At its creation in 2009, almost no one expected Bitcoin to become as powerful as it is today. In 2024, the world’s first cryptocurrency is still growing and has now become more than just an investment. It is still the most popular crypto of all and quite an important part of the financial world.
Bitcoin is used for making payments, saving money, driving new technology, and more. Below, we’ll discuss what the future holds and some of the current trends to watch.
What’s Happening with Bitcoin in 2024?
Firstly, you should know that Bitcoin operates on a specific system that most cryptocurrencies don’t utilise. Only 21 million coins can ever exist on the market, and this limited supply makes Bitcoin extra valuable, similar to gold. Every four years, the reward of Bitcoin miners is cut in half through the process of “halving,” which slows down the creation of new coins.
The most recent halving happened in April 2024. It caused the price of Bitcoin to go up, and many people are expecting the same to happen next time this happens.
Big Trends to Watch
- More Companies Using Bitcoin
This was inevitable. More and more successful companies are showing interest in Bitcoin, and in 2024, we’ve seen several Bitcoin-focused exchange-traded funds (ETFs) approved. This makes it easier for everyday investors to include Bitcoin in their portfolios, making Bitcoin feel less risky and more like a mainstream investment. Crypto Casinos like Betswap have become standard in the iGaming industry, as they offer more safety to the players’ personal information. - Faster and Cheaper Transactions
Since it was often criticised for being slow or having expensive transactions, the Bitcoin network decided to adapt to the market and start using solutions like the Lightning network. This technology makes transactions faster and costs less, making it easier to use Bitcoin for everyday things, like buying a coffee. - New Rules for Bitcoin
As Bitcoin grows more popular, governments around the world are introducing clearer rules for its use. In Europe, new laws focus on making Bitcoin safer for consumers, while in the U.S., tax rules are becoming more detailed. These changes will help protect people while making Bitcoin more reliable for businesses.
What’s Next for Bitcoin?
Prices May Rise Again
Many different elements influence the rise of Bitcoin prices. One of the most recent big events was the elections in the US, which significantly changed the crypto landscape. With platforms like Bybit P2P making it easier than ever to buy and sell cryptocurrencies, it’s likely that Bitcoin prices will continue to rise in the future.
More People Using Bitcoin
Acquiring Bitcoin has never been easier. And making transactions with it is becoming just as simple. The ease of use is causing this cryptocurrency to be more and more present on the market, and we’re expecting an increase in people using Bitcoin for everyday shopping in the future.
Better Technology
Technology evolves with time, and the same will happen with Bitcoin. As years go by, crypto transactions will become faster and easier to use. Already, we see miners switching to green technology that helps the environment, and lowers Bitcoin’s negative impact.
Final Thoughts
2024 is coming to an end, and we can safely say that Bitcoin has had a great year. Though making any certain predictions isn’t realistic, the future of crypto seems bright at the moment. Many challenges will likely happen in years to come, but we’ve seen Bitcoin overcome them all so far.
If you’re a beginner in the world of crypto, this currency is the perfect option to get you started. Learn more about Bitcoin and how it works before you decide on an investment.
