In the past, there have been diferent predictions pertaining to bitcoin -some true, others totally vague. However, bitcoin still remains the Dollar of the cryptocurrencies.
On this post, I'm gonna give my honest opinion about the future of Bitcoin.
Before we proceed, it is necessary to note that being a bitcoin holder, entails being constantly faced with uncertainty, ambiguity and variability posed by bitcoin. Regardless of technological development and access to information, the future of bitcoin cannot be accurately predicted. For the sake of newbies, I'll like to revise a little:
- What is Bitcoin?
Bitcoin happens to be the world's first digital currency. It was created by Satoshi Nakamoto. It is usually bought when prices are low and sold when prices are high.
On the long-run bitcoin -as should all currencies- will be a legal means of exchange for goods and services.
Modus operandi
Bitcoin transactions make take place on a system that sheilds bitcoin and it's numerous users from hackers called Blockchain
Why is there a recurrent flunctuation in the price of bitcoin?
As is the case with most currencies, bitcoin flunctuates. However, the value of bitcoin is solely dependent on the laws of demand and supply.
The rarer bitcoin is, the higher the price predictions are. When bitcoin receives negative media, there will be more individuals willing to sell the bitcoin in their possession, leading to a sharp fall in demand and an expected fall in price..
In reverse, when bitcoin receives positive media, demand for bitcoin increases and in effect the price goes up and bitcoin becomes rarer.
Now to my main points
-Bitcoin price prediction:
It's common knowledge that bitcoin coild be up today and down the next.
Looking critically you will discover that countriesuch as Canada, France, Souh Korea and Japan, afe really pushing for stronger laws and regulation for cryptocurrency. However,creation of these laws could takea long time and such laws may not affect the price of bitcoin in the end.
Going by this, the most sensible projection is that bitcoin will continue to rise.
What is the fate of bitcoin in 2018?
This queston has been the topic for discussions in many quarters. However, exact analysis as to whether bitcoin will rise or fall in 2018 is Unknown.
I'm of the opinion that Bitcoin(cryptocurrency) and blockchain technology is the future.
It is most advised not to invest more than you can afford to lose
Let's take a look at what some expert predictions concerning bitcoin in 2018(rephrased):
- Saxo-Bank prediction:
The Saxo-bank predicts that bitcoin will rise way above $60000 in and the crash way below 98% of it's value-probably owing to the implementation of stiff laws and regulations against cryptocurrencies.
- Mihail Lala, Founder and CEO of Wawllet:
Mihail, has predicted a sharp and impromptu rise in bitcoin and an even sharper rise of $100000 on the long-run(2020).
-David Garrity , CEO of VA Research:
This may not be good news as David predicts a crash as low as $5000. However, it isn't all gloom and doom as David also projects a sharp rise in the price of Bitcoin to the tune of $20000.
-McAfee Security boss, John McAfee:
This for me, is the most interesting prediction in that John predicts the rise in the price of bitcoin by 1000% in 2018.
Conclusion:
When bitcoin is done correctly, buying and selling of Bitcoin could be done profitable. If you must trade in bitcoin, you have to understand the law of demand and supply, this also means that you understand how people think and make their bitcoin predictions.
You forgot to mention what John McAfee has promised to do if Bitcoin doesn't hit 1mil by 2020... ;-)
I've enjoyed reading about the different expert predictions, thanks for compiling this article.
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lol... yeah he promised to get naked and all! that guy is sick lol
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