Increased Mainstream Adoption of Bitcoin and Blockchain Technology

Bitcoin’s impressive bull cycle has amassed a lot of attention, especially since it topped $50,000 in February. What’s more, the entire crypto market is booming thanks to increasing institutional interest. When it comes to blockchain technology, its popularity is also growing as big companies like IBM, Alibaba Group, Walmart are implementing blockchain solutions.

So, with that being said, it’s obvious that there is a mainstream adoption of BTC and blockchain technology. Here we explore why Bitcoin is going mainstream and what are the possible challenges.

Bitcoin Bull Market Phase

Bitcoin is still in the midst of the bull cycle, and it is still breaking records well into 2021. Actually, Bitcoin’s price has increased over the last few months and reached a price of more than $50,000. One of the main reasons why this bull cycle has started is the diminishing supply of BTC because, after the last Bitcoin halving, the block reward of the miners has dropped to 6.25 BTC from 12.5 BTC.

And the other reason is that there is a finite number of BTC of 21 million, whereas we have already mined 18 million BTC. Therefore, Bitcoin is now considered a very scarce cryptocurrency, and due to the increased market demand, the price is surging.

In terms of the market demand, this Bitcoin rally is obviously different from the others because, as we mentioned before, there is increased support of institutional investors. Well-known billionaires are investing in BTC and also reputable insurance companies, for example. When it comes to the challenges of BCT adoption, one of the issues might be government regulations of Bitcoin cryptocurrencies in general.

Rise of Online Trading Platforms

Another reason why retail investors are able to get a hold of BTC is the rise of online exchange platforms. In comparison to the previous bull cycle, there are numerous online exchange sites where you can make an investment in BTC. You don’t need any special equipment or skills as you do for mining. The only requirement is to have a mobile device and reliable internet connection.

One great example is the bitcoincircuit.biz. This is an AI-powered trading app that allows you to easily trade on the move. What’s more, they collaborate with the best robot brokers in order to help you achieve your desired results.

Blockchain Technology Adoption into Businesses

Before we dive in, it’s important to explain what blockchain technology is. Blockchain technology is a decentralized, peer-to-peer-network that was developed specifically for Bitcoin. It is also used for other cryptocurrencies. The characteristics of this technology are very useful for the business sector because it provides total transparency, real-time tracking of the data in the network, anonymity, and low transaction fees.

However, the implementation of blockchain technology into businesses is still relatively new for the business sector. However, we have noticed that a lot of companies are experimenting and trying to implement blockchain solutions in order to enhance their business operations. One good example is a partnership between IBM and Walmart.

They wanted to implement a blockchain system that will enable tracking of the food from the farms, warehouses, suppliers to the Walmart stores. This technology will reduce the costs, and save time, improve traceability, increase transparency, among many other benefits for each participant of the network.

One of the challenges of the business sector is that this is a new technology, and still, there are a lot of skeptics that don’t want to invest in a whole new system. But, we expect this to change in the future as more businesses realize the potential of blockchain technology and cryptocurrencies.