It’s no doubt that we are in a bear market right now. Prices aren’t looking great, but this isn’t stopping Bitcoin from moving forward and there are many reasons behind that.
More investments are being poured into blockchain companies
Despite the crypto winter and bear market, we’re still seeing daily news on enterprise and well-established companies getting funded for blockchain solutions. The truth is that it takes these well established companies to act as a stepping stone in order to build trust within the community.
In order for us to achieve mass adoption, we need to build knowledge, transparency, and without big financial institutes jumping in, we won’t be getting anywhere.
We’ve already been seeing quite a lot of coverage on cryptocurrency even in this bear market by big media outlets like CNBC and Bloomberg.
With the future launch of ETFs and stock exchanges in the Bitcoin space, we’ll be one more step closer to mass adoption.
Bitcoin is now even more regulated and secured
One of the biggest drawbacks that held a lot of investors from investing into Bitcoin was the fact that investors were worried that Bitcoin isn’t secured and regulated. This has been changing with the SEC taking cryptocurrency more seriously. Security has become the main priority of most blockchain companies and this will lead us closer to mass adoption.
Compared to one year ago, the computing power deployed on the Bitcoin network by users all over the world has more than doubled.
Bitcoin is “quick and cheap”
One of the reasons why big banks are slowly migrating over to blockchain technology is because of the fast and cheap payment method. This is especially true for cross border payments. Traditionally, you would need to wait 1-2 weeks for the money to get across overseas, but now you can do it in seconds for roughly 25 cents. Isn’t that a jackpot?
In addition to that merchants won’t need to deal with heavy credit card fees or chargebacks. Even more of a win.
Transaction volume has doubled
You might say, but in 2017 we saw a massive increase in transaction volume as well. Yep, that’s true, but those were mainly driven by ICOs. Those days were the tech boom days of crypto where people used to say, “I can close my eyes, make a random trade and bank from it.”
Those days are over and I don’t think we’ll be seeing any more of that in the near future. What we will be seeing stable and consistent growth in the economy as the community adapts more towards blockchain technology.
To end this quick article, we’re in a bear market, but this does not mean that blockchain doesn’t have a bright future. Every new industry had to start somewhere and 10 years from now, I’m certain that we will all look back and acknowledge the fact that the ones who stuck through this winter are the survivors and veterans.