4 Bitcoin Developments to keep following in 2021
By Harry Biswell – Crypto Consultant
In 2009, Bitcoin's genesis block was produced, signaling the world's first decentralized cryptocurrency.
Today, Bitcoin (BTC) has a market capitalization of over $200 billion and appears to be the dominant force in the emerging digital currency sector. Bitcoin's market comprises of 57.7 percent of the entire market cap for cryptocurrencies at the time of publishing.
Bitcoin enthusiasts make the case that the coin is the equivalent to that of a digital gold asset class. The protocol verifies and releases a finite amount of Bitcoin with a capped circulation supply. Bitcoin's ability to shield against the depreciation of fiat currencies is no longer backed solely by crypto believers, leading many in the crypto space to refer to Bitcoin as a great store of value.
The central Bitcoin protocol may benefit from significant improvements, in addition to previous new phase implementations such as the Lightning Network. A soft fork called Taproot is expected to be launched by developers. Taproot can make scripting much more secure, robust and scalable for Bitcoin.
The Lightning Network is likely to be a substantial upgrade for Bitcoin’s protocol, that should mean it is cheaper to buy and sell Bitcoin, as well as making faster transactions. It is an optimization software solution that many expect to be refined and more widely adopted in the coming years.
In 2021, as businesses develop new digital payment methods, Bitcoin transfers are expected to become more widespread and straightforward. The use of "crypto cards" is expected to grow, allowing retail consumers to use their crypto more conveniently and securely.