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?
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.