Bitcoin: Past, Present and Future

With a record that is pretty much down for most part of the year, Bitcoin is not expected to be the best in crypto-currency in the market. But …

With a record that is pretty much down for most part of the year, Bitcoin is not expected to be the best in crypto-currency in the market. But the fact that it has survived and is being considered the future of currency transactions all over the world makes it a great brand to watch and study. Bitcoin started off as another crypto-currency provider that gave existing competition reason to worry in 2013 when it scored high in market shares. Other forms of crypto-currency soon went off the market leaving Bitcoin as the sole player in a devastated niche. Everyone was skeptical whether the brand would be able to survive as they watched its shares fall steadily in 2014.

Yet, Bitcoin has survived.

In 2014, Marc Andreessen had clearly mentioned that Bitcoin would receive the favor of liberterians. He said, “My prediction is that the libertarians will turn on bitcoin. The libertarians will discover that the blockchain is public.” Whether Andreessen’s predictions turned true is a matter of speculation even now. This is because Bitcoin has been touted as the future currency for online transactions by not just libertarians.

Today, many businesses are opening up to the idea of providing Bitcoin payment gateways on their websites. This should not come as a surprise since ever since the ecommerce boom, alternative gifting and payment protocols have always been used to attract more customers and make them happy with great deals and interfaces.

According to market analysts, Bitcoin’s success can be attributed to it strategic launch of each brand under it. Be it Coin, that touted VC funding even before launch, or Bitreserve that never mentioned its funding sources, Bitcoin kept market attention on itself through different launch treatments. In addition to that, the transaction fees used by Bitcoin are definitely much lower than what other payment portals charge. Also, Bitcoin has used different revenue generating plans for different brands and has focused on utility value phase of the brands under it.

In present times, a lot has happened in the forex market and from PayPal to bank wires, the conversion fees are exorbitantly high across currencies. In this respect, even if Bitcoin has had a low market value, and its users have not seen too much growth in their saved amounts, it still provides the stability one needs to maintain low conversion rates in this market. Speculations about Bitcoin sinking are way out of line now. According to NetoTrade, Bitcoin’s performance can be termed as stable, in spite of low market shares. Given the fact that the US dollar is all poised to go into deflation, a major population is now convinced that Bitcoin is all ready to make bigger strides into the financial market today.

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