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A safer, efficient, and quicker system of payments contributes to public trust and economic growth. In a period when email messages are transmitted to everybody around the world instantly, it will contribute to increased public confidence and economic growth policies if it is possible to send value money and currency at high speed securely. Bitcoin has become a phenomenon with major impacts on world trade. The new capacity to transfer value immediately from and to clients, partners, and staff outside established suppliers such as banks and credit card companies, offers organizations the possibility of reducing transaction cost, extending reach, and minimizing fraud.
Bitcoin’s prices have been declining since 2017, and its recent collapse has defied various predictions of a year-end rally. Bitcoin-trading began in the year at prices near $17,000 and has since wiped most in a year when the crypto-market seemed to be steadily declining. Conjuctuating factors such as regulatory uncertainty, a number of exchange hacks, and the dividing Bitcoin Cash have only added weak hands to flee the market, with BTC prices falling.
Despite the steep price drop and calls for bitcoin to be 'dead,' the foundations of the network continue to be very strong. A look at the network performance of bitcoin indicates an increase in daily transactions, the number of single active addresses and the estimated daily transaction value. BTC usage has been growing by far compared to 2016 and the 2017 pre-price boom according to Blockchain.com.
In terms of the statistics, the number of unique active addresses fell by 60 percent in 2018, while the price for bitcoin went down by nearly 85 percent in the same period. It shows, however, that users of bitcoin are intact and can make a long-term difference in BTC performance. Overall, there has been steady growth over the last three years with the possibility of a longer-term rise.
Growth is expected, particularly with the recovery of cryptocurrency prices and regulatory clearness benefitting from cryptocurrencies, an influx of institutional investors, and consumer protection measures such as those promoted by the U.S. Congressmen Ted Budd and Darren Soto. But despite the collapse, a substantial increase in the daily transaction value has continued for the bitcoin network. The number of users of bitcoin will also reach closer to 50 million if the pattern of growth continues and the value of dollars will also increase. More research and experiments will give new insights into bitcoin's future.
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