Is there no way humanity can stop Bitcoin anymore? Bitcoin mainstream adoption grows dramatically

The recent rise in the value of bitcoin has triggered mixed reactions from other parts of the industry. While cryptocurrency investors are excited about the huge returns they can expect from their investments, some merchants are becoming uncomfortable with accepting the highly volatile bitcoin.

As the price of Bitcoin has skyrocketed, more attention has been paid to the cryptocurrency market, including a group of enthusiasts and regulators. Of course, these two groups of people have completely different views on cryptocurrency.

Still to be seen

Varun Satyam, co-founder and CBO of almora.io, believes that people should pay more attention to the attitude of developing countries towards Bitcoin. He believes that when Bitcoin becomes unstoppable, it may violate the bottom line of some countries, and then the only thing we can do is to see how it continues to develop.

Satyam told Cointelegraph:

“We should pay more attention to the attitude of developing countries towards Bitcoin. Perhaps a large-scale economic chaos is coming. Although blockchain will bring more security and this decentralized system will reshape the Internet in the best way, Bitcoin is now unstoppable due to its huge size. Many countries are at a loss and their attitude towards Bitcoin is uncertain. Their attitude may change depending on different situations.”

Bitcoin continues to gain acceptance

On Thursday, December 7, 2017, ORCA Alliance and EU-40 jointly organized a roundtable discussion on "How should Europe respond to the rapid development of cryptocurrencies?" The participants of this meeting included some industry leaders such as Bitffinex's legal counsel Sarah Compagnie, Tether's co-founder and CTO Craig Sellars, legal expert John Earl Potts, ORCA Alliance's founder Avian, Augur's founder Jeremy Gardner and some EU parliamentarians. The roundtable was based on the European Parliament.

Avian told Cointelegraph that due to the lack of a unified global opinion on Bitcoin and cryptocurrencies, similar meetings will become more and more frequent in the future. He also mentioned that even for the most innovative and open organizations like the European Union, there is no simple legal system for the relevant market. He continued:

“As an institution we hope to see regulators from the diverse global community come up with a collaborative and liberal approach to this emerging market.”

According to Avian, there are three main reasons why Bitcoin will be widely accepted in the near future:

1. Growth in the number of Bitcoin end-user transactions

2. Growth in blockchain technology adoption

3. Its disruption to the financial system

We need to keep Bitcoin

During the meeting, EU Parliament member Sorin Moisa pointed out that virtual currencies should be preserved, but he expressed concerns about how to eliminate those "scammers", saying:

“The newly revised Anti-Money Laundering Directive will make the entire market cleaner, and the regulation of ICOs should also be included in the agenda. The issuance of ICOs should comply with the EU security-related legal system, and reasonable definitions should be introduced into the system. For example, ICOs should explain whether the issued tokens are just tokens, or represent usability, commodities or security products.”

Another MP who shared Moesha’s views, Carrie, stressed that cryptocurrencies should become more decentralized so that intermediaries no longer play an important role. At the same time, he believed that policymakers and regulators should wait for developers and the market to do the necessary testing before intervening.

Looking forward

Mike Fogel, CEO of Netcoins, told Cointelegraph that there are too few real experts in Bitcoin and blockchain, which leads to many misconceptions about it.

Fogel said that we can see two reactions to the widespread use of these technologies in the world: people's instinctive rejection and at the same time their desire and patience to learn this technology. China's love-hate attitude towards digital currency is the most interesting thing I have noticed.

“I think the next phase for Bitcoin is more and more people using it; I always tell people that once you start using it, it’s easy to understand, and once they finally use it, most people find that it’s not as mysterious and confusing as people thought it was in the beginning. As people’s knowledge and awareness of Bitcoin gradually come into place, the positive momentum of Bitcoin will continue to grow in the next few years, just like we saw in 2017.”

The growth of Bitcoin and cryptocurrencies has been phenomenal, and has even exceeded many people’s expectations for the industry. As 2018 approaches, expectations are even higher. Many people are watching to see how governments and regulators react to digital currencies over the next year, and how the regulatory and legal frameworks that emerge will allow Bitcoin and other cryptocurrencies to be accepted and used by the mainstream market.