So what’s next for Bitcoin?
We see the biggest risk to Bitcoin being its substitution and/or parallel use by other crypto currencies.
Bitcoin die-hard fans claim that this is never going to be an issue since Bitcoin was the pioneer and as such enjoys first-mover privilege.
This argument is probably flawed because although the BTC is used for payments, this is only a relatively small % of all Bitcoins.
One of its primary uses is being a store of value and for this reason other crypto currencies can always step in and enjoy similar status if aggregate demand requires it.
Despite big promises from early adopters, bitcoin is still plagued by tax and regulatory issues. And the bitcoin community is still fighting over its core technology—a fracas that could significantly hamper bitcoin's ability to expand in the near future.