Topic: What will Bitcoin look like in the future? - page 6. (Read 1222 times)

The technology behind the invention of Bitcoin among other digital currencies is revolutionary but what gives bitcoin an edge over others is its popularity, notability and credibility as the first known and widely launched digital currency that spread across world making it the most valuable in the market so far. Big ups to the inventor Satoshi for bringing the monumental invention of Bitcoin technology as an alternative to the centralized system practiced over the years and controlled by the government.

This alone have given the bitcoin the massive attention as a decentralized system of financial system, by extension making it an avenue for people to invest in the prosperous digital currency  and making it the biggest thus far.

From the time period you have mentioned, I have not seen any government control over Bitcoin, which means that Bitcoin was not created to be controlled by any government in the world, so you don't need to doubt that. Moreover, if you already know what the price of Bitcoin was in 2009 and the price of Bitcoin this year, that should help you a little to open your mind and eyes to see that Bitcoin is the best asset that cannot be controlled by the government but is capable of growing to this size.

I will not outrightly call bitcoin a failure in El Salvador and using the information in the video you shared to conclude that bitcoin was a failure in El Salvador is a great error. The video simply detailed common inherent challenges militating against bitcoin which include high fees, delayed confirmation time due to network congestion sometimes, and the technical awareness required to use bitcoin. I still believe with time these challenges will be solved as it will not happen automatically.

First thing you need to remember is that the reason Satoshi created bitcoin in the first place was never to replace fiat but offer alternative in a bid to bringing freedom to the world. There is never any way the whole of human population will use bitcoin as it is a thing of choice. El Salvador did not make bitcoin their only currency but one of their currency to exist together with their fiat.

I'm not sure where you read the trend of holding in centralized exchange is keep decreasing when the value of their hot wallet keep increasing, it's opposite with what you said.

1. https://platform.arkhamintelligence.com/explorer/entity/binance
2. https://platform.arkhamintelligence.com/explorer/entity/bybit
3. https://platform.arkhamintelligence.com/explorer/entity/coinbase

Until the government would be very strict with Bitcoin taxes and asked to declare all of your coins and the address you own, if you didn't declare it you will get taxed higher or treat you as a criminal, it's when the government almost have a power to control Bitcoin "indirectly".

The future is upon us. I envision a digital form of gold placed on a shelf, treasured by countries and institutions. By holding onto this digital asset, they create scarcity, turning it into a major financial investment that can withstand market fluctuations in the future.

Absolutely no one can boost speak of the future if bitcoin and that’s why, everything about the future of bitcoin is only predicted and just from the way everything looks in the cryptocurrency industry, I think there would be a time cryptocurrency might be at some degree be regulated by the government because lately, I have seen a lot of exchanges which makes the trading and exchange of cryptocurrencies much more easier been restricted in slot of Africa countries and this is a clearer sign that, government are already winning these battle of decentralization and with time, government might begin to directly or indirectly run the affairs of cryptocurrencies.

It's not going to go anywhere definitely, bitcoin would probably have more applications in the foreseeable future but in terms of practical predictions, I'd say that bitcoin's probably going to be just fine where it is right now because it's just an investment tool as of now and a currency for some people, there's nothing more that you can do about it. Pretty sure that bitcoin's going to be much bigger in terms of price and adoption though, of that one I'm sure of that, if we're talking about a decade from now, we'd probably never see this current price even as a floor price and we'd be panicking and giving into FUD when bitcoin goes down to a $100k.

It will be regulated. As the SEC and many other government entities are involved in crypto and in the latest news, Gary Gensler said we will be working to regulate crypto so people would not be scammed by any platform in this era and I think it's a good thing as if they will regulate it. It means more and more people will be joining the crypto industry. But it also means we will see crypto controlled by the government but that will not be 100% as no one can actually control your funds except the banks.

If you own the key funds are yours, they can't own them or force you to give them your keys. Overall people will come toward the use of BTC directly as of now they are using BTC via ETFs which is not the direct use of it, but a time will come, where the regulation will start to hurt people and make some difficulties fro them that they will seek alternative options like using BTC directly without using BTC ETFs.

From every move taken by governments against bitcoin and with the current changes I can see in bitcoin, personally I see bitcoin to be more of a speculative assets than a currency which it is meant to be.

Even with an obvious look we can see that it's moving away from its initial intention to a more even assets that one can use to trade and make more money than a currency itself.

Even with this frustrating steps governments are taking in regulating the use of bitcoin, we might see some resistance to any extent but yet we can't still know what exactly will be the next move of governments, just as pmalek said below

So many questions you have there, but let me try to answer all of them as summarily as possible. Fine, Bitcoin has made tremendous success between 2009 and 2024 as it moved from almost nothing to the ATH of about $73,850 this year. It is still promising on the bullish path but any right-thinking person should know that it can't be business as usual for the coin. The way Bitcoin was moving in huge multiples those years cannot happen again because the price is now heavy, otherwise, it will become inflationary and become a joke rather than what people wanted it to be. But still, it will continue to climb higher, only that the pace will be so reduced, unlike the huge targets that the unfounded people are calling for it. Also, in this current bull run, if the coin can hit the $100,000 psychological level, it will be a very good achievement even as it will face a whole lot of hurdles before such would happen.

As for Bitcoin helping everyone to gain financial freedom, I tell you emphatically that it will not happen. That time has passed and even if someone strikes Bitcoin at $70,000, who knows how many years it will take before the coin will reach twice the price at $140,000? That can't ascertain financial freedom anymore or hedge inflation.

But for the regulation, well, Bitcoin can't be regulated directly because it is out of the control of the government since it is a decentralised blockchain. But indirectly, we should expect more regulation, and whether we like it or not, Bitcoin can still be indirectly regulated and this will happen in the strictest form over time.

This topic is already discussed and the crazy theories you are expecting are presented many times on different topics you can use the search system to check out those topics, At the same time what I think is yes, ETFs are kind of a way to spoil things in the Bitcoin network and community, to maintain the concept and transparency alive you need to buy your coins under your custody. Third parties are no longer needed.

As far I see Bitcoin after this cycle it will be called digital gold haha, officially I mean to say that now the majority will recognize Bitcoin as a store of value an investment opportunity only.

where is it going?
No one really knows but one things for sure that it would really be reflecting out in overall recognition and adoption on which it
would really be that depending into those factors which would really be seen into its value. So it would vary whether going up or down but seeing on how it did
perform for the past decade then we have seen so much progress.

Will it make everyone free?
Free in terms of finances? It would really be depending on the investment that you had put up of course.

Will it be regulated and become government controlled?
Government cant touch this one, they've been long time sure that trying out to do such thing but still even up to now
there's no way that it could be stopped.

This is why investing or choosing up whether for investment purposes or would really be focusing into its
utility then it would really be that according into you.

You work sales material.

Next up is I go spam youtube with the best rock bands and I know you work in the "me" office!

"Motörhead - God Was Never on Your Side".

Bitcoin will looked at like the "The most friends of rioting dogs". A dead end. Aka. /dev/null

bitcoin is going to be (if it isn't already lol) the premier alternative to cash.  It will also be the key to freedom and self-custody that comes with that freedom.

Crystal ball will tell you everything else, because bitcoin is here for the long game and I can't think that far into the future for my own good.

Controlled by the government? I think not, no matter what, or no matter what time it takes. Bitcoin can never be controlled by anyone, not even the government, because it is decentralised and no one can decrypt or access the source code of bitcoin unless the creator itself, but I think that over the years, Satoshi Nakamoto hasn't done anything to interfere with bitcoin, and I think it will stay that way for the future. 
 
But I think the possible and clear way of using bitcoin in the future is that it will be known more and used more in the world, and it will be like a normal currency that can be used on a daily basis. That's why if you are still not doing bitcoin investment, then you might want to consider investing before it's too late because you will be missing an opportunity of your life. Well,  in conclusion, it will be a blast for bitcoin in the future.

People outside of crypto still think that banks are safe for storing money and that this third-parties with their "insurance" is the only good way to store large amounts of money.

It takes hyper-inflation for people to realize how this "insurance" works and to switch for something different.
Or some hostile takeover due to some accusations.

There are a lot of price fluctuations in crypto space, we can't deny that and we can't guarantee anything in this respect.
But I still take it over physical money that's hard to secure and over third-party custody.

With the increase in government regulation and the inflow of institutional investors into the Bitcoin arena, I predict that the industry is moving towards centralization. These ETF operators are investing so much money on publicity which promotes centralization. I suspect that very soon only a few people will be aware that they can keep their Bitcoin in a decentralized wallet. People are now been brainwashed that these centralized platforms are the ideal medium of investing in Bitcoin. However, there will still be people who will not fall for the government or these institutions.

How are we sure that the government will not criminalize the use of non-custodian wallets in the future. The attack on anonymity services might be an indication that after the attack on mixers and conjoin services, non-custodian wallets might be their next target very soon. The government can come up with different avenues to ensure that they limit privacy. In my country, the government accused cryptos of contributing to the loss or value of our currency. They now use this avenue to clamp down on diverse crypto platforms. Meanwhile, we all know that the reason for the fall of our currency is corruption and bad economic policies.

Aside from making nice headlines in articles, Bitcoin in El Salvador was a big failure...

https://www.youtube.com/watch?v=asmOZh-E8W0

You just can't expect poor people to pay high fees for transacting with Bitcoin when their monthly salary is ~400 USD
And you can't expect them to understand LN as even computer savvy guys have problems using it.

In the end, easy of use, transaction fees and speed is what matters the most for regular people, not the decentralization and "number goes up".
This people want to spend, trade, not to hodl.

For the time being bitcoin have been in existence, you can see how the government have tried to regulate it and have it under their control and still not able to succeed with their aim, this is more than 10 years now, do you still think it will be possible for them in the future if they try more? I don’t think so, because with all what is happening in bitcoin, its operation and on the path it thrives on, the decentralized nature of it will make it impossible for them.

It was invented to serve as alternative to the traditional banking system, so making people free in what aspect do you mean? What it can guarantee you is ownership and control of your money by yourself without the involvement of third party or rules being made on you on how to spend your money. This is what bitcoin is and the government can never be a friend to it for this reasons.