What Factors Will Be Responsible For Bitcoin Price Thrust In The Future?
July 06, 2018
The Bitcoin is a cryptocurrency that had made many investors rich and famous in some cases. There were many failed entrepreneur who reclaimed their glory with the help of Bitcoin. But in recent months the market of Bitcoin is gradually crumbling. The market capital of Bitcoin went from over $300 billion USD to nearly $110 billion USD in the past six months which has been a gigantic drop in the history of Bitcoin.
Even with such downfall, Bitcoin has managed to keep their loyal users in profit which has made space for many speculations regarding the success and downfall of Bitcoin in the future. Two factions of investors broke out claiming different theories that will be responsible for their respective beliefs. The factors that support the future of Bitcoin seemed more convincing for many budding investors, but they are not totally convinced regarding the success of this crypto giant in the future. Here are some of the factors that seem interesting to many investors that justify their claim of Bitcoin price hike in the future.
Bitcoin’s dive of rebirth
Since Bitcoin was introduced, it has been on the number one spot. The main reason behind this is the never-ending trust of users in the Bitcoin. Such user base has allowed Bitcoin to still thrive in such hard times. The increased trading volume and investment will help Bitcoin to remain at the top of the list where the user base of other cryptocurrencies may fluctuate. Even though the market fluctuates, it can be prevented by Bitcoin by employing the necessary technology and policy changes that are demanded by the user base. Hence since Bitcoin hasn’t faced any issues regarding its market fall, it is speculated that it will rise again in the near future.
Increasing transaction speed
The speed of Bitcoin transactions has gradually increased over time which was the main concern that resulted in the first Bitcoin fork. The key issue of scalability was resolved by making technological improvements such as Lightning Network, SegWit, and Atomic Multi-path Payments, etc. These improvements have enhanced the transaction speed of Bitcoin cryptocurrency.
The transaction of Bitcoin has also been cost effective since the technological changes. The extensive use of SegWit has allowed Bitcoin to make the process faster which eventually made the complete process to accomplish in a cost-effective way. Even the cryptocurrency exchange platforms have regulated their Online Bitcoin exchange rates based on the difference in transaction charges of Bitcoin. This cost-effectiveness has allowed several users to invest in Bitcoin and make a profit out of it.
Even today Bitcoin remains the cryptocurrency that has a continuously growing user base. Despite the setback, the growing agreement is that the flexibility of Bitcoin will enable it to grow from both technical and financial point of view. Apart from that Bitcoin is making extensive changes to their system architecture hoping an increase in their user base. Bitcoin has the potential of being the best investment and even a global currency but the investors should have a sense of trust in the Bitcoin for this vision to succeed.