Bitcoin is under considerable pressure. Bitcoin is a celebration of the media in the spotlight and hopes and dreams of all of us, compelled to do well. Our happiness simply covers the performance of Bitcoin. So what is Bitcoin’s greatest achievement, also with the question we want to answer?
There are a lot of things lying on the stake while we’re talking about bitcoin. 2020 is a significant year for bitcoin traders and bitcoin traders. Apart from the price, there are a lot of goals that need to be achieved by the end of the year. Bitcoin, there is no doubt that it is a powerful asset in the trading system. People attract bitcoin not only to make money but also to keep their assets safe. However, the value of Bitcoin is highly volatile and anything could affect the rate of price fluctuations.
The cryptocurrency platform has its own non-official Band Ambassador, Bitcoin. Believe it or not, bitcoin plays a massive role in awakening people to cryptocurrencies and their value. The 2017 case drew the attention of the world, and now blockchain is well known around the world for cryptocurrencies. It was 2017 when Bitcoin was valued at $20,000. After the boom, the price suddenly dropped, and merchants are still struggling to recover their investment.
So what do you think bitcoin needs to do this year? What are the current issues that bother bitcoin and its users? Why am I focused on the 2020 achievements? Is it really necessary that everything has to be completed this year?
Let’s settle on the truth. The major event that the whole world is hoping for is a bitcoin halving. The system was designed to the incentive amount if 21,000 coins were extracted. Now that notifications are arriving, just 96 days remain at the time of writing. It is therefore clear that the compensation amount will quickly be removed through a pre-programmed process. The market hopes to rise high after a halving of past graphics. If the market is about to go high, then Bitcoin will be the most promising earning asset for 2020.
So, it’s better to solve the issues before the dominance surges and the bitcoin network rushes up. The goal is to complete the scalability and security issues within the bitcoin network.
The regulation goal:
Although I prefer Bitcoin to achieve its goal, the major issue that bitcoin faces are controlled. Even though we’re celebrating bitcoin’s 11 year birthday, the regulation scenario is still hazy. In order to regulate the decentralized platform of the peer-to-peer transaction system, the world needs to understand the basics. Having multiple opinions on the law-generating framework, bitcoin is still uncontrolled in many nations. Although trading is legal, the government has issued several warnings alert that how risky it could be if someone invests in cryptocurrencies.
The main difficulty is with the owner when paying the tax. The State of many countries has not approved a proper procedure for the taxation of merchants and investors. Many nations do not find Bitcoin to be a legal entity, but when it comes to tax, they deem it to be a tax on capital gains or some other transaction. Bitcoin requires a good regulation that will allow people to keep Bitcoin within the right regulatory framework and to pay tax without any uncertainty.
By the end of 2020, the planet must come up with a better administrative system, rather than giving notice after warning. Great legislation not only supports bitcoin but also retains confidence in it.
The popularity goal:
The popularity of bitcoin is now higher than any other cryptocurrency in the world. Recent data from Google Trends is reflecting the search trend around the world for the past hour at the time of writing. The ratio was 27:5:3 for bitcoin vs cryptocurrency vs Ethereum.
This stats reflect the world’s awareness over bitcoin. People are more aware and interested in bitcoin. Ethereum which is the second popular cryptocurrency in the world is not comparable while it comes in the search of google trends. Now you may have an idea that how popular the bitcoin is. The goal is to maintain the realm and be always the first in the position.
Price prediction goal:
If you’re mindful of Bitcoin, you might have learned about John MacAfee’s million-dollar price estimate. He’s still convinced that the price of Bitcoin is going to rise by the end of the year. The measure says it’s really hard to do that. Nonetheless, other analysts have estimated that the price may be more than $20,000 or more. However, after halving, which could have had a major impact on price increases, we could assume that John MacAfee’s prediction could go in the right direction.
Today, Bitcoin is on the brink of a big challenge. Whether the results could be obtained by what MacAfee expected or not. The possibility is much less when it comes to a million home, but the price of Bitcoin might pump up from any impact. So, for Bitcoin, 2020 is to be the year to reach a certain price range where possible. But it’s all up to bitcoin whether it’s going to grow unpredictably or hold the growth rate regular.
Bitcoin’s scalability Solution:
Bitcoin has big scaling problems. But the bitcoin lightning network is a two-layer protocol that was designed to address the scaling issue within the bitcoin network. This will involve more instant transactions for mass adoption. Nevertheless, research is still ongoing and by the end of 2020, the lightning network will become Bitcoin’s biggest achievement in history.
To achieve retail adoption:
Bakkt is aiming for the mass adoption of bitcoin all over the globe. With a clear regulatory structure and custodian program, Bakkt is a good option for institutional investors. Investors are now in a position to purchase futures contracts, and this will ease daily purchases in the retail sector.
By 2020, Bitcoin is set to reach out to more retail investors to allow itself to be adopted in the world. Now, for a few days, you can buy anything you want with bitcoin just need to go to the places where bitcoin is accepted as payment. Some major institutions like Starbucks, Microsoft, Wikipedia have already started accepting bitcoin for payment. On the other side, several small investors and merchants accept bitcoin for milk, alcohol, groceries, jewellery, etc. From planning a trip to booking a flight or a hotel, everything is now possible with bitcoin. Bitcoin has already become a popular payment method.
In 2020, the retail business of Bitcoin will spread its wings broad enough to span the globe as a whole. Now, some limited business allows bitcoin, but it should be more so that any hotel and retailer will become the place to use bitcoin.
When mentioned earlier, bitcoin has a lot to do in the future. 2020 is going to be significant because of the legislation, the size and the price index. The bitcoin hash rate is currently rising higher than 100 Ecahashes / s. And about 18,200,000 BTCs have already been mined, and the global growth rate of BTC dominance is gradually increasing. The problem of uncertainty needs to be resolved as soon as possible, given the rapid growth in acceptance. 2020 will be the year of the mass adoption of Bitcoin, and the industry should be preparing for that.
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