Future of Bitcoin

In January 2009, the digital currency came to life and it was noticed that by almost none apart from the programmers followed discussion groups of cryptography. Satoshi Nakamoto (name used by the unknown person or people who designed bitcoin) is where it had been conceived the previous year. Bitcoin was supposed to be a cryptocurrency and its purpose seemed extreme idealistic, where in order to secure transactions, strong encryption algorithms were exploited.
Pseudonyms shield the user’s identities. Records are completely decentralized, and then neither governments nor banks would be in charge.
There are around 14.6 million bitcoin units in circulation today. And have a collective market value of around US$3.4 billion. But this growth is sometimes attributable to criminals taking the advantage of unusual features for drug trafficking and even worse.
The innovation at Bitcoin’s core is what fascinates academics and entrepreneurs alike. Also, known as the blockchain it serves as the official online collection of financial accounts of every bitcoin transaction, getting back to the beginning. What allows the records to be updated is the data structure with minimal risk of hacking or tampering.
This blockchain architecture is seen as the template for a host of another number of applications that includes security systems and self-enforcing contracts for crowdfunding and voting.
Indeed a cashless future is on its way and central banks and governments have to prepare for it with no other choice. But if it is seen then, a cashless future doesn’t necessarily require any government-backed digital currency. There are certainly other useful applications that replace physical cash like technology underlying bitcoin and other cryptocurrencies.
The two crucial characteristics of bitcoin given by blockchain technology is that it can be exchanged without any need for a trusted intermediary visibly that lets transactions be anonymous. Bitcoin resembles physical cash in both the ways, but physical cash is actually liability of the government where the central bank controls the value.
But bitcoin is a liability of nobody and this becomes a fatal flaw as a currency.
Bitcoin itself evolves as a protocol. People usually forget the simple fact that it is actually a protocol first and the money part is just the app written over it.
So, the buying processes of bitcoins have to be made easier and simpler in such a way than it is in present. If all the indications point that the process gets more effective and efficient by employing faster or with simpler methods so that buying bitcoins will become an easy task.