Is investing in Bitcoin a wise idea? If you check the trends in the last decade, investing in Bitcoins seems like a risky business. Cryptocurrencies have shown unpredictable and dramatic price crashes and run-ups. Several risks in Bitcoin use can make some users doubtful.
However, Bitcoin has gained massive popularity, and more industries are adopting its use. For instance, the use of Bitcoin in the online casino industry continues to rise. If you plan to play in a Bitcoin casino, it is essential to check the current trends to understand this payment mode.
Did you know that over the last 12 years, the crypto and bitcoin scene has grown from almost nothing to over $560 billion in market capitalization? This, according to John La Forge, Wells Fargo’s head of real asset strategy.
Bitcoin might hit an all-time high value in 2021!
2020 has been a wild year for Bitcoin. The value of Bitcoin dropped to $3,860 from $10,500 and then flew up past $11,000. All this has happened since February. Considering the US’s overall mainstream market environment and the price action observed in the crypto scene, some traders think we might witness an all-time high in terms of prices in 2021.
Equity asset cost is becoming more expensive, and gold is almost gaining an all-time high. One of the reason is the market expects inflation rise. In such an environment, Bitcoin will only flourish.
The USA stock markets have seen an increase in prices during the months after covid-19.
Bitcoin use as a payment option
As Bitcoin’s popularity continues to rise, it isn’t abnormal that the number of vendors and service providers has begun to accept it as a payment means. Today, businesses can make or accept payments via Bitcoin.
The concept of Bitcoin is not very complicated. They work similarly as debit or credit card payment processors. However, one cannot reverse Bitcoin transactions. For entrepreneurs, it means no chargebacks or reversals and increased security against malicious people.
Bitcoin users also have the upper hand in determining transaction costs, unlike card transactions that carry fixed charges. Some processors might charge users up to 30%. For instance, PayPal will charge around 3-4% for each transaction. These might look like small amounts, but they can add up to massive amounts when you add them up.
When it comes to Bitcoin, costs and fees are determined by how fast users want to receive their money. These fees go to the provider’s network host. The faster you need your Bitcoin, the higher the fee amounts.
Currently, there are an estimated 5.8 million Bitcoin active users. Although this figure is not significant compared to providers such as PayPal and Visa, Bitcoin has more perks, and its use is likely to continue rising.
Most businesses nowadays realize that customers love using Bitcoin as a means of payment, and accepting Bitcoin as a means of payment is almost becoming a marketing strategy. Many businesses have a “Bitcoin Accepted” sign nowadays. It is a sign that the business is technologically developed. They’ve realized how crypto users strive to support companies that accept digital currencies such as Bitcoin.
The expected Bitcoin trends in 2021
There are some potential tendencies and trends that the crypto and bitcoin community is looking forward to in 2021. It includes the expected launch of Facebook’s bitcoin.
About Facebook’s Bitcoin Project
Not long ago, Facebook released a proposed new cryptocurrency known as Libra. It received mixed reactions among crypto users. Most have been wondering what long-term effect it will have on Bitcoin. Some think that Libra is more similar to PayPal. The only difference being the use of blockchain technology. Others think that the Libra launch might be a positive thing to traditional cryptocurrencies such as Bitcoin, helping them gain mainstream popularity.
As the two continue to be talked about, people start realizing they are different. For example, Bitcoin works in a decentralized P2P network while Libra operates under several big companies that have to follow governments’ regulations across the globe. Libra will also rely on currencies controlled by governments, unlike Bitcoin that comes with its unregulated supply schedule.
However, avid crypto users are still observing the recent development in Libra. From the moment Facebook announced about Libra, Bitcoin users have been on alert trying to locate ways that the new cryptocurrency might affect Bitcoin’s price.
According to a majority of crypto experts, Libra may have zero effects on Bitcoin. However, it might bring the blockchain transfer value to billions of potential customers. The more significant part of the crypto community is optimistic about Libra. One of the reasons is that the currency cannot operate without governments’ regulations – the reason why most cryptocurrencies are loved. They think Libra will not be any different from traditional methods and might never affect the Bitcoin market.
What’s the Bitcoin Future like?
Like most payment systems, transacting with Bitcoin has its pros and cons, and no one can certainly tell where the market will be in the years to come. Investors, traders, and miners will continue to face the risks of investing in Bitcoin. Because Bitcoins are very volatile, their value will keep spiralling depending on how the market goes.
However, no one can deny that Bitcoin has grown significantly, and its value might see an all-time high in 2021. The trends discussed here prove that more and more people are learning more about crypto, and big companies are exploring newer opportunities by putting more workforce and money in the crypto scene. The trend is likely to continue.
The impact and growth of Bitcoin and other cryptocurrencies are undeniable. Over the last few years, Bitcoin’s value has grown from almost nothing to billions of dollars, and it seems like this is set to continue. We can only wait and see what the future holds. The number of people using cryptocurrencies is set to rise especially with the current unpredictable market. Also, Bitcoin offers a faster, more transparent where of transacting.