The future of bitcoin is uncertain and risky. However, there are a lot of predictions made regarding cryptocurrency prices. The most volatile coin in the market is none other than bitcoin, and it is tough to predict the future of this volatile cryptocurrency. However, a professor at Cornell University has made some essential bitcoin predictions. He says that bitcoin is about to be paid out of existence in future, and therefore, cryptocurrency enthusiasts must be worried about the same. Furthermore, he says that it is the most popular cryptocurrency right now, but the future is very uncertain about it. Therefore, having a risk factor insurance about the bitcoin is very important for everyone with crypto wallets.
He has been interviewed by CNBC recently, and his name is Eswar Prasad. He pointed out that bitcoin has a lack of instability, and therefore, it is not capable of being used as a medium of exchange for every country of the world. Therefore, if you want to use bitcoin as a medium of exchange, you will face many problems. You can never decide what the fixed price of bitcoin is, and hence, purchasing something with bitcoin is even tricky. Even if you want to invest using bitcoin, the capital is going to fluctuate and therefore, it will make your business unstable. Therefore, you should be very well aware that bitcoin is a threat to any investment you are making using this digital token. Also, bitcoin’s decentralised nature makes it even riskier compared to the other financial assets available. You can read more about it on https://bitcoin-circuit.live .
Bitcoin Blockchain is the fundamental technology on which cryptocurrency transactions take place. However, different triple currencies use different kinds of blockchain technology. One of the most important things you need to know about decentralising cryptocurrencies is that the more they are used, the longer their connection will grow. Blockchain technology is extended by the people who use them, and therefore, it is spreading at a very speedy pace across the globe. He believes that bitcoin lacks efficiency, making it unsuitable for use. Also, the low degree of efficiency in bitcoin makes it very difficult to predict if it will stay in the future or not. He mentioned that the validation mechanism of bitcoins for verifying the transaction is environmentally destructive, and it is not going to end up well for everyone.
In addition to the above-given statement, the economist and professor also mentioned that the consensus mechanism used for a bitcoin transaction is a green alternative. However, it is not very good for the environment and ecosystem of the whole world. On the one hand, bitcoin transactions are genuine but, they may not stay longer as predicted. Also, the underlying Blockchain technology can be used as recent lies pending medium. Blockchain technology’s life is far longer than bitcoin, making it particular. Also, he endorsed the central bank digital currencies, which many nations are looking forward to bringing on. They are going to be the digital currency is controlled by different nations of the world, making them stable and in control. With the help of these central bank digital currencies, people can usually make low-cost payments with increasing financial inclusion. Apart from this, they will offer a high degree of financial stability to anyone who invests in these digital tokens.
In his interview, he mentioned that every cryptocurrency across the globe offers more extensive scope for facilitating low-cost payments. Also, everyone has access to the internet, making cryptocurrency easy to use. Therefore, digital tokens increase the financial inclusion for every person, and there are chances that digital currencies may flourish over time. However, bitcoin does not have any chance of surviving. The underlying technology is beneficial but not the ultimate token running over it.
Apart from this, recently, Twitter ex CEO mentioned that bitcoin would soon replace the United States dollar in terms of financial inclusion and market capitalisation. He is a massive enthusiast for bitcoins, and he has been supporting the same for a very long period. He said so in reply to the famous rapper’s tweet asking about the future of the United States dollar and cryptocurrencies. Also, there are multiple cryptocurrency exchange platforms available for everyone to use. Jack Dorsey is also looking forward to launching its online payment application, which will create cryptocurrency transactions.
