Bitcoin is likely to go one of two directions from here.
After we saw bitcoin hit an all time high right near $20k per coin, we have since seen the coin trade as low as $10k per coin, and currently it trades around $13k per coin.
This is a defining moment for bitcoin.
Up until now it has mostly been owned by the "bitcoin believers", those that think (or hope) that some day bitcoin will change the way we use money.
Moving away from money that is backed by central banks/governments to money that is owned by the people.
These investors were buyers of bitcoin back in 2013 and have been holding just about ever since.
However, just recently we have seen a different kind of investor base show up. One that is chasing performance.
These new investors can mostly be labeled as speculators, and most of them are of the retail kind, with only a handful of institutions sprinkled in.
If there really are significant amounts of institutional capital that is interested in bitcoin, now is the time they will start to put that money to work.
They have likely been waiting for a correction of 40-50% to finally enter the space, and they finally have gotten one.
If that is the case, the recent pullback will likely be short lived and we will see new all time highs yet again in early 2018.
However, if institutions never show up, then this price decline in bitcoin is not likely to be over any time soon. It will likely continue to trend lower and lower as the late coming retail decides to run for the exists at exactly the wrong time after buying at exactly the wrong time.
Not to mention that this also seems to be a critical point in terms of regulations.
Exchanges are getting new and stricter regulations, while governments are weighing in every week with their thoughts on bitcoin and cryptocurrency and how they can better regulate or outright ban them.
For the reasons mentioned above, this coming year looks to be very pivotal for the price of bitcoin and the entire cryptocurrency market in general.
It could mark the point where the cryptocurrency bubble ultimately popped, or it could mark the point where a new asset class reached mainstream and garnered mass adoption by investors and speculators alike.
I'm hoping and betting on the latter.
Time will tell.
Stay informed my friends, and enjoy the holiday!
Image Sources:
https://www.digitaldealer.com/at-the-crossroads-of-culture-and-service-efficiency/
http://impactalpha.com/read-this-if-you-are-not-a-zillionaire-impact-investing-for-the-rest-of-us/
https://nodamselindistresshere.wordpress.com/2015/08/06/crossroads/
Follow me: @jrcornel
You're forgetting the 3rd type of user, the user who wants to use Bitcoin for it's utility. And as a utility coin, Bitcoin is FAILING.
Over the weekend, I made 2 purchases, one with BTC and one with BCH. The Bitcoin transaction cost me $40.00+ in transaction fees and took over 6 hours for confirmation. The BCH transaction cost me $0.03.
I don't see how you can be either a "believer" or a "speculator" if there is no practical, working application for the underlying commodity.
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Good info here. Thanks for sharing some real world experiences. I think in time this will be what kills the legacy bitcoin chain, unless of course they can ever fork the necessary improvements, which recent history has shown that to be a long shot. It's just a matter of when.
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Bingo. People need to be chasing utility which will develop into real value, not some vague "store of value" argument that BTC proponents like to tout.
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In BTC you pay 0.002 BTC to transfer....How much you pay in BCH to transfer in BCH?
How much of it relates to BTC at 14000 and BCH at 3000?
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Indeed should BCH reach the size of BTC I expect similar issues for BCH....
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Well said. Bitcoin has failed due to poor decisions made by the devs and their inability to quickly enact change and move forward. They turned down a temporary solution (Segwit2x) and thus the underlying consequences. They must be proud.
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I should add that the lack of adoption of Segwit by BCH exchanges is sabotaging solutions like Schnorr signatures which can contribute to solving BTC scaling issues...
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I have heard many theories on the price of Bitcoin but I have read this with interest as well!§§
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With the LN coming up and several ETFs in the works, I think we'll start to see bitcoin regaining some of that dominance back, although competition from the altcoins is getting more intense.
Ethereum has already outpaced bitcoin in terms of daily transactions!
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As is steem ;)
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Not really. Posting blogs and comments and replies on steemit is not the same as daily transactions on blockchains that have value. Sure, STEEM can handle a lot of traffic, but would you trust the system with serious investment dollars? Whale flagging wars, the big ninja pre-mine, and the fact that 95% of STEEM is controlled by so few accounts in a Proof Of Stake system, are all reasons NOT TO TRUST STEEM as a store of value.
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transactions are transactions, should we exclude certain ones from the data?
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Short answer is YES. Not all transactions are the same.
Using an analogy, which is not perfect but close enough, consider the Excel spreadsheet as a further example of distributed blockchain, on continuum from BTC to STEEM to Excel. BTC has close to perfect security proven over years, STEEM in the middle, and Excel at the far end.
There are billions of transactions in Excel spreadsheets every year. But is the Excel spreadsheet technology valued at $100 Billion? No? Why not? Because not every transaction in an Excel spreadsheet carries value or is linked to value. Many are just meaningless text.
Making all the Excel spreadsheets in the world somewhat similar to STEEM. Most of the "transactions" are meaningless text. So it is hard to ascribe value to that.
Until the "transactions" are linked to value, it is hard to ascribe value.
Why do FB and Google have such a high market cap? Is their market cap driven by the volume of posts or searches?
Sort of but not directly. Their value is driven by linkage to advertising, which is linking to a money stream.
Until STEEM can make some sort of comparable linkage to some money stream, STEEM is just an interesting play toy.
Are their money streams STEEM could get linked to? Sure. Quite a few possibilities exist.
But until their is a linkage to some money stream, then the "transactions" on STEEM are perhaps technically interesting but of much less financial interest.
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block chain is changing the world, one user at a time
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Blockchain is changing the world for sure but which one do you pick? Bitcoin seems like a rich mans game now, I prefer something with low transaction fees and faster conformation times
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That will likely be the case for most investors as well. The question is, how long will it take the better blockchains to rise to the top?
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I don't think you will have to wait more than a year or so, this space is very fast moving with a lot of developers being attracted to the quick money. Although bitcoin might still hold the crown if the core devs up there game a bit.
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Bitcoin is the gold foundation for investing and the foundation will be needed. Buy Bitcoin now
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Actually GOLD is the gold standard. It has been money for 6,000 years and counting. Bitcoin has only been around for 8 years and it's already starting to drop the ball.
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As soon as people stop believe something is a good store of value it stops becoming one. I own a good amount of gold and silver coins, but I am seriously concerned that the prices I paid for them may never been seen again, and I purchased around current levels by the way.
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I'm buying gold now as a crypto insurance policy. So are Russia and China for when the US economy crashes..
I'm very confident bullion will climb. And Bitcoin will be replaced by better cryptos...
https://www.marketwatch.com/story/why-china-and-russia-are-buying-so-much-gold-2016-08-01
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I am not sure gold is the way to go anymore, though it has a lot of history to back it up as a store of value in times of uncertainty.
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I know its a bit boring and it's never going to go nuts like cryptos, but ultimately gold bought using cryptos from gains made on cryptos is truly anonymous and will hold its value whatever happens to economies, cryptos, and laws.
So it's insurance. While cryptos go up gold won't. And vice versa!
Truth is I couldn't trade cryptos with full confidence if I thought I could lose the lot. Having 10% as gold means I can't ever lose the lot, so I can gamble the rest.
And Bitcoin I've made big gains on, sold and moved on from.
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minimum investment is $1,000+ for bitcoin otherwise your loosing too much in fees.
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Yea, the fees are pretty ridiculous. If they don't change something people will go to other chains/coins.
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If they can get the lightning network implemented on the exchanges this will go along way to reducing the problem.
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Bitcoin = digital gold. Litecoin = transactions coin
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What is steem? The social media coin?
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Buy Bitcoin now says stronglyteam with $1.50 in his wallet! :)
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The market cap is still very small, there is still lots of room to grow even without institutions. Mass adoption from people who want out of the current monetary system is enough to bring bitcoin in to the trillion $ market cap.
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Bitcoin - the Myspace of cryptos...
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Someone who gets it. That makes you fairly rare and unique.
Look to ADA as a blockchain with long term future.
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😂😂, yea or the Hi5
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I can confidently say that Bitcoin is just going to move upward without any doubt in my mind... It will cross $50,000 mark in the year 2018.
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In New Zealand we can buy gold bullion with cryptos so there is no trace of the trade.
https://www.mygold.co.nz/
They take other cryptos too.
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You are right, this moment is pivotal and I like you think things will turn to the upside but I think you skipped one inportant consideration.
BTC's price is no longer just about whether more mainstream adoption takes place but also about how the mainstream responds to the growing options in crypto investment. It used to be if you liked the idea of crypto you had to first buy BTC to enter the space but more and more this is not the case.
Coinbase lets you buy four different coins to start off with.
Many exchanges will trade ETH for other crypto straight up, making BTC less important. Binance, Changelly, and I'm sure others for example.
Also competition from BCH has got real bitcoin believers torn into two factions. Could BCH become the cornerstone crypto its not beyond possibility, albeit unlikely.
All this adds to the growing sense that if BTC is going to continue growing it needs to become the coin we all want it to be. That early adopters imagined years ago.
Scale, speed and fees will hold BTC back from its fullest potential if not meaningfully inproved.
But like I said I'm hopeful too. Let's see 2018 be a year of exciting and meaningful innovation, and subsequently wider and wider adoption for BTC, as well as all quality crypto.
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Great points. I would imagine that is a big part of it's dominance as well. Plus its technology is not very scale-able, especially compared to several others. Will be interesting to see what the market does from here.
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I really hope for Cardano (or even XRP, ETH) to step up and replace BTC soon. The thing is, that the coin that gets added as the next gateway currency with trading pairs at the exchanges, will win the race. Interesting to see, how influential the exchanges are in the end. Even looking at the impact of Coinbase is stunning.
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ADA will be big in the long term. Good call. I wish that even 10% of the folks posting would take the time to read the ADA whitepaper. Get themselves at least marginally educated.
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True, but this is the case with every coin/project out there. Just have a look at the Telegram groups and even if there are sophisticated users and communities, as soon as some coin goes up, you mostly get people coming in who ask "when moon?","when lambo?" and "where can I buy?". Sometimes I have the impression, that 90% of all investors have absolutely no idea what they are buying into ;)
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This is abs true:
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Absolutely! The danger with having a real product and value in the cryptoworld though is, that then people will need to understand, what it´s all about and not just live from the hype. Also if the product does not work out perfectly from the beginning, people will suddenly doubt it and scream "scam" all over, while they should do so in totally worthless shitcoin projects. Well, I guess, this is how it is at the moment....
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THere are better alternatives to Ripple with much faster transaction proccess. Bitshares, ,per their website, process 60,000 tps vs. ripple 1,500 tps.
In Ripple, ONLY institutions can become a "validator" (processor of transactions in Ripple network). Every server processes every transaction according to the same deterministic, known rules.
However, in Bitshares (BTS) ANYONE can supposedly become a validator ("witness"). The stakeholders (i.e. BTS holders) can elect any number of witnesses to generate blocks. Each account is allowed one vote per share per witness. To me BTS does the same things as Ripple but faster and in a more decentralized and democratic way (I know this is not an issue with some people but I rather not go on the same path as current financial system just with some shiny tech names in it).
https://steemit.com/bitcoin/@ka82/what-s-the-difference-between-ripple-closed-permissioned-blockchain-vs-bitshares-open-permissionless-blockchain
What's special about ADA?
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The best way to trade with bitcoin is by using this site - tradingview.com. You can see all those charts and decide if you want to buy in at 10k or 13k or 20k.
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No doubt block chain is game change in life I study many theories but don't get certain reason for price change.
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Ethereum was said to be more valuable than Bitcoin. Bitcoin is divided and Bitcoin Cash is on the market. But now everyone can see the values of both. We can say that Bitcoin took charge of providing the Throne. They will always wave. But as these fluctuations continue, Ethereum gains value. Maybe this could be a problem. @jrcornel @adsactly
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And and and Happy New Year Everbody.. I hope All people have got a nice days..
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I'm learning daily, but I'm thinking it's in its bubble cycle right now, just like with the housing market 10 years ago. I can see Bitcoin slowly & quietly creeping up to 40-50K in 10-12 years.
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It always perplexes me when people panic sell when the price crashes. That is a horrible time to sell, you should be buying! But that's none of my business.
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yeh time will tell that what will happend.is cryptocurrency is bubble or it will increase day by day
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I think that now (Holldays) It's not a good time to test BTC price action. So far we can see a true healty pull back without any panic sell. I can assume that most traders got their money out or some jumped on the daily pumped coin. Also low volumes suggests that It's a waiting time untill the money movers will return to buissness. One thing is for sure we all need to get ready for after the hollidays, wait for a bigger dip or just hit long for a new ATH.
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I thought we might see some tax related selling to start the new year. Not seeing it all so far. Great news.
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Bitcoin has had crazy corrections! Lets hope nothing to crazy this time!
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Nice post sir.You always upload importance post thanks for sharing.
.HaPpY NeW yEaR .Upvote and resteem done.
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Beautiful n realistic analysis ! Thanks for your effort for this !!
Happy New Year !
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hey guys just to let you know bitcoin cash is out now and it has its perks basically everything bitcoin has just revised with this blockchain technology nothing will die you will always have a use case for any coin technology is always trending remember dont put all your eggs in one basket bye...
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No but it can't be like that
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No
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One of my concerns at moment is capacity.
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Wow amezing
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Thank you for your valuable blog about Bitcoin.
Happy new year
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Bitcoin is going to 60k that's what I predicted on Cindicator and hope to earn 1 BTC as a result.
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Nice post! Thanks for sharing info. On bitcoin. I follow and upvote you.
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Yes I agree with you ..thanks for discuss about Bitcoin ..
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I don't have any money to invest at the moment but I am watching to see what will happen.
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I was seeing $16 transaction fees when Bitcoin was at $20,000. Unfortunately, I think this scalability issue will limit price growth.
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Happy new year hope this year will bring laot of happiness I follow you and hope you will do same because its my first coment of 2018 dear
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Upvoted 😀here's hoping for the road that leads to a prosperous 2018 for the crypto world!
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Awe...even if it drops to $7500, that means we were still up for 2017 by 750%, so if we do that in 2018 we are looking at over $56,000.00 per. And the other Alt's stuffed under the mattress will surge even if BTC does not.
Not too shabby,but I think when we get going in February...we will see a great boost, HODL man, HODL.
All drops should be considered fleeting... this market has a good 10 years ahead of it, we'll belong retire by then.
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It will be the latter of the two. Bitcoin price may ebb and flow, but blockchain, its applications, and mass adoption of it is right around the corner.
If Bitcoin will remain king of all will be seen.
Happy New Year!
JGV
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Thanks . I always feel smarter after reading your posts. Please keep sharing your thoughts. interesting post
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I actually believe we're going to continue to see Bitcoin Trend upwards in the near future. With the addition of Bitcoin being added to Goldman Sachs, fidelity, Ameritrade & Nasdaq all these Futures Trading markets, the performance markets like you put it, I can't see it going away. I might see it being abused. But in the long run though I think Bitcoin will be seen as the store for digital wealth and other altcoins like Litecoin, Verge or Ripple are going to be seen as the coins used in transactions but that's just my opinion based on no science at all.
Great post I'm glad you shared this insight though really gives me something to think about.
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Nice post..Thanks for information :))
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I dont think the bubble will pop that soon. More and more people are getting interested in bitcoin and maybe in 2018 we might see a higher increase than we saw in 2017.
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According to me soon after new year bitcoin again shoot up to 20k or more. It is just temporary fluctuations. I am not worried about bitcoin because it will reach the sky.
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Lets hope it is the latter.......
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I laught at the ppl who think digital currencies will fade. They are so fuqed in the future
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Perfect post bro
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Lets hope that bitcoin will start grow again! My dream is for bitcoin to be worth 50k and I dont want to see my dream get popped.
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Nice one
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Great write up... gives some insight that everything in the crypto world may change in the next coming years... for now I’m holding everything I have. In the recent months the price surges are too much for me to clear my portfolio. Hope everyone else does the same. Check out my profile for my experiences with crypto and a review of CEX.IO! New to this platform so I hope to game some type of following. Cheers, Happy New Years and HODL!!!
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No matter what it does its exciting to watch!
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The BitCoin is not on the crossroad but the holders are, they are waiting its next move in which direction will go, and they get alongwith... @jrcornel
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Seriously ???
Another post claiming that the price is going to either go up or go down.
I promise you with 100% certainty you are right.
But so what .....
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The point is not whether the price will go up or down the point is that this is likely an inflection point. Institutional money will likely enter around these levels or it won't at all.
By the way, did somebody piss in your cheerios this morning?
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Whether it is truly a critical cross road for bitcoin the road of blockchain looks bright :) I too hope bitcoin prices will break all time high.
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Cryptocurrencies have fought for acceptance long and hard but now they face the results of that fight. Upcoming tax changes, KYC( Know your customer) regulation at the exchanges, legal hurdles in the U.S. China and South Korea. I had hoped it would not be quite this accepted and let individuals retain some power. Yes, there are concerns to address when taking this approach, but it does lend to the greatest freedom. What do you guys think? Should cryptocurrencies be low return, but insured like savings accounts or should they allow for great risk and return as it was before?
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Long live Bitcoin! Dilly dilly! Resteemed :)
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I think Bitcoin will likely be on a downward trend through Q1 of 2018. It seems as if this happens often with Bitcoin:
I believe all the likely people to buy into cryptocurrencies have already done so through this cycle, and the sellers outnumber the buyers. Given time, the cycle should repeat itself and we should well see Bitcoin soar past $100,000 generating a flood of new investors who are kicking themselves they didn't buy in the last time they heard about it on the news ;)
Just my 2 cents. Great article @jrcornel.
(More info on this cycle can be found on an article of mine HERE)
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Happy near year jrcornel, about bitcoin I am very optimistic for the future of crypto currency because I feel the pullback is behind us. I feel more institutional investors will come on board.
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Thanks for sharing your thoughts.
I am looking forward what happens in the crypto world in 2018.
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great insight and like you i am betting for the latter.thanks for educating me as always and which is why i mentioned you in my post
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Who cares!!!! It's New Years Eve... Bottoms up!!!!!! Whew!!!
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The sooner we can transition into a blockchain based currencies the better. Fiat is on its last legs!
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I want to earn BTC but i have no idea , please do you give me some idea???
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Bitcoin will probably lose market dominance if it stays as cryptocurrency speculation. 📉
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The new US tax code for crypto exchange that goes into effect tomorrow is not helping either. More regulation that will bog down the utility of crypto!
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I think it's New Years where all of them are cashing out their bitcoins and will rise again very soon to come
But that's just my opinion :)
Thanks for sharing @jrcornel
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My wishes for you are not limited to just the next year.
Have a fun-filled, smashing, rocking and happening New Years 2018.Upvote and resteem done done.
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Thank you for sharing. You are correct it is a critical moment, the more regulation by gov more BTC goes up,because it is a revolution in the history of mankind. In terms of price i think we have already seen the bottom to previous breakout and now its bubbling, it will double in next 3-6 months and then sky is the limit. Good post.
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Nice post! Thanks for sharing info. On bitcoin. I follow and upvote you.
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This guy copied your post in its entirety! He even had minnowsupport vote on it.
https://steemit.com/bitcoin/@thecandal/bitcoin-s-price-is-at-a-critical-crossroad
edit: I flagged him and reported it to steemcleaners.
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This post helped me to understand a lot!
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100% agreed
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I think bit coin is the future... The way its prices are getting higher day by day is surprising
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bitcoin life...
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The two ways
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