The cryptocurrency ecosystem is changing fast. Back in 2010, no one could believe in Bitcoin rise. Currently Bitcoin is steady system, while crypto payment ecosystem changed drastically. Is Bitcoin payment of the Future? There are wild stories from real people who brought different cheap products for thousands of Bitcoins. For example, Florida man brought Papa John’s Pizzas for 10,000 BTC. That’s the most expensive transaction for Pizza in the history of humankind. As of now, Laszlo Hanyecz paid 80 Million USD for Papa John’s pizzas.
Who could ever believe in Bitcoin? What’s the reason for Bitcoin’s viral nature? Is it a preferred payment method in 2019?
Every year we see substantial technological development. Bitcoin is one of those viral markets that reached an unexpected level. Bitcoin price reached its maximum on 17 December 2017. Price of one BTC was $19,783, and everyone lost their mind.
Bitcoin as a payment method
Bitcoin is named as digital gold. People’s interest in Bitcoin is increasing daily. Why would someone have interest in BTC as a payment method? Year after year, people strive to get rid of control. Banks and governments control all our credit cards and banking information. Bitcoin became viral because of its free nature. No government or bank can manage BTC processes and transactions; that’s why people saw progress and advantage at the same time.
Big companies started accepting Bitcoin as payment
Microsoft, Wikipedia, KFC, Expedia, Subway, and other big companies started accepting Bitcoin payments from 2016. We saw movement in the Casino industry, as the best Australian online casino started taking BTC transactions. It happened soon after people realized that Bitcoin is the future.
Why BTC can’t justify our expectations?
As mentioned above, December 2017 was the peak of Bitcoin’s evolution. Millions of people all over the world have an interest in digital gold. And in a short time of period, they decided to use as an investment. Just in the market economy, Bitcoin is all about supply and demand. So, a little fear or push in the market could lead to collapse of Bitcoin price interest.
High risk of collapse is the first reason why BTC can’t reach expected potential. If thousands of people decide to sell Bitcoin at the same time, processing time could increase, and fees could be high also. That’s why Microsoft stopped accepting Bitcoin transactions. Soon after Microsoft’s decision, Steam (gaming platform) followed the footprints for Microsoft and stopped BTC payments.
In a fast-changing ecosystem, we may see the rise of BTC again
As of now, BTC reached $10,000 threshold and stays there steadily for a few months already. Market experts believe that Bitcoin still has room for improvement. So, we can see the rise of the Bitcoin movement again. Logically there will be a rise in price.