Bitcoin entered the market as a mystery. In 2009, the world was gripped by an economic recession similar to that the world is currently experiencing. Initially, Bitcoin was created with the idea to be an electronic peer-to-peer cash system. But people who had dabbled in cryptocurrency were interested in Bitcoin's ability to be a store-of-value currency, and so the Bitcoin journey began. Compared to fiat currency, Bitcoin and the various other cryptocurrencies are very much in their infancy.
Despite having a current market value of $20,023.90 to $1, adoption is still key to Bitcoin's future. Let's explore why and how adoption can secure the future of Bitcoin.
Why Adoption Is Key to the Future of Bitcoin
The value of Bitcoin is astronomical compared to what it started in 2010, but despite its value increasing year on year, adoption is still essential to secure the future of Bitcoin. Most people still see Bitcoin and the various other cryptocurrencies as standalone currencies and technology that most people don't understand. Bitcoin is merely 12 years old, and applications aren't as widespread as experts hope they will be in the future. That future largely depends on application and education.
Adoption Through Applications
Bitcoin has come a long way from the unknown digital currency that could be nothing more than a tradable online currency with no real-world value.
It's entered a market more recently which is very open to alternative payment methods. Companies in the iGaming industry – like Dunder – to lifestyle brands — like New Balance – accept payment methods outside of traditional banking methods. PayPal and Apple Pay are the current most recognisable options.
Now, following such a global trend, huge brands like Shopify and Microsoft and virtual worlds like The Sandbox in the Metaverse allow investors with Bitcoin in their wallets to spend it freely. Plus, with applications like digital wallets becoming more advanced, allowing investors to trade, store, and spend all on one platform, it's easier than ever to spend Bitcoin.
Adoption Through Education
Education is essential if Bitcoin wants to continue on the upward growth trajectory it has experienced over the last 12 years. There are only an estimated 106 million people invested in some form of cryptocurrency, not necessarily Bitcoin. The value of Bitcoin is now so high it's simply out of reach for some investors. According to research, only 22% of crypto-investors own a Bitcoin share, yet it's consistently ranked one of the best cryptocurrencies to invest in, alongside Ethereum.
Education about the real-world value of Bitcoin and how the various cryptocurrency trading platforms make it easy to invest can secure the widespread adoption of Bitcoin.
Bitcoin Is Becoming the New Internet of Money
A quote by a cryptocurrency expert explains the transition of Bitcoin perfectly; "This is not just money for the Internet. This is a new Internet of money." Cryptocurrency, in general, is experiencing a rapid rate of adoption thanks to new avenues of investment linked to it. NFTs and the virtual worlds of the Metaverse, for example, caused a boom in crypto-investments. The development of new platforms and markets make it evident that Bitcoin and the various other cryptocurrencies are becoming the future. Bitcoin is still largely misunderstood. Many investors either can't afford to buy into it or don't understand the growing real-world value of the currency. But with new platforms and a growing understanding of how cryptocurrencies are a viable currency in the real-world, adoption is on the rise.