• Mon. Jul 22nd, 2024

Here’s What the Bitcoin Space Could Look Like in Five Years

Bitcoin Space

Everyone knows Bitcoin is the first of the cryptocurrencies. 

 It is a given. 

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And Bitcoin’s emergence has sparked the emergence of a new movement that spans the globe. 

However, with the emergence of this movement has come and abandonment of the Bitcoin space. 

Well, not entirely. 

With the continuous rise in Bitcoin prices and the dominance of the world’s cryptocurrency space, we may see more Bitcoin news in the coming months and years. 

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Especially when many people still associate the word “cryptocurrency” with “Bitcoin”. 

Smart Contracts are Possible on the Bitcoin Blockchain

Surprisingly, there are quite a few smart contract capabilities that are currently available on the Bitcoin core network. 

They are available.

Though many members of the Bitcoin don’t community know about, take part in, or understand the development of these smart contracts. 

Then again, it takes research to understand these smart contract capabilities, as they aren’t exactly Bitcoin news. 

One of these contracts is discreet log contracts as described in a brief Massachusetts Institute of Technology (MIT) post

Discreet log contracts help stabilize the information flow on the Bitcoin blockchain. 

They do this by limiting how Oracles hold sway over data that is recorded on blockchains. 

One practical use case of this scenario is limiting the net effect of volatile Bitcoin prices. 

Another example of a secure Bitcoin smart contract layer is RSK.

Running as a side chain to Bitcoin’s blockchain, RSK has proven to have the durability, stability, and security that has given it pop star status within the cryptocurrency space. 

With a whole ecosystem, RSK has proven the fact that Smart Contract capacity on the Bitcoin blockchain is possible. 

It’s just that many developers think implementing smart contracts on the Bitcoin blockchain isn’t easy. 

Nothing good ever is. 

However, the possibility of having a Bitcoin app presents so many opportunities. 

A Bitcoin app could tap into the massive liquidity that exists within the Bitcoin ecosystem. 

This locked liquidity could present new use-cases once, of course, such a Bitcoin app proves its use case. 

Then again, it isn’t exactly “Bitcoin news” that such Bitcoin apps exist. 

It’s just that many people want to have the glory of being “founders” the same way the Bitcoin founder is revered. 

And with the mythical status, the Bitcoin founder has achieved, it’s almost certain no one will be able to achieve the same. 

With Smart Contracts Come Increased Functionality 

Smart contracts have created all kinds of new realities within the cryptocurrency space. 

However, most Bitcoin wallet holders are yet to experience these realities because they don’t know about the many kinds of functionalities that exist on the Bitcoin blockchain. 

The smart contract ability of the Bitcoin blockchain will increase as more developers find creative ways of implementing this functionality. 

Soon, anyone who can a Bitcoin wallet to any Bitcoin app will be able to do so seamlessly. 

Bitcoin wallet functionality will also be tied to everyday scenarios. 

Bitcoin Upgrades Improve the Business Process Flow 

Bitcoin upgrades have been few and far between since 2009. 

However, the introduction of the lightning network has proven to be a huge success. 

In November, the much-expected tap root upgrade is expected to take place. 

Developers from this point on will be fully able to deploy smart contracts with greater ease on the Bitcoin blockchain. 

And then the future of the cryptocurrency space will start to unfold!

Bitcoin’s business process flow for the most part been chunky.

There has been a lack of fluidity within the business processes for organizations within the Bitcoin ecosystem. 

This “chunkiness” has prevented the unlocking of a lot of the liquidity that exists in Bitcoin’s blockchain. 

And as of the time of writing this article, this accounted for 42% of the cryptocurrency industry’s total liquidity. 

It also means many things for the cryptocurrency space. 

The cryptocurrency liquidity of all the Altcoins put together accounts for just about 68% of all cryptocurrencies. 

It means then that Bitcoin is still the king of the hill, like it or not. 

The taproot upgrade and others like it in the future will increase Bitcoin’s competitiveness. 

And it will spur further innovation because of the open-source nature of the Bitcoin community. 

                                                       Bitcoin Halving Events Will create New Scarcity

One thing that works for Bitcoin is the fact that Bitcoin halving events always jumpstart the next phase of a meteoric price rise in Bitcoin prices. 

This phenomenon has always occurred in the last few Bitcoin halving events. 

During the next Bitcoin halving events, we shall see Bitcoin prices going so far that Bitcoin to USD predictions may be impossible. 

If we combine the coming functionalities of the Bitcoin blockchain to Bitcoin halving, then we may see Bitcoin to USD value reaching six or seven values. 

With the next Bitcoin halving event coming in 2024, we may see the cryptocurrency space snowball into values that dwarf other industries such as forex. 

And this rise in Bitcoin’s value could keep going up based not just on halving. 

But on the fact that bitcoin to USD values is dependent on events that create use and interest in the cryptocurrency. 

And with further Bitcoin halving events and increased creative use, Bitcoin’s value will hit the roof in the next half-decade. 

We may even see a Bitcoin to the USD value of $1 million, $5 million, and even more, as the cryptocurrency matures and interest increases. 

Bitcoin Mining will be the New Cool 

Despite the environmental concerns, Bitcoin mining will be one of the prevailing profitable activities within the cryptocurrency ecosystem. 

The truth is new upgrades to the Bitcoin blockchain will make mining more efficient and stable. 

The recent environmental concerns will lead to further improvements in Bitcoin mining activities.

As Bitcoin mining becomes better, more people will want to have a piece of the Bitcoin pie.

They will directly invest in Bitcoin mining activities.

Many will do so on a massive scale. 

As we step into another year, we will see Bitcoin mining hash grow as the mining difficulty rises.

This will fuel a renewed interest in Bitcoin as a cryptocurrency

With this renewed interest will be a massive avalanche of new players into the Bitcoin ecosystem.

Governments will Become Bitcoin-Friendly 

As world governments continue exploring the benefits of cryptocurrencies and their underlying technology, they will show interest in Bitcoin. 

With this interest, new rules and laws will ensure that cryptocurrencies can be used freely among citizens. 

As this happens, we shall see further rules that ensure deeper adoption of Bitcoin and other cryptocurrencies.

The next five years could be the tipping point in Bitcoin’s history!



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Kevin Moore - E-Crypto News Editor

Kevin Moore - E-Crypto News Editor

Kevin Moore is the main author and editor for E-Crypto News.