The global number of Bitcoins in circulation is forecast to reach 19.9 million by 2020, amidst numerous uncertainties and challenges posed by block size scaling, rising transaction fees, escalating number of unconfirmed transactions, rise in zombie bitcoins, and the imminent halving of the bitcoin mining reward. Bitcoin which emerged with the promise of challenging the global economic order and the nature of almost every financial activity from banking to payments to wealth management is being felled by changes in macro, political and technology landscapes. Bitcoin’s future as the eCash of the digital era is rapidly dying given the host of current disadvantages such as disreputation for being unstable, vulnerability to wild fluctuations, association with illicit businesses, rising transaction fees, flaky payment issues, unstable network and congestion issues, severe mismanagement of the bitcoin core, inability to raise the block size limit, and rising costs. The rise of bitcoin will most likely conclude in its demise as a successful experiment in proof-of-concept of digital currencies. Bitcoin has been a bold experiment in its own right, a starting point for envisaging an alternate financial system. Although in its current state, bitcoin does not threaten the dollar with substitution, it has nevertheless popularized the potential and the benefits of a self-regulating incentive system if implemented appropriately.
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