The Future Payment System of Bitcoin

Jonathan M. Hazell

 

How will Bitcoin become an enduring payment system? Three potential scenarios:

·        It remains in its current condition.

·        A widely used overlay system develops.

·        The system becomes more popularly adopted by both merchants and customers.

Bitcoin has historically thrived during crisis events in the world; Cyprus 2013, Greece 2015, Brexit vote 2016, etc. How does this alternative payment system naturally grow and thrive without natural, political, or economic upheaval?

Slow growth:

The current condition. Most people in the Bitcoin ecosystem have followed the speculative ride of the digital currency's value during its existence hitting a peak of $1300,00 dollars for a Bitcoin in the fall of 2013. It now sits around $600.00 a coin. Onlookers watch trends and follows articles to gain insights on the next price elevation. The anticipation of higher value reduces Bitcoin's ability to consistently gain traction as a reliable means of regular payment. The result is that Bitcoin has generally become a held commodity.