retailers were the biggest beneficiaries of Bitcoin payments. Over 60% of all Bitcoin payments were made to online retailers, and this number is only going to grow as more people become familiar with cryptocurrencies. Brick and mortar retailers are also starting to adopt Bitcoin.
Some companies use bots like Bitcoinx to help them trade on the market. These trading bots make the process more efficient and faster than before when a trader had to do it all day long manually.
What does it mean that Bitcoin is Achieving Mass Consumer Adoption?
Bitcoin is gradually achieving mass consumer adoption. Cryptocurrency has been around since 2009, but it is only now that people are starting to take notice. This is mainly because Bitcoin has become more accessible and user-friendly.
There are several reasons why Bitcoin is gaining traction among consumers:
- The value of Bitcoin has been increasing steadily over the years, making it a more attractive investment option.
- The number of merchants who accept Bitcoin as payment grows.
- The number of Bitcoin-related startups continues to increase, which is a testament to the growing popularity and usage of Bitcoin as a mainstream currency to some extent.
We still have to wait and see whether it will be Bitcoin or one of the other cryptocurrencies that will become mainstream in the future.
Undoubtedly, bitcoin is the first and most popular cryptocurrency there is today. It’s a decentralised digital payment system that has no central authority managing transactions between users. Bitcoin has already achieved mass adoption, as it can be used in any country around the world; you can use it to buy anything you need or want.
It seems like we are also on our way to seeing cryptocurrency achieve mass adoption shortly on an international level. Mass consumer adoption is coming, and many believe that bitcoin will play a massive role in this process once again.
How does the Growth of the Blockchain Space Affect The Value of Bitcoin and Crypto Assets?
Crypto assets are rising, and Bitcoin is at the centre of this space.
The value of Bitcoin is driven up by a range of factors that include supply, demand, and market sentiment. The current growth in the Blockchain space will increase the demand for Bitcoin, which will drive its price up further.
Moreover, the growth of the blockchain space affects the value of Bitcoin and other crypto-assets in several ways.
Firstly, it has grown the number of digital currencies that people buy. The exponential increase in new blockchains and tokens has made investing in cryptocurrencies more difficult for individuals. It is important to note that trading tokens on different exchanges can lead to different prices for the same coin among different exchanges.
Secondly, infrastructure projects have promised to help make blockchain technology more accessible to the masses with platforms like EOS and Cardano; however, their impacts are unknown.
Thirdly, we see this space making waves in traditional industries like finance, healthcare, and real estate, which could influence how we approach these industries in the future through innovations such as smart contracts or tokenization.
The Future of Cryptocurrencies & What it Means For Us In 2022
As mentioned above, bitcoin is the first decentralised digital currency making waves in the world. Bitcoin has a limited supply of 21 million, which will be mined by 2040 and used by many people across the globe. The value of bitcoin has increased exponentially in recent months, which has increased the awareness and understanding of cryptocurrencies.
But many other cryptocurrencies have come into existence that use various algorithms, like Ethereum, LiteCoin, Ripple, and Bitcoin Cash, to name a few. Every cryptocurrency is different and serves varied purposes for its users. But all these cryptocurrencies are at the mercy of bitcoin’s price fluctuations on exchanges as its market cap dominates 50% of the entire cryptocurrency market at present. Therefore, the future that cryptocurrency holds is still unknown to us.
Summing it up
Bitcoin is becoming increasingly popular, but will it become a mainstream currency? There are a number of factors to consider, and it is still too early to tell. However, the trend seems to be leaning in that direction.