Nearly ten years ago on 31 October 2008, Satoshi Nakamoto published a paper offering an alternative to the banking system. This happened during severe financial crises in the world.
Bitcoin (BTC) Price Today – BTC / USD
“Bitcoin: A Peer-to-Peer Electronic Cash System’ ” as the paper was titled was posted to a mailing list viewed by some experts who believed that computer science and cryptography could offer a meaningful route to economic, social and political change.
After two months, the first digital currency came into existence in the bitcoin network. In the years that followed, it surpassed $10 billion and peaked above $300 billion. This total value surpassed the market cap of Visa, payment giant.
The success of bitcoin
Despite the obvious success of bitcoin and other altcoins, it has been unable to take over the mainstream. So many crypto experts believe that this will change. In an interview with The Independent, Chakib Bouda, Rambus CTO said,
“While bitcoin has taken off and is seen as the leader of the cryptocurrency market, it’s been adopted by the few not the many.”
“Confusion amongst users has played a part, but arguably the biggest failings for bitcoin and other cryptocurrencies over the past years lies with security, in the first six months of 2018 alone over $761 million bitcoin was stolen, with experts predicting that the amount stolen from exchanges will top $1.5 billion by the end of the year.”
Bouda proffered some solutions to keep private keys for accessing and using crypto funds. This provides easy and secure access to digital currencies. A good way to do this will be to adopt technology used in the traditional banking sector to bring cryptos up to the level of usability and security. This will give it more popularity.
“Once this secure ecosystem is in place, it’s going to transform how many sceptics view bitcoin transactions. So while cryptocurrencies like bitcoin have been described as the ‘Wild West’ by the UK treasury, we expect that in 10 years’ time, bitcoin will become mainstream and have a remarkably different reputation.”
If the digital currency can transform its reputation, it could become a norm in everyday life, achieving mainstream adoption before the next anniversary.
Reducing the risk
Iqbal Gandham, Managing director of eToro in the UK also said,
“The next decade could see bitcoin being accepted as the norm when it comes to money transfer and payments… as with any startup idea, early days are always risky, but I feel these are now few and far between.”
Also, if any other crypto can become a safer and more convenient payment system before BTC developers, the place of BTC could be overtaken.
Nigel Green, Founder of deVere Group also aligns with this idea. He suggested that BTC’s influence will reduce drastically in the crypto sector, but the overall market will expand exponentially. He expects growth of about 5,000 percent.
“Bitcoin is what kickstarted the crypto revolution, and it has changed the way the world handles money, makes transactions, does business, and manages assets, amongst other things, forever. It all began with bitcoin,”
If his forecast is correct, the crypto market will hit the $20 trillion mark in ten years.