The coming of cryptocurrency mass adoption is still to come
The cryptocurrency market has experienced a significant influx of users that was conducted through new market players. There has been a lot of new and unusual investors in the market, with individuals getting really interested in what this technology has to offer. Some are institutional traders, Enterprises, Technicians, computer scientist, and Businesses oriented companies.
This has lead to institutions, programmer and developers getting more interested in what cryptocurrencies have to offer and the applicability to the financial system. Despite this huge increase of new players to the market, it is still very small, as only a few people are owners of cryptocurrencies compared to the global market capacity.
There are about 3 million users currently active with Bitcoins, this, of course, is but a fraction of the currency market capitalization. This makes way for the number of users of cryptocurrencies to achieve tremendous growth power. Bitcoin has seen its fair share of market volatility and upsets since its inception in 2009. The blockchain network has gone through great changes since then. With the introduction of second layer technologies like the Lighting Network which improves network efficiency and reliability for payments and value storage.
A normal route for assets and currencies
Even after this great support from a few companies that are using it for payment processing on their platforms for services, the adoption is still not in full dominance of the market. The cryptocurrency has risen some concerns regarding its market prices that fell more than 70% in the last months. The market is currently between the bulls and bears with moving averages and contracting range. In order for the cryptocurrency to gain its previous highs and surpass it, it will need a push in terms of acceptance and speed of adoption in finance.
Another wave of bitcoin adoption and recognition will make the crypto surge in value again, in search of market stability. One of the most exciting features of bitcoin together with the power of Lightning Network and other second layer technologies, is the rise of micro transactions that pushes huge value into each satoshi. As more satoshi’s come into existence after every 10 mins based on it regulated protocol, it will be comparable to the quadrillions of cents that is represented in fiat currencies. This puts bitcoin in a position to show more of its usability over the fiat system of money and dominate global payment systems, which will make the value skyrocket in the coming years a lot more than it is today.
What do you think about the speed of bitcoin adoption and usability? Please leave a comment below.
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