Bitcoin is a digital currency and it’s not going anywhere anytime soon. We have no idea what will happen to it in the coming decades, but we’re confident that its role in the economy will expand as our understanding of blockchain technology does like real rise academy reviews. Here are 10 reasons we think bitcoin will be big in 2023…
1. Bitcoin will be declared legal in the United States
Though it’s not completely illegal right now, bitcoin isn’t legal in the United States. Most politicians and bureaucrats have no idea what to make of it. They’re also not happy with the amount of power they have to regulate bitcoin transactions. This is because all transactions are recorded on a public ledger called the blockchain (we have more info about that here).
When bitcoin is legalized throughout the US, you’ll see governments move quickly to create laws and regulations that apply to virtual currencies and digital cash. Regulating virtual currency will give them control over how it can be used for things like money laundering or extor tion schemes.
2. Personal computers for bitcoin transactions
Right now, you can’t buy bitcoin with a credit card or bank transfer. You can only buy it from one of very few authorized exchanges that trade bitcoins against other legal currencies like the US dollar. The operating system you use to do business with these exchanges is Windows, and you’ll have to install software that can work in Windows XP and later (we have more info about that here).
After a few years, when bitcoin is more widely accepted by merchants and banks across America, you’ll be able to use your personal computer for doing business with digital cash any way you want. You could redirect your web browser’s default search engine so that it talks directly to your nearest Bitcoin exchange or vender.
3. Bitcoin will solve the problem of identity theft
One of the biggest problems with bitcoin is that it’s not anonymous. When you’re using your computer to do bitcoin transactions, identities can be easily linked back to real people even if they don’t want them to be.
If you send bitcoins from one account to another, like from a digital wallet on your personal computer to a merchant’s web site, then those transactions are clear and visible in a public ledger called the blockchain. Journalists have basically proven that this is possible with just about any other type of digital cash (we have more info about that here).
Bitcoin has been compared to digital cash for good reason.
4. People will use bitcoin to buy illegal things
This is one of the first things people think about when they learn about bitcoin. Every time a major news network comes out with a story on virtual currency, the first thing they ask is, “How can it be used for money laundering?”
The answer is that it’s almost impossible to use bitcoin for money laundering. That’s because all transfers are recorded in a public ledger called the blockchain (we have more info about that here). Information about every single transaction that’s ever been done with bitcoin ever can be found on this ledger.
5. Bitcoin will be used for things other than money
Whenever someone says, “I don’t know what to use bitcoin for,” somebody else will say, “Here are a bunch of different things you can use it for.” One big example is using your digital wallet to store and send documents like contracts or legal documents.
These days, we’ve stopped thinking of data as something that can only be stored in a database. Thanks to cloud computing and object storage, data is just raw bits of code with no real meaning behind them.
6. Bitcoin mining power switches from GPU processors to ASIC technology
Bitcoin miners have been using computer graphics cards (GPUs) as the basis of their processing power since the very beginning in 2009. In 2013, the Bitcoin network started to use special ASIC chips designed specifically for mining bitcoin.
Those chips were built for the sole purpose of being used as bitcoin miners. They’re far more efficient than a GPU and they can handle a much higher amount of data in a shorter period of time, making it easier for miners to find a block of transactions within the blockchain and earn bitcoin rewards.
The result is called “ASIC power switching.” This means that miners are now using one set of hardware to mine bitcoins on their own computers. Once they’ve mined their current block and earned the reward, they move on to the next block, and do it all over again.
Summary:
Bitcoin’s value and popularity keeps growing at a faster rate than any other digital currency in history. Despite the volatility, it’s still going to be used by millions of people around the world. It will likely be part of our daily lives in 2023 with or without you knowing it. Once you’ve heard about it, you’ll be glad that you did.
