Bitcoin rate has fallen significantly over the past year. In the forecasts of experts, there are many opinions that Bitcoin may disappear. Including, the head of the National Economic Council of Israel, Avi Simhon, said that Bitcoin is inefficient, and in the future it will be completely disappearing. What do other experts say about the future of Bitcoin?
Gregory Semukh, Co-founder, SRT Crypto-A
Of course, Bitcoin is inefficient and in many ways inferior to the same Ethereum . Bitcoin is the very first cryptocurrency in the world, in many respects it was created on the bare theory, there were no examples of using such systems at that time. With each new cryptocurrency, the algorithms are improved, opportunities are growing, new principles are being introduced, for example, the HALF project will be released in 2019, in which we will have a whole pack of new functions that extend the functionality of the currency in comparison with the existing ones.
However, it’s too early to say that bitcoin will disappear. Actually, it’s unlikely that there will ever come a moment when it can be said that Bitcoin has no future. This is about the same as the Windows operating system. Compared to the current WIndows 10 system today, it seems that Windows XP or Windows 98 is more ineffective, but Windows did not die, only the number changed, but Windows remained the same Windows, even the start menu remained exactly the same same as twenty years ago.
The system has evolved, evolved, modified, but now we are using, by and large, the same developments that appeared in Windows 98. Bitcoin will also be. Bitcoin is very inert, with this not to argue, with the changes he pulls to the last. As an example, we can cite a huge transaction fee in 2018, when the commission amounts were simply astronomical.
Bitcoin pulled to the last, brought even to the fork Bitcoin Cash , but in the end managed to reach a certain consensus and now the commission for the transfer in the cue ball does not exceed several tens of cents. Bitcoin will change over time, most likely it will do it more slowly than new cryptocurrencies, will give way to new systems in additional functions, but it will certainly retain its relevance for many, many years, if not decades.
Bitcoin is like gold. This metal is inconvenient to store, difficult to exchange for fiat money, it is impossible to use as a means of payment in stores or send by e-mail, it is difficult to get, but for thousands of years gold has not lost value. The same will happen with Bitcoin. It is digital gold, and even if it is not used as a means of payment, it will remain an investment asset for a long time.
Yevgeny Ponizovsky, independent financial advisor. Portfolio Manager, Head of Research, Trader
Everything that does not contradict the laws of physics is hypothetically possible. The only question is the probability of an event. The probability of the complete disappearance of Bitcoin is extremely small. Another thing is that it can depreciate greatly. And some more well-made cryptocurrencies will grow in value. For example, telegram currency. Another thing: do you want to invest in cryptocurrency?
Oksana Belyanskaya, Director, ICO Promotion Company and Blockchain Projects, ICO ROCKET PR
Theoretically, anything can disappear. Even the state and there were already examples. Some inefficient cryptocurrencies – Altcoins, which are not worth the real technology or product can really disappear in the future and disappear – and this is the normal process of cleansing the market. Bitcoin itself as a cryptocurrency and a means of payment is now included in the zone of turbulence; its policies are influenced by the laws of many countries and the decisions of major investors and companies, as well as information input into the market.
The peaks of 2018 played their role and the largest payment systems, banks, companies working with big data turned their attention to the blockchain technology. In the field of insurance, bank transfers, leasing, transaction verification, this technology is much simpler and more efficient, since it reduces paper and electronic documents and the time of a transaction or transaction. The year 2018 gave a huge boost to the use of blockchain technology in many areas. This does not mean that Bitcoin legalizes it as a worldwide means of payment.
Bitcoin will not disappear from the cryptocurrency market
But to talk about leaving Bitcoin from the rental is very, very early. It is quite possible that cryptotechnologies will be improved and more efficient cryptocurrencies will appear, that is, the place of Bitcoin, which occupies more than 50% of the market, cryptocurrency may change, but the technology itself and its “father” Bitcoin are unlikely to disappear forever.
Ivan Babailov, advisor, investor and expert of ICO projects. Blockchain enthusiast (CEO Finside). ICO PR and Classical Marketing Expert and Trainer (CEO BeFirst)
Talking about the disappearance of such a phenomenon as Bitcoin in the future is incorrect. So far, at least one person uses this technology – we can assume that the technology is valid.
Yes, the cryptocurrency market is currently experiencing not the best trend, showing negative quotes. There are several reasons:
- not accepting cryptocurrency by most countries at the state level;
- the lack of a clear, understandable and transparent legal justification and laws governing the field of cryptocurrency;
- high volatility of cryptocurrencies, which undoubtedly affects the possibility of manipulating their price, making it impossible to use cryptocurrencies as a means of payment and acceptance by the world community, and much more.
At the moment, states are developing a legal framework that allows regulating the cryptocurrency market. Sooner or later, laws will be adopted and cryptocurrencies, in particular, Bitcoin, as the first digital currency, will become part of our daily life. It is not excluded that the states will issue their own cryptocurrencies, which will be pegged to the main state currency (this trend is also observed, for example, the release of the first cryptocurrency developed by the Venezuelan government. The currency will be provided with oil, gasoline, gold and diamonds).
Time will tell, but the fact that cryptocurrency and blockchain technology have a great future is unambiguous.