Bitcoin can be described as a cryptocurrency, a virtual currency or a digital currency. It is a type of money that is completely virtual.
It’s like an online version of cash. You can use it to buy products and services, but not many shops accept Bitcoin and some countries have banned it altogether.
So what prospect for Bitcoin in 2021?
Bitcoin hit a new all-time high this December and the major question is will the momentum be carried into the coming year 2021? Is the retail crowd set to rejoin the party, or will institutional investors continue to dominate the narrative around cryptocurrency arena?
The recent bull run has certainly gotten people talking, but compare the media attention previously to this time around. It has been limited and most mainstream media is almost focusing on the positive or outrighly ignoring the news all together.
An increase in media attention would certainly change this trend in 2021, but perhaps even more importantly is that it’s now easier than ever to buy bitcoin.
PayPal and Square are seeing huge success in the US. They’re currently buying the equivalent of 100% of newly-minted bitcoin just to cover the demand they’re getting from US customers. In Africa and other parts of the world things are rapidly changing for the cryptocurrency flagship “Bitcoin”. So the prospect is great going forward.
However, it should be noted that Bitcoin owners still constitute a tiny fraction of the global population and there’s still tremendous room for growth. Mass media attention, and easy access for the average person on the street would be a potentially explosive game changer.
What you should know.
Bitcoin is not controlled by the government or banks. People can also spend their Bitcoins fairly anonymously. Although all transactions are recorded, nobody knows which ‘account number’ is yours unless you told them or publicly displayed it.
What you must know.
Though the “account number” is not made known by all however every transaction is recorded publicly so it’s very difficult to copy Bitcoins, make fake ones or spend ones you don’t own.
Also it is possible to lose your Bitcoin wallet or delete your Bitcoins and lose them forever. There have also been thefts from websites that let you store your Bitcoins.
The value of Bitcoins has gone up and down over the years since it was created in 2009 and some people don’t think it’s safe to turn your ‘real’ money into Bitcoins however the trend is changing and going into 2021, the bull run may continue and we may as well see a positive trend to watchout for.
Kindly follow and like this page for more content and updates on cryptocurrency and digital tools.