Bitcoin Adoption – Into the future of blockchain use cases

Bitcoin as we know it today is still at its infancy stage. Why is it so? In 2017, the whole bitcoin infrastructure became unusable for transacting with each other as money due to high fees. With new ideas came the vision of lightning network, allowing instantaneous payments, bringing second layer into bitcoin.

With more and more investments being poured into the bitcoin ecosystem, newer inventions are made. New ideas are built.

The future of payments as we see it

  • Bitcoin is the currency of choice for transactions online
  • NFC enabled smart phones are being used to transact at stores
  • Bitcoin having grown bigger, the currency is more stable for transactions
  • Computers paying computers or internet-of-things devices
  • Lightning network for micro-payments, bitcoin on-chain for large purchases such as properties
  • Smart contracts for agreements
  • In-Game currency

Bitcoin as the currency of choice for online transactions

As more people learn about bitcoin and adopt in their businesses, bitcoin becomes the currency of choice for buying online. It’s great for people who do not have bank accounts or credit cards due to various reasons. Calling it banking the unbanked.

Transactions in bitcoin are done irrespective of countries or borders. No one is denied from transacting from one another. No central authority can judge what you can or cannot sell. Nobody can restrict free trade and deny someone’s rights to transact due to race or political views. It’s the freedom to trade with anyone anywhere in the world.

No one has to pay high fees to transact online. You do not have to pay your credit card merchants high fees for transactions anymore. Cut out the middle man which is taking all the profits from your business. You do not have to pay high currency conversion rates from different countries.

Transactions occur instantly with negligible fees (almost free). You will receive the money in less than a second anywhere in the world. No need to wait for many days for the money to be deposited into your bank account.

Furthermore, cross-border transactions will be so much easier and more efficient. No longer do you need to wire money or use western union for money transfer that charge exorbitant amount of fees.

NFC enabled smart phones are being used to transact at stores

Like in China, QR codes are being used to send money via Alipay and WeChat Pay. Like using a credit card with paywave function, you can pay a merchant just by touching your phone on the receiver. Like using Android Pay, Apple Pay and Samsung Pay, bitcoin using NFC will replace existing Vsa and Mastercard transactions due to its more efficient and less fee advantages.

As more and more people can afford better smart phones at lower price, the future NFC payment via bitcoin lightning can come true.

The future is already here. We are already using Samsung Pay to pay using the credit card linked to our phones. It’s about time people realize the potential of using something similar using lightning network on top of bitcoin’s secure blockchain technology.

Maybe some day in the future, lightning network on top of bitcoin can be used on a specially designed credit-card sized hardware wallet which acts like a regular credit card with tap-to-pay function. You will be able to preload your bitcoin into your card before use, acting like a regular wallet.

Visa outage that happened in Europe after card network crashes will be a thing of the past using the bitcoin blockchain technology. It’s because the network will be decentralized, and you do not need a central authority to process the transactions.

As the size of bitcoin grows bigger, the volatility of the currency decreases

Bitcoin currently is just over a 100 billion USD market capitalization currency.  It’s still too early and relatively small compared to other commodities, stocks etc. It’s even smaller in size compared to the dot-com bubble which is trillions in size.

Don’t believe bitcoin can grow? Look at Amazon and Facebook’s stocks for comparison.

As you can see, Amazon’s total market capitalization is 823 billion dollars. And it’s only a single company. The market capitalization is currently 8 times bigger than bitcoin (bitcoin is used everywhere in the world – worldwide).

Take another look at Facebook’s market capitalization, which is 554 billion dollars currently. Bitcoin pales in comparison to these two single entities.

And why we think bitcoin can grow larger in the future? Look at the price of Amazon since the beginning, 1.73 USD on May 16, 1997. And it has grown more than 100 times  in over a span of a little over 20 years. Facebook? 38.23 USD since May 18, 2012 to currently 5 times in over just 6 years.

Then there’s Google’s Alphabet. No explanations needed.

Bitcoin is being traded everywhere in the world. And it’s future is bright. The price in the future will be massive. And as bitcoin becomes a giant, the volatility will decrease over time. People will be able to use bitcoin for transactions with one another without having to worry about the price falling over 10 percent or more after a few hours.

Internet of things devices on bitcoin lightning network

Imagine that in the future, devices such as your car will be able to pay another machine automatically. For example, you park your autonomous electric vehicle at a supercharger. And while your car is being charged, micro-payments via bitcoin lighting are being paid from your car to the charger machine automatically for using the electricity. You do not need to personally tap your wallet to pay. It’s all being done automatically.

Talk about the possibilities, it is endless. As artificial intelligence becoming more advanced day by day, the future is sure interesting.

Bitcoin lightning network for micropayments while pay with bitcoin on-chain for larger purchases

In the future, we leave some spare change in our lightning wallet for small purchases and use bitcoin on-chain for larger purchases such as cars and properties.

Paying via bitcoin on-chain is the most secure way of transactions, being powered by miners all around the world. Once the transaction has received a few confirmations, the transaction is therefore irreversible and there is no way for refund in the bitcoin network.

And it’s all possible in the future as the size of bitcoin grows big enough that the price volatility is decreased to the minimum.

Smart contracts for agreements

Besides bitcoin, we also have other cryptocurrencies such as ethereum and litecoin. Each with their own advantages and disadvantages. For example, litecoin can also be used for large transactions such as properties in the future due to its secure network on-chain, and it’s faster to transact with litecoin compared to bitcoin on-chain, plus the lower fees.

Ethereum is being used for smart contracts. Many decentralized apps, called Dapps are being developed for this purpose. Use case scenario? Let say you buy a house and you receive a piece of digital property paper with you being the owner of the property. Nobody can question the validity and it is guaranteed to be safe and secure. Frauds will be a thing of the past. Everything done will be recorded in the digital ledger which will be present forever.

In-Game currency

As time progresses, many game developers will choose to use cryptocurrency for their in-game money. Whenever someone wants to level-up and buy more powerful item in a game, one can pay with a QR code scanned and buy instantly. That will change the gaming space in the future.

Already, many online casinos have been using bitcoin and altcoins for transactions. Most of the casinos online prefer to use bitcoin as some face scrutiny opening a bank account for online gambling. Many online gambling sites frequently have to open a new bank account as they are often times suspended for their activities. As deemed illegal by central authorities such as banks. With bitcoin, no central authority can punish or judge you by closing your account, because only you have control over your digital wallet account.

The future of bitcoin is limitless

As the world evolve, people with ingenuity will  be able to build revolutionary technology. Ideas get better and things get done more efficiently.

Bitcoin Long Term – Bitcoin vs Stocks | Time to invest in Bitcoin | Is Bitcoin an Investment

By now, many would have heard about bitcoin. Many people might have different perspective and views about bitcoin. For some, is bitcoin investment risk high? For others, is bitcoin opportunity fund now? With the search term bitcoin usd growing every day, how is bitcoin long term going to be? While for some, is bitcoin mining a good investment?

Here are some reasons why bitcoin is good. And is now a good time to buy bitcoin?

When is the best time to invest in bitcoin? Is now a good time to invest in bitcoin? Is bitcoin a smart investment?

The best time to invest in bitcoin is in the past. The second best time to buy is now.  So it is worth buying bitcoin if you are thinking in the future, for the long term.

Should you invest in bitcoin? Is bitcoin bad investment? Should you buy bitcoin? Is bitcoin worth investing?

Like venture capital investing, with high rewards come with high risks. The price may be volatile in the short term, but in the long term, the price will rise if there is more adoption.

So should you invest in bitcoin? The answer can be yes and no. Yes if you believe and understand the underlying technology and economics, that bitcoin will be adopted in the future. And No, if you are only planning to get rich quick. It’s because in the short term, the price might plunge 70% or more but it might also increase ten-fold or more in the future.

Does bitcoin have a stock?

No. Bitcoin is a currency and not a stock. Like all currencies, it may go up or down in value when it is traded with other currencies. If people perceive the US dollar (USD) to be stronger and therefore buy USD and sell bitcoin, the price of bitcoin will fall in relative to USD. Vice versa, if people view bitcoin as a better currency (higher demand) and buy more of it and sell USD to buy it, the price of bitcoin will increase in relative to USD.

Is bitcoin on the stock market? Bitcoin vs stock market

Depends on how you view it, there are many exchanges available online for you to trade bitcoin worldwide. So yes, it is on the stock market. It’s on the international stock market where globally everyone can trade 24 hours without limit.

Bitcoin bad investment?

Yes and no. Yes, if you do not understand the underlying technology and use. And No, if you really understand the potential of bitcoin or blockchain technology will have in the future. If you understand how money works, such as how money is transferred from one person to another, you will think of bitcoin differently.

Why you should invest in bitcoin

There are many use cases for bitcoin at the moment and even more in the future. Currently, you can use bitcoin to transfer money without borders. What does this mean? It means that you can send money to anyone anywhere in the world with low fees.

If you tried to send money overseas, you would have experienced paying very high fees and waiting many days for the funds to clear. With bitcoin, you can send funds instantly and with low fees.

And in the future, you can use bitcoin for micro transactions. What does this mean? It means that you can buy an article online or buy an image instantly using lightning network. And its use case in the future is endless.

Why invest in cryptocurrency? Should you invest in cryptocurrency?

No, if you do not understand it. And yes, you should only invest in the ones you know and understand. Most cryptocurrency or altcoins are fraud in nature. You lose money feeding the early creators. But it’s different for bitcoin and ethereum.

Is bitcoin a good idea? Is bitcoin good? Is investing in bitcoin smart? Is it smart to invest in bitcoin? Should I buy bitcoin now?

Yes. Why invest in bitcoin? Here are the reasons to invest in bitcoin. With bitcoin, you can

  • Send money to anyone online anywhere
  • Send money instantly, unlike wire transfer where you have to wait many days
  • Use for micro-payments in future with lightning network
  • Bring money cross-border, you do not have to worry being caught carrying large sum of money when going overseas (eg. money confiscated, paying heavy tax)
  • Keep money in your own bank account (eg. ledger – hardware wallet, paper wallet) instead of being held ransom by a bank corporation
  • Freedom to use your money the way you want, not as deemed what you can do or cannot do with your money if it is kept by a bank
  • Supply is limited, you cannot print more bitcoin as it has limited number of supply. Unlike fiat currency such as USD
  • Secure. It’s the most secure way to store money currently. And of course, do not store your money in an exchange or you risk losing your money in hacks. Store in hardware wallets

What currency to invest in?

Bitcoin.

What is the bitcoin stock exchange symbol?

BTC.

Any bitcoin investment advice?

While it is still at an early stage, you should buy bitcoin via the dollar cost averaging method. As the value is volatile, your strategy is to accumulate more bitcoin in the longer time frame and not to day trade.

For dollar cost averaging, you should set to buy for example USD 100 per month regularly. Therefore, if the price of bitcoin goes up, you buy lesser bitcoin with your USD. And if the price of bitcoin goes down, you buy more bitcoin with your USD. In the future, you would have accumulated more bitcoins.

That way, you will not be carried away with your emotions when the price drops in the short term.

How much bitcoin should I buy? How many bitcoins should I buy?

It varies from person to person. You should only buy with excess money that you have. Meaning, do not spend money that you need to buy for food and shelter today. You can view buying bitcoin like investing in the stock market.

You should never buy bitcoin on a margin or leverage. This is because if you do, you will lose money when the price of bitcoin falls and you will not be able to recover when the price increases after that.

So how much? Also depends on how much you understand the technology and its impact in the future. If you think it is going to change the way people use money in the future, buy more. If you think the future is bleak, sell.

Invest in bitcoin or ethereum?

Bitcoin and ethereum.

Is it safe to invest in bitcoin?

Yes. However, you should always keep your funds in a hardware wallet and not keep in an exchange. Exchanges get hacked every day. Why do exchanges get hacked? Because it is money! Bitcoin is currently a currency that is digital aka internet’s currency of money.