The rise of Bitcoin can be described as monumental in several countries on earth. Bitcoin has become a driver of transactions in many facets of human endeavor. The expanding sphere of influence for cryptocurrencies can be seen in the daily transaction numbers.
After emerging as the sole cryptocurrency in 2009, Bitcoin has given rise to more than 1,500 tokens and coins. While a good percentage of altcoins are ERC-20 tokens issued on the Ethereum network, others are Bitcoin forks like Bitcoin Cash.
Let us look closer at the reasons that assure us that Bitcoin is sustainable.
The Community Base
There is no central authority that oversees how Bitcoin is traded, mined or distributed. What obtains at present is a community of Bitcoin enthusiasts that take the necessary steps to advance its fortunes.
The volatility of Bitcoin price so far this year is an area that calls for attention. In a sense, all cryptocurrencies are largely affected by the fortunes of Bitcoin. What members of the Bitcoin community are known to do is to fight off misrepresentation and false information.
The technical improvements to the Bitcoin network can be reviewed on Github, where contributions are aggregated. The community consists of block producers, coin enthusiasts, reviewers, developers, and users. The community has no power over the market price of Bitcoin.
For many developers, hosting native apps on existing blockchains is a preferred economic decision. In a sense, the existing Bitcoin Blockchain can accommodate apps of various descriptions. This is a pointer that indicates the reliability of Bitcoin in the years to come.
The power of information.
In view of the power of information on market forces, it is understandable that the community members are active on social networks. This army of Bitcoin users provides free bitcoin Telegram signals that include information, clarifications, and references, where necessary, to keep the Bitcoin horizon clear and bright.
Bitcoin is Largely Transparent
The transparency of Bitcoin makes it easy to track how it is mined and evaluate the transactions at any point. The records of transactions on the Bitcoin Blockchain can be accessed in order to keep a track of the nature of transactions.
The transparency of the blockchain is a vote for its adoption in many economic and organizational segments. When any technology becomes available and is suitable for adoption in many areas of life, its sustainability is assured.
Suitable for Multi-Purpose Uses.
The blockchain has been identified as suitable for use in elections, building a database, healthcare, and in educational frontiers. The realistic use of the blockchain makes it attractive for adoption around the world.
New Innovations Work.
Newer apps that are developed indicate that there are innovations that can work with the transparency of the blockchain. As much as it becomes clear that the processes that go into transaction processing on the blockchain are not opaque, integrity can be assured.
System is Working as Described.
In several areas of human endeavor, an assurance of a system working as described is important. When there is a walk-through of any system that can be corroborated by the process outcome, efficiency can be determined. This is an area that supports the blockchain as a utility.
Its Real-World Uses
Bitcoin passes the real-world usage test. It is one of the best cryptocurrency exchange and is accepted by merchants in many parts of the globe. Bitcoin can be stored in a variety of wallets, and many tokens that are ERC-20 compliant are also safely stored in an Ethereum wallet too.
Template Other Blockchains can Adopt.
The Bitcoin Blockchain provided a template for other blockchains to adopt. Today, many emergent blockchains are an improvement on the original Bitcoin Blockchain design. The blockchain as a result of its transparency is also adaptable for process verification.
The use of the blockchain has extended to processes of manufacturing for standard-compliance. Others have pointed at using it to track fake medications, establish decentralized organizations among other reasons.
An Increasing Merchant Acceptance
Whatever enjoy a wide acceptance has a good chance of succeeding. Bitcoin acceptance is growing around the world by the day. There are several brick-and-mortar shops as well as online outlets that accept Bitcoin payments.
As the avenues to swap Bitcoin for other altcoins and fiat currencies increase, many people will be willing to accept it. When shopping online, the ease of BTC payment means that payment can be concluded with much ado.
Bitcoin users who have payment cards can easily swipe them at til points (or point of purchase). As the integration mechanism for Bitcoin payments deepens, more shoppers will be at ease when making payments.
Major payment processors like Stripe and Uphold already have Bitcoin payment option activated for their customers. Account holders are able to convert their Bitcoin balances into their virtual cards. In this regard, many options exist now that allows you pay with your Bitcoin.
The Emergence of Supportive Technologies
One of the pointers that show that Bitcoin is here to stay is the emergence of supportive technologies. While many people recognize that it might be asking for too much to expect the Bitcoin code to be re-written, others are more optimistic.
Innovations like the Lightning Network have come into the Blockchain to make the Bitcoin network faster. Other integrations are being explored to take care of the recognizable shortcomings of the Bitcoin Blockchain. Despite the areas of inefficiencies, the network has a glowing potential.
New Technologies and Safer.
The Bitcoin Cash platform already provides an integration that expedites the pace of transactions on Bitcoin network. As the days go by, newer technologies are emerging to make Bitcoin safer, scalable and efficient.
On-going protocols that are undergoing test runs also point in the direction of a blockchain upgrade. Patches are introduced at intervals to plug any loophole in the network. As a dynamic entity, the room for improvement of the Bitcoin Blockchain surely exists.
Note Bitcoin is Following the Path of Internet Development.
In the early years of the World Wide Web, there were few applications that were Internet-driven. Today, all traditional systems have become Internet-compatible. This line of thought is a pointer that the blockchain will grow in leaps and bounds in the years to come.
Bitcoin is Not Going Away.
Bitcoin has come to stay as the leading cryptocurrency and blockchain platform. In view of its resilience after a wave of political and market onslaughts, it is evident that it can never be beaten.