Last year, Bitcoin almost died. In fact, almost all cryptocurrencies bit the dust after a severe bear market almost wiped them all out. The bear market pushed Bitcoin’s value down to a mere 10% of its value in under a year: a fact that triggered waves of fear throughout the entire cryptocurrency community. Erik Finman, a young Bitcoin millionaire, was one of the many heavy-hitters within the Bitcoin world who thought that Bitcoin had run its course.
After a long and arduous process, Bitcoin has since made a comeback. This time, stronger than ever. While the price still isn’t where it once was, there is renewed faith in the technology which seems to be fueling support for crypto in areas not seen before. Support that promises to push Bitcoin, as well as all other cryptocurrencies, into a state of stability we have yet to witness. From utility payments, government offices, online marketplaces, and everything in between, Bitcoin is becoming more and more commonplace.
Signs of Strengthening
Finman has recently announced plans to help Bitcoin’s progress along and he has big plans for the world’s most popular crypto coin. According to him, actions he has planned as well as other market indicators point to a very successful year for Bitcoin. The increased trust in the technology is one of the biggest factors, since there is now more support and development to establish foundational work upon which blockchain technology will operate. We have even begun seeing governments developing systems designed to accept crypto for taxes which is, of course, a huge step for Bitcoin. Finman’s prediction is that we may see Bitcoin prices reach as high as $20,000 by year’s end.
Despite the positive outlook, Finman says that there are a few things that need to happen before the $20,000 mark can be achieved. Finman has pointed to four specific areas for improvement if Bitcoin is to maintain its standing as the world’s most powerful cryptocurrency. For one thing, Bitcoin will have to reduce fees associated with transactions. Current fees will keep Bitcoin from being the go-to coin should cheaper options surface. Other improvements will have to be in transaction speed, organizational continuity, and how convenient it is for users to adopt Bitcoin.
Greater Public Exposure
To make improvements on any of the four areas will take considerable amounts of work, but the so-called Bitcoin Millionaire, Finman, knows where he can help. That is, to both increase Bitcoin awareness and assist in the adoption process. Finman’s plan to help usher in a new age for crypto is to make the popular coin more accessible. To do raise awareness and bring Bitcoin into the forefront of public financial awareness, Finman developed a service called CoinBits. CoinBits makes it much simpler for people with little knowledge of Bitcoin to buy into the cryptocurrency while also offering a service through credit cards which allows users to earn Bitcoin rewards.
According to a recent study, Finman’s service is showing a lot of promise in the US. More and more people are becoming aware of the value that Bitcoin, and other cryptocurrencies like it, bring to the table. We can expect that public interest is going to continue to grow because the advantages in anonymity and security are undeniable.