What are the things that could help Bitcoin rise?

By Moris Beracha.- 

After a nasty drop in the price of Bitcoin, it seems that the currency is climbing back to its price of last December. Some experts believe that it could increase significantly.

However, several things must be done.

Firstly, they say, the currency must adopt rates as a store of value and be a medium of exchange, two common functions among conventional currencies.

For that to happen, Bitcoin must become a better security infrastructure. “Assuming that Bitcoin will be used in the future as a store of value going forward (e.g., digital gold), a better security infrastructure overarching the entire crypto ecosystem will be needed for people to place trust in this new financial medium and start using it,” says Christian Ferri, President and CEO of BlockStar.

“Once this happens, more people will jump in, so a scalable infrastructure will be crucial.”

While a better security infrastructure is an important factor that will help the relevance of Bitcoin, it is not enough to improve its function as a medium of exchange.

What could add this function is the protocol enhancement that will stabilize Bitcoin’s daily value. “If these enhancements are done to the protocol to allow Bitcoin (or a fork of thereof) to become a medium for everyday transactions (e.g., buy your Latte with Bitcoin), we’ll need a stability mechanism in place, on top of security and scalability mentioned above. This way that Latte won’t cost you $ 5 today and $ 50 dollars,” adds Ferri.

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