Being the first majorly used cryptocurrency, Bitcoin has come a long way within 7 years of its beginning.
Even though there were other systems existing before it, Bitcoin gained the most traction. But now, with
a lot of competition coming it’s way, what will happen to Bitcoin in the coming decade? A layman’s
answer may tell you about how it will be there in everything that you can buy online and also on the
biggest social networks that will come up (or exist) by then.
Let us dig a little deeper into what the experts have to say about Bitcoin and its future:
1. Facebook will use Bitcoin for providing banking, remittance as well as p2p money transfer facilities to its user-base.
Rumor has it that Facebook wants to get started in the e-payments playing field, but the social media
giant is yet to confirm it. With Bitcoin (and also other cyber currencies), Facebook will transform into the
go-to platforming for P2P money transfers- for both domestic and international transactions.
2. All e-commerce websites will begin accepting and transacting in Bitcoin.
The option of paying for services and goods online with Bitcoin is predicted to come up in the next
decade. This means every time you click checkout, you can expect Bitcoin will be an option with Paypal,
Visa, Bitcoin, etc. With 60,000 retailers already accepting Bitcoin, this prediction must come true.
3. MoneyGram and Western Union’s remittance services will bear the hit.
On the coming decade, these old-school wire transfer giants will have two options- either accept Bitcoin
or witness their downfall. The chances of happening the latter are more though; they will end up fading
away, thus becoming the Kodak of the decade. Money transfers outside the US via MoneyGram and
similar services cost quite a bit and Bitcoin makes it possible at an extremely low cost or almost no fee.
What makes us so sure of this prediction is the fact that Western Union is not in a hurry to get together
with Bitcoin. Their CEO has said that this 160-year old service will accept Bitcoin if and when it gets
regulated and accepted by the customer. MoneyGram, on the other hand, is yet to acknowledge this
crypto-currency’s presence.
4. There will be new and innovative online business models based on micropayments, all fueled by Bitcoin.
For the ones who do not know, micropayments mean small payments, often around just a few pennies.
Bitcoin will make these payments more possible than ever, pushing their use for the exchange of
services and goods. We have already accepted micropayments in services, such as music downloads,
cloud storage, and apps, contrary to monthly and yearly subscriptions. These are the kinds of merchants
predicted to gain the most and grow as Bitcoin micropayments become increasingly prevalent.
Bitcoin is set to grow even bigger in the next decade and it will be exciting and revolutionary to see as to
what comes up with Bitcoin next!
