- April 11, 2023
From buying stocks to paying rent to buying the latest technology, there’s a lot you can do with Bitcoin. In fact, the first time anyone used Bitcoin to purchase something chose to use their cryptocurrency on some hot, fresh pizza. Whether or not you want to get something delicious delivered or make a fantastic long-term investment, the future of Bitcoin is essential to consider.
Here, we will talk about what the future of this highly coveted cryptocurrency may hold. Read on to learn how Bitcoin will proliferate in the coming years.
Market Growth And Popularity
At this point, you may be wondering: what is the future of Bitcoin? The answer to this question is steady growth and higher value. The global cryptocurrency market was worth $1.6 billion as of 2021. As of today (April 11, 2023), the global cryptocurrency market cap is $1.29 Trillion, a 2.35% change in the last 24 hours and -a 33.53% change one year ago. Today, the market cap of Bitcoin (BTC) is at $584 Billion, representing a Bitcoin dominance of 45.45%. By 2026, crypto experts expect an increase of around $2.2 billion.
Taxation And Regulation
Currently, Bitcoin is 100% unregulated by a central government authority. This truth is part of why they’re so secure and easy to use for international transactions. However, because of their lack of regulation, many wonder: is Bitcoin legal in the US? Bitcoin is, without a doubt, completely legal across America.
As of 2021, most users just paid capital gains taxes on Bitcoin. It’s the same as if you sold a house or a car. Now, in 2023 Bitcoin is taxed from 10% to 37%. Short-term gains from crypto held for under a year are subject to the same income tax rate paid on other income, meaning the short-term crypto tax rate ranges from 10% to 37% for the 2022-2023 tax season based on your tax bracket and total income.
Bank regulators and financial crime investigators constantly debate whether or not to regulate crypto and how best to do it. These panels have been proposing rules to make the blockchain ledger more accessible. Regardless, we’re almost sure to see more Bitcoin regulation in the future
In the past, people have needed to understand technology to access cryptocurrency. Bitcoin mining was one of the easiest ways to access crypto. Mining for BTC is the process of sealing off Bitcoin transactions in the blockchain on expensive, high-quality computers. Unfortunately, it is time-consuming and barely rewarding-miners earn only a little Bitcoin.
Some people also turn to online marketplaces to trade fiat currency for Bitcoin. However, these purchases can pose security risks. In addition, even fair trades take a while, sometimes up to a week or more.
Now, with Bitcoin ATMs, bitcoins are more accessible than ever. In the future, these ATMs are likely to spring up in more locations across the US. Then, all people will need to do is locate an ATM and go to their local grocery store or gas station to make the exchange.
In addition to being convenient and accessible, Bitcoin ATMs are secure and easy to use. You just need to scan your ID and Bitcoin wallet QR code before inserting the cash. The machine deletes these scans immediately, not saving them for your security. Crypto ATMs are also really accessible in that the exchange is speedy. Often, you’ll receive the Bitcoin you paid for within minutes of the ATM transaction. ( But don’t stress if it takes a wee bit longer; transaction times can vary) As a result, it’s an entirely stress-free experience.
Bitcoin Spending In Stores
In addition to obtaining Bitcoin in stores, you will be able to spend it in more and more stores in the coming years. This is already the case since major credit card companies like Visa offer crypto debit cards. Other providers like Mastercard and Discover also have this capability. You can expect to see further expansion upon the possibilities this opens in the coming years.
Bitcoin debit cards issued by these providers are straightforward to use. You load the card with fiat currency that’s immediately converted to bitcoin. You can also transfer pre-purchased bitcoin from your eWallet to your card. You can then swipe them at all retail venues that accept the carrier of the Bitcoin debit card. For example, if a company accepts Visa, they don’t need to do anything else to make your Bitcoin card useable. You can swipe it and pay in Bitcoin while the seller obtains the fiat currency equivalent.
Similarly, PayPal offers a Bitcoin service, as well as CashApp. Experts believe we can expect similar services to soon be available on all platforms.
Overall Cryptocurrency Expansion
Bitcoin is one of many cryptocurrencies that will become bigger in the future. While the trendsetter made other crypto methods possible, it’s far from the only option.
The most popular Bitcoin alternative is Ethereum, which runs on a platform-specific cryptographic token called the ether. This vehicle moves it between users, much like Bitcoin’s blockchain. Other popular options include Litecoin, Cardano, Polkadot, and Tether. However, there are hundreds of cryptocurrencies out there.
All of these cryptocurrencies are secure and appealing to investors and users alike. Because of this, people will likely use them more in future years. In addition, some experts predict crypto wallets will nearly eradicate fiat currency in the coming years. This claim is bolstered by the fact that China offers virtual yuan, a crypto version of their fiat currency. Other nations will likely follow suit and take an example from the global powerhouse country. As a result, we’re likely to see more cryptocurrency options going forward.
More Expert Analysis
What can we be most sure of when considering the future of Bitcoin? First, there will be a further examination of the market. Then, experts will continue to look into trends in Bitcoin’s use and develop new theories of what the future looks like.
For better or worse, you can expect the market projections to change in 2023. For example, new card carriers might create debit cards that allow you to use Bitcoin. In addition, you may see more integration of Bitcoin with other crypto options like Ethereum.
The only certainty is that the future of Bitcoin is uncertain. We don’t know about you, but we think that’s a good thing.
More On The Future Of Bitcoin
Now that you know what the future of Bitcoin may hold, it’s time to begin investing in this notable cryptocurrency. Contact ByteFederal with any remaining questions about where to obtain and access cryptocurrency.
We’re happy to point you toward your nearest Bitcoin ATM and answer any questions about its use and security. We also are excited to share our passion for Bitcoin with you and to tell you about the latest trends and updates within the market. Since we’re committed to ensuring that you can make solid, informed choices about your future investments, we look forward to hearing from you soon.