Bitcoin’s Future- Is It Bleak Or Lush?

In this new age, everything has gone digital and we are the crossroads between modern and hi-tech and things are only hoping to get better and better as the decade commences as Artificial Intelligence has been proposed by experts to takeover mankind and the decade of the 2020s will be dominated by it.

However, way back in 2009, there was a revolution in the field of cryptocurrency that took the entire world by storm in the form of Bitcoin and quickly became the darling of the masses as people took to it like ducks to water.

It might be difficult to believe but it started off as software in the open source market and its makers were not too sure on whether it will be accepted by the masses and were sure that it would be met with criticism by the federal government.

Starting Point

Bitcoin was the result of teamwork and the people who were involved in its production were given the moniker Satoshi Nakamoto so as to distinguish it from other research organizations that were out on a similar mission.

The group had the name bitcoin.org registered and patented in October 2008 and the software was launched in January 2009, where it soon became a phenomenon without parallel as it turned the fortune of many a youngster who were sitting idle at home due to the tight job market that left millions of lads unemployed around the world.

In such a scenario, Bitcoin came up as a welcome oasis that captured the imagination of people of different professions right from businessmen to investors and the starting point was not as expected as there were different hurdles to overcome but once hard work started bearing fruit, everyone received innumerable praise and accolades.

Growing Misconception

It has been in the nature of the human psyche to never be impressed with anyone’s success but rejoice over their failure, which is exactly what happened to Bitcoin as the massive success in the early years met with resounding failure within a few years as numbers started declining to an abysmal depth.

As a result, many people who had trusted Bitcoin with their lives were now growing skeptical over its authenticity and started viewing it as a fraudulent Ponzi scheme designed for the sole purpose of siphoning money off gullible people.

Very soon, the entire cryptocurrency market became a laughing stock as its rivals started ridiculing its measures and hoped to source their own currency as they had planned out.

The growing misconception had started clouding the judgment of the Nakamoto team, who were very much thinking of scrapping Bitcoin completely as the losses started piling up and the company was on the verge of bankruptcy.

Comeback

The wheel of fortune is bound to turn and soon things started to change as the numbers shot up after 2011, as January alone recorded $23122 compared to an abysmal $3551 the year before and soon the idea of scrapping Bitcoin was happily abandoned.

By 2017, Bitcoin prices had increased by 2000% as they makers were planning to make it big by releasing newer ventures, bolstered by moolah that it had raked but no sooner had they begun, market prices started fluctuating and once again the numbers came down.

But still things were manageable but the comeback did not last that long and therefore Nakamoto has for now scrapped the plan for making more advanced versions of bitcoin.

Future

As we are in 2020, the overall statistics of Bitcoin and the entire cryptocurrency is a mixed bag as it has seen a fluctuated response and it has witnessed both success and failure at regular intervals.

To predict a future of an unpredictable venture like Bitcoin is quite difficult but the experts are still hopeful that it would improve its numbers in the coming decade as they are planning some drastic measures regarding its security.

Despite being in traded for 10 years, they are still unregulated by the central bank while the best crypto signals indicate that they won’t survive for long. All in all, it is impossible to know what lies in the future and the least the makers can do is to have an alternate backup plan in the offing in case of bad days.

Clara

About Clara

Clara Martin is a social media strategist and a content editor. She likes to cover business, finance and investments. She is currently managing In Trona Ut.

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