5 Predictions About Bitcoin and Blockchain Technology
No one could have known that bitcoin and blockchain technology would bring widespread change to so many different sectors. And even though bitcoin and blockchain technology aren’t widely used still, it's very likely there will be even more innovations, and entire industries will be fully transformed thanks to BTC and blockchain technologies. In this article, we provide an overview of five predictions about bitcoin and blockchain.
Bitcoin Price Prediction
Bitcoin experienced great growth in 2020. First, it attracted more attention than usual due to bitcoin halving, an event that is highly anticipated, and it happens every four years. Bitcoin halving is one essential factor that impacted the price of BTC.
The entire supply of BTC is limited to 21 million BTC, and with each halving the reward, the miners receive is cut in half. This means the halving decreases the overall supply of BTC as there will probably be fewer miners interested in mining. And because the supply is decreasing and the demand is increasing, the price of bitcoin goes up. It has spiked after a halving with the last three halvings that have happened so far.
After the halving that occurred in May 2020, the price increased and reached $9,999.93. Afterward, the price exhibited an upward trend and reached new milestones. Actually, it increased even further in November and reached an average price of $18,000 but then again spiked in December and climbed to $19,000.
Many experts predict that it will keep increasing in 2021 and will approach $288,000 by the end of 2021. Otherwise, many experts agree that this trend will also carry on in the future and predict that bitcoin will reach a worth of $397,000 in 2030.
So, it's safe to say that there will be a vast number of people and businesses that are looking to invest in BTC. The main obstacle that a lot of people face is that they lack knowledge about investing in general or aren't familiar with cryptocurrencies. In the future, there will be even more platforms suitable for beginners. That being said, there are platforms even now that actually make trading easier for beginners.
Bitcoin Revolution is a trading platform that is well-known for delivering up to 60% in profits on a daily basis. If you visit the site https://the-bitcoinfuture.org/, you will also notice that it is an AI-powered trading platform, which is one of the reasons why it's beginner-friendly.
Blockchain Technology in Politics
Blockchain technology offers many advantages beyond the financial sectors. Blockchain technology's main appeal is that it enables real-time tracking and complete transparency of the data of the blockchain. So, if it is used in government sectors, it will mean that blockchain can increase the transparency of the processes and decrease the number of errors and frauds.
Today there is an application based on blockchain for voting, and it's called Followmyvote. It's a quick, cost-effective way to ensure that the entire process is transparent from beginning to end. Furthermore, it can be used by governments to securely store sensitive data.
Blockchain and Retail Industry
As we mentioned before, it allows tracking in real-time of goods in the blockchain network. Therefore, it's a very useful solution for the retail sectors. Not only will it enable to track in real-time the products from production to the customers, but it will also minimize the chances of fraud and increase accountability of the parties in the supply chain. A good example is EVERY, which is the first brand-direct e-commerce retailer that is based on blockchain. Other examples include Buying.com and Walmart.
Businesses That Accept BTC
All over the world, business owners are getting acquainted with BTC and other cryptocurrencies and are making sure they're up to date with the latest trends. This means that now, more than ever, there are brick-and-mortar and online businesses that accept payments in BTC. The number is around 15,000 businesses all over the world, but this number will likely grow.
However, it should be noted that government regulations regarding cryptocurrencies are a huge factor that influences whether more businesses will follow this trend. Some well-known brands that already accept BTC payments and donations are Microsoft, Sleep, Bed and Bath, Wikileaks, Burger King, UN Children's agency, Twitch, The Water Project, and many others.
In conclusion, the future of bitcoin seems bright. Despite the obstacles on the way, it's very likely in the future, and we are going to experience a mass adoption of bitcoin when it comes to blockchain technology. It's safe to say that there are even more undiscovered benefits for many other industries.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes