Bitcoin’s Success Is Inevitable, but Many Challenges Await It in the Years To Come
No doubt these obstacles will be surpassed by the Bitcoin community.
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After more than twelve years of existence, the success of Bitcoin is now inevitable. I was writing this at the end of 2020, and my certainty on the subject has only grown stronger. Bitcoin has continued to rise stronger from each of the trials it has faced.
This is a sign that the Bitcoin system is indeed anti-fragile.
You can't stop an idea whose time has come, as Victor Hugo once said. The idea of giving power back to the people in matters of money has now become a reality. A reality that has been growing steadily for several years.
More and more people will embrace the Bitcoin system in the coming years
Today, more than 125 million users are using Bitcoin. One country, El Salvador, has made Bitcoin an official currency. Major companies like MicroStrategy and Square have made Bitcoin part of their cash management strategy. Leading Wall Street investors are allocating up to 5% of their portfolio to Bitcoin.
If the success of Bitcoin used to be a utopia for its opponents, it is now a constant fear. This shows that Bitcoin has now reached a size that suggests that its market cap will catch up with gold in the future.
What Bitcoin offers has never changed in over twelve years. And it won't. An open, decentralized system owned by everyone with a limited supply of 21 million units no matter what and a programmatic monetary policy.
Nothing more, nothing less.
However, the implications of a system like Bitcoin are enormous. The people once again have hard money that allows them to take full control over their lives. Bitcoin gives you the freedom to live your life on your own terms.
More and more people are being seduced by the guarantees that Bitcoin offers. You'd have to be crazy not to want to live your life on your own terms. To get to that point, however, you have to get to the ugly truth about the current system.
Once you've had that realization, you'll be delighted to discover that the Bitcoin alternative is here to empower you.
Great challenges lie ahead for Bitcoin to become a widespread unit of account in the future
While what Bitcoin has accomplished since its inception is already phenomenal, we should not kid ourselves. The challenges that await Bitcoin in the months and years ahead will be even more phenomenal.
As Bitcoin's market cap approaches that of gold, the attacks by governments and regulators will multiply. They will do everything to kill the Bitcoin revolution. Bitcoin users will have to be as strong and resilient as the Bitcoin system is.
Bitcoin cannot be stopped, but Bitcoin users will have to keep faith in the revolution and the ideal it pursues.
Then, the user experience will have to be continually improved. I've been in Bitcoin for several years and working in new technologies for even longer. Using Bitcoin by holding the private keys to my BTC and running a node on the network are things that seem more than affordable.
However, we must realize that this is not the case for millions of people on Earth. Therefore, it will be necessary to make sure that Bitcoin users find the user experience as simple as possible.
They should not be scared into thinking that sending their Bitcoin to cold storage is something difficult. It should be taken for granted. Future users should not be left with the "get rich quick" thesis of financial investment. They need to take control of their wealth by accessing the private keys to their Bitcoin.
Only then will Bitcoin become a default unit of account in many other countries beyond El Salvador.
Overcoming these obstacles will take a lot of innovation, perseverance, and education. Education remains the key to explaining why Bitcoin and especially why it is necessary to get out of the vicious circle of generalized impoverishment represented by the current system.
These are the great challenges that await Bitcoin in the years to come.
Given what Bitcoin has already accomplished thanks to its users and its community, I do not doubt that these challenges will be met with flying colors. If you are a Bitcoin HODLer, your best days are ahead.
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