For Bitcoin to evolve from a store of value into a widely used medium of exchange, several key developments must occur:
Scalability Solutions: Bitcoin must handle thousands of transactions per second. Technologies like the Lightning Network need broader adoption to enable fast, low-fee payments.
Price Stability: High volatility discourages daily use. Greater market maturity and integration with stable financial systems could help stabilize prices.
Regulatory Clarity: Clear, globally aligned regulations can boost trust and encourage businesses to accept Bitcoin without legal risk.
User-Friendly Infrastructure: Wallets, payment processors, and interfaces must become as intuitive as current mobile payment apps.
Merchant Adoption: Widespread business acceptance is crucial. This depends on efficient conversion to local currency and reduced exposure to price swings.
In short, Bitcoin needs better tech, clearer rules, and smoother user experience to shift from digital gold to digital cash.