The Bitcoin Price Prediction: What’s Next for BTC?

Bitcoin Price Prediction

Bitcoin mania is sweeping the world over and some of the Bitcoin price predictions that are being thrown around are staggering. One thing is certain, as with any investment, there will be good days and bad days. The following article will take you through what we know about the currency so far and make an educated guess on what might happen next for BTC.

What Is Bitcoin?

Bitcoin is a virtual currency used to purchase goods only available electronically. It’s touted as a completely anonymous way to spend your money without being traced or surveilled by any governing authority. It’s a peer-to-peer currency and is not monitored by any central bank, country, or governing body.

How Does It Work?

As with many currencies and modes of exchange, there is a finite amount of the currency available. This is known as the Bitcoin limit. The limit to Bitcoin was set by its founder at 21 million Bitcoins that are in existence today. One can buy Bitcoins from exchanges (one of the most popular being Mt Gox) or in person from other market participants who have taken part in “mining.” Mining for Bitcoins usually involves running software on your computer system that will attempt to solve mathematical problems that are used to confirm transactions and update the public ledger (known as the blockchain).

Can You Make Money From Bitcoin?

Absolutely. Some of the most prominent merchants to accept Bitcoins are WordPress and Reddit. It can also be used to invest in more traditional instruments: mutual funds, stocks, and bonds. It can also be used to purchase Amazon giftcards, Bitcoin ATMs, and even paintings by some of the most famous artists in the world including Vincent Van Gogh.[1]

What Are The Fees?

There is no charge attached to using bitcoin. However, there is a small fee attached to converting USD into BTC when you are trading with exchanges (and usually a small fee attached when purchasing Bitcoins from an exchange). There are ticket fees involved in buying and selling Bitcoins at an ATM. Additionally, if you lose your private key that is used to access your Bitcoins there is no way to recover them without a hard drive backup or some other physical records. That means you could lose all of your Bitcoins if your hard drive crashes.

The infographic below details the Bitcoin price prediction from $5 to $10 trillion.

The History Of Bitcoin: Bullish And Bearish Points

Bitcoin was created back in 2009 by someone known as Satoshi Nakamoto. It was designed as an open-source software and a digital currency. By 2013, the value of a single bitcoin exceeded the price of gold, which shows that it has been recognized on the global stage as a legitimate currency with real value. However, in the same year it was hit by what is known as the “great bubble of 2013” and lost about 80% of its value. On April 10, 2013, it was reported that Mt. Gox, one of the world’s largest Bitcoin exchanges had been hacked.

At one point in 2012, China accounted for more than 90% of global Bitcoin trading. The government has since cracked down on this and only eight exchanges are still active in China today.In 2014 reports surfaced claiming that $6.7 million worth of bitcoins from Mt. Gox had been stolen. The value of a single Bitcoin plummeted by 70% and the currency briefly fell below $200.

What Does The Future Hold?

There are some very bullish predictions regarding the future of Bitcoin. For example, there is talk about Bitcoin being used as a payment system for online shopping, much like PayPal. Just last year when signing up for an Amazon gift card, online retailers. Had to agree to restrict sales of firearms and medications to people under 21. The “one-stop shop” for financial transactions with cryptocurrencies is also rumored to be on the horizon.However, there is also a growing chorus of dissenting voices.

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