2030, the year when everything will change? – Regularly attacked from all sides on its raison d’etre, it’s probably by use than bitcoin will silence its detractors, as it has always done since its creation. And its fundamentals are getting stronger every day, under the nose and beard of the harshest critics. It is on its qualities as a global payment interface that Allied Market Researcha company specializing in the publication of data and analysis reports.
Bitcoin, the alternative system of the next few years
Let’s not reproduce themistake by Gérard Théry in 1994. Praising the merits of his creation, the minitel, he swept aside a key point in his small competitor at the time, the internet. The growth momentum. Compared to the moment T, a system well in place, but which is dying, to the tumultuous beginnings of a stammering ecosystem ignoring its potential for evolution, is a big mistake. Especially if the greatest brains of our time come to leave their old job to embark on the adventure, enthusiastic about the promise of a new world to be built.
And for Bitcoin as for the internet, this propensity to spread throughout our entire system can no longer be ignored. The request from individuals for investments in bitcoin and cryptos will inevitably end up force banks to offer these services, except to deprive themselves of huge market shares. Likewise, the correctness of the value proposition of the Bitcoin network in the context of international transfers will open new avenues of democratization for the sector.
Thus, according to the Allied Market Research report, the global bitcoin payments market generated revenue worth $850.6 billion in 2021. These should reach the 3788.1 billion by 2031. This represents a annual growth for Bitcoin 16.3% from 2022 to 2031.
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Towards a large-scale adoption of Bitcoin?
According to the document, the request operational of the different actors for moreefficiency and of transparency in our payments systems will only grow in the years to come. Data security and facilitation of remittances in emerging economies could serve as a launching pad. From then on, they would propel the use of Bitcoin to another scale. Bitcoin payments in theecommerce should also experience strong growth in the years to come, particularly for individuals.
The Bitcoin transition: democratization driven by emerging economies
Although the awareness of Bitcoin’s relevance is slow and difficult, it seems to be gradually gaining ground. And bitcoin’s use cases globally have, in many ways, seen strong growth in recent years. The emerging economies more and more people are using the network.
“According to the Oxford Business Group, Nigeria is one of the leaders in the use of Bitcoin and cryptocurrencies as a means of transferring funds. »
Extract from the report
Bitcoin, more efficient than the traditional banking system
Indeed, although the use of Bitcoin is prohibited in the country, many people in the Nigerien diaspora send part of their salary to their families back home via Bitcoin. And the reason is simple: transfers via the traditional system are very laborious and expensive. They often take more than a week and require numerous checks with banks.
Furthermore, the banking intermediarieslike Western Union, are monopolizing extravagant commissions, greater than 8%, on the sums sent. With Bitcoin, the transfer is instantaneous and almost free of charge. Both systems are incomparable. There, the population, already very familiar with the “mobile money”, a currency that is traded through its phone plan, has no difficulty using Bitcoin as an alternative. More 30 % of the population uses Bitcoin.
To Philippinesthe Central Bank approved 16 crypto exchanges, propelling Bitcoin adoption in the country. In Africa and in Latin Americapenetration of the mobile payment market tends to trivialize the use of cryptos inasmuch as means of payment, in all strata of the population. So many vectors of adoption that will tend to democratize this technological and monetary revolution, but above all philosophical and politicalby 2031.
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