Since the creation of Bitcoin in 2009, it has attracted significant investor and media attention following its subsequent growth.
Bitcoin gained a mare value of over $2 billion at its peak but recorded a 50% plunge shortly after, which raised many questions.
One of which is “Is Bitcoin feasible for mass adoption?” “Will it be sustainable in the future or just a flame that will pass with time?”
Although economic analysts predict a big change in the crypto space, no one can tell whether it is sustainable or not.
However, in this article, we’ve highlighted some signs that show that Bitcoin is heading for mass adoption.
Here are ten reasons we conclude that blockchain has a future.
#1. Bitcoins Value Keeps Increasing
Bitcoin is the most popular cryptocurrency in the world. Since its launch, bitcoin has grown to be the most widely traded cryptocurrency in the world.
According to data from Statista, a total of 75 million Bitcoin wallets were created worldwide as of July 2021. Compared to December 2018, when there were at 32 million, over 40 million new Bitcoin addresses have been added.
However, this data doesn’t include those part of the industry that holds a considerable amount of Bitcoin in exchanges.
Due to this, it’s almost impossible to know the exact number of people holding funds in their various Bitcoin wallets.
#2. The increasing number of merchant adoption
Another reason that blockchain is heading for mass adoption is that it is being used to pay for goods and services. Lots of merchants now accept Bitcoin as a mode of payment for their products.
According to coinmap, the number of vendors accepting Bitcoin has gone up to 700% within the last six years, and that’s mostly traditional stores.
Giant companies like Rakuten, Starbucks, and Kroger have either launched their crypto payment channel or accepts cryptocurrency as a form of payment for their range of products.
A continuous increase in the number of companies that adopt Bitcoin payment leads other companies to join the trend.
#3. Crypto ATMs are everywhere
Statistics from Coinatmradar show that there are currently over 25,000 crypto ATMs in the world. Although most of them are Bitcoin ATMs, about 2000 of them are Bitcoin Cash ATMs (BCH).
This means that the ATM business is rapidly expanding, and the market is as active as it ever was. Another analysis from a research firm says that the ATM market is expected to grow from $16.3 million in 2018 to $144.5 million by 2023, at a compound annual growth rate of 54.7%.
#4. National cryptocurrencies are emerging
Many countries have adopted blockchain technology by creating their digital assets, while others have dedicated time studying or experimenting.
Currently, these four countries have launched their digital assets
Senegal:
In 2016, Senegal’s local bank Banque Régionale de Marchés (BRM), together with Ireland-based startup eCurrency Mint Limited issued blockchain-based currency eCFA. The coin works with current mobile money systems, while the central bank controls the supply of issued coins. It successfully suffices as a legal tender and can be used alongside paper money.
Tunisia
Tunisia is the first African country in the world to issue a blockchain-based national currency in 2015. This currency called eDinar enables users to make instant mobile money transfers, pay for goods and services, pay salaries and bills, and so do much more.
eDinar is a centralized currency, and only the central authority strictly controls it.
The Marshall Islands
This small island with roughly 50,000 citizens has released its own digital currency known as “Sovereign.”
It is referred to as the world’s first currency to replace the U.S. Dollar.
Other countries like Russia, China, Israel, and the United Kingdom are releasing their digital currency.
#5. Banks are getting involved with blockchain
Another reason that validates my claim that blockchain is heading towards mass adoption is that banks are getting more involved with the blockchain.
From having groups dedicated to understanding what cryptocurrency is all about to using digital assets fr their operations. All of these are geared towards solidifying their stance in the blockchain industry.
For example, JPMorgan has developed its own JPM Coin on the Quorum blockchain. The token aims to replace wire transfers for international payments, provide an instant settlement for securities issuance, and cut settlement times.
More so, over 100 European financial institutions have formed blockchain associations to promote the adoption of blockchain technology.
#6. You can pay taxes in Bitcoin
Yes, you heard right. You can now pay your taxes in Bitcoin. The US state of Ohio was the first state to permit businesses to pay taxes in Bitcoin through its crypto platform. That’s not all. The state of Ohio also recognized blockchain as a means of data storage and transaction.
Besides Ohio, few other states have also considered tax payments in digital currency. However, states like New Hampshire, Indiana, California, and Arizona consider legislation for making cryptocurrency tax payments legitimate.
Although paying taxes in Bitcoin is not so popular now, these slow but gradual changes indicate that it’s a viable option.
#7. Bitcoin is gradually becoming a global reserve currency
With the happenings around cryptocurrency, it’s hard to predict if Bitcoin will eventually become a global reserve currency or not.
Nonetheless, one cannot deny that it is already showing signs of that.
In February 2019, Paraguay bought fumigation products from Argentina valued at $7,100 in Bitcoin. This trademarked a historical date for the most popular digital asset to date.
More so, Russia plans to replace some of its US dollar reserves with Bitcoin sometime in the future. Although it’s not yet finalized, it’s clear one way or the other that Russia will eventually acquire some Bitcoin as part of its economic diversification strategy.
The fact that many countries are thinking about making Bitcoin a reserve currency is proof that it may become something bigger.
#8. NASDAQ Set to Launch Bitcoin Futures
NASDAQ is about to launch Bitcoin futures trading on their platform. They already added Bitcoin and Ethereum to their data system.
This act by NASDAQ is a massive step for the global adoption of Bitcoin.
Firstly, Nasdaq brings Bitcoin to a broad range of investors in the most transparent, regulated way. This will eventually set the path for other markets to follow.
Secondly, Nasdaq’s total market value is around $10 trillion. Since futures contracts are exchange-traded, Bitcoin would expect some boost once the futures go live.
Future contracts provide a way for regular stock market investors to buy or sell Bitcoin in the form of physically delivered contracts.
More importantly, futures create an opportunity for industry investors to freely invest in cryptocurrency without any restrictions that’d apply under normal investment conditions.
#9. 5th AML Directive is already active in Europe
The 5Th Anti Money Laundering Directive focuses on preventing the use of the financial system for money laundering.
The 5th Anti-Money Laundering Directive focuses on higher transparency in registrations of companies, trusts, and similar legal arrangements that expect the Member States to recognize and notify trusts or similar entities under their legal responsibility.
Although the government’s involvement in the crypto space may seem like an issue for some people, it’s still a necessary evil if Bitcoin moves for mass adoption.
#10. Bitcoin is gaining more scalability solutions
Rounding up my reasons for Bitcoin to reach mass adoption is this — Popular digital assets have more scalability solutions.
For any digital currency to reach mass adoption, its network must be scalable enough to hold massive transactions.
However, as much as they are all digital currencies, they wouldn’t all scale the same way. Some will be more scalable than others, especially those that use the Proof-of-Work protocol.
For example, when Bitcoin started, it could only process 7 transactions per second. That is why Bitcoin creators implemented the second layer protocol called the Lightning Network (LN) alongside it.
Bottom Line
These evident features are signs that Bitcoin is heading towards mass adoption. Hardly would anyone argue that technological innovation would not affect the global monetary system.
So, buy and store your Bitcoin today in our secure Bekonta wallet system.
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