From the time Bitcoin digital currency hit the Internet, experts have been trying to predict the future of cryptocurrency money. The bitcoin future price has always been a hotly debated one. This is because the cryptocurrency is traded in a free market and a number of factors influence it. It is not possible for anyone to predict currency futures exactly.
But that’s not stopping experts from giving Bitcoin another try. Most experts feel that Bitcoin currency value could change either way, that is, it could go up or down. In fact, some had even predicted the death of the cryptocurrency several times, but instead it stabilized.
Bitcoin Current Facts
What is a Bitcoin worth? The bitcoin price today is $5915 USD, with a circulating supply at 16.7 million number of coins and total exchanged volume to the tune of around $3900,000,000. You can check out the current Bitcoin price.
There are around 1000 types of cryptocurrency coins seen on Coinmarketcap, so will the Bitcoin digital currency be able to survive the competition, especially Ethereum? Let’s check out what could possibly lie around the corner.
[clickToTweet tweet=”Are bitcoins just another bubble about to burst in the future, or does it still have a lot of steam left in it?” quote=”Are bitcoins just another bubble about to burst in the future, or does it still have a lot of steam left in it?”]
Bullish Run – Bitcoin Projections
Regarding the bitcoin price prediction, according to Quartz, a research analyst at Standpoint claims that Bitcoins will reach $5000 by 2018. According to Thomas Glucksmann, head at Gatecoin, it seems that Bitcoin value will be nearer to $6000 by the end of this year, being one of the bitcoin price forecast. However, there might be some volatility towards the end of the year. According to Charles Hayter of CryptoCompare, Bitcoin could reach $5000 by the year-end.
According to him, Japan is the main reason for breathing positive life into the digital currency Bitcoin. There will be more clarity regarding regulations and this augurs well for the value of Bitcoins.
There have been times before when Bitcoins have been extremely bullish. But these days, it seems to be breaking records continually, leading to positive speculations about bitcoin worth in 5 years. The media is beginning to hail it as the latest asset. How much will bitcoins be worth in 2020? That’s impossible to predict accurately, but optimists put the figure around $25,000
The bitcoin future seems to be bright. In fact, the cryptocurrency got a solid boost when Fidelity gave permission to clients to create a bitcoin account.
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Investors/Business Houses and Bitcoin Future
Is bitcoin a currency? Well, it is a cryptocurrency. Recently, we are seeing a lot of investors and entrepreneurs investing in the new bitcoin. They see bitcoin as a good alternative to stocks and bonds. In fact, firms like Sequoia Capital have entered hedge funds investing in the digital currency.
Maturing Infrastructure for Bitcoin
Another factor pointing to a bullish prediction for Bitcoins in 2018 is that exchanges like Coinbase GDAX have started maturing speedily improving the financial structure supporting Bitcoins.
Again, another pointer to the bullish trends for bitcoins in the future is that Commodity Future Trading Commission has also given permission for firms wanting to sell Bitcoins and other cryptocurrency options. To top it, there are rumors that central banks are soon going to buy bitcoins as reserves for foreign currency.
Bitcoin – Demand vs Supply
The bitcoin future also appears bright because there is only a limited amount of it available. Anything that is limited in quantity is bound to become valuable with time. Bitcoin mining is like gold mining. There will only be 21 million of bitcoins that will ever be available to the world. Most of it is already here. The btc miner is aware that the mining of bitcoins is reducing every year. More than 80% of bitcoins have already been mined.
According to calculations for the bitcoin future, there will not be any more bitcoins available for mining in the bitcoin farm after the year 2040. We all know the relation between supply and demand. When supply reduces, the demand increases.
Gold Bug or Bitcoin Bug?
According to an analyst, Quartz quotes, that all gold bugs will now turn into bitcoin bugs. This means that all who were hoarding gold for investment purposes will now turn to bitcoins. The value is bound to rise in this case, predicting a bright bitcoin future.
Other Side of the Coin – Is Bitcoin a Bubble?
But the core users of the cryptocurrency are criminals. Many stores like Subway are also accepting payment in Bitcoins. But is bitcoin the future money?
[clickToTweet tweet=”While wondering about the future of bitcoin, can it replace cash in the coming years? ” quote=”While wondering about the future of bitcoin, can it replace cash in the coming years? “]
Some detractors of Bitcoin say that it is very slow, in contrast to debit cards. This is because of the increasing block size that is added to its blockchain.
In course of time, it could reach a saturation point and the bubble would burst, making it unusable.
For instance, if you use Bitcoins today, you may have to wait about 10 minutes for your transaction to finish. On the other hand, you could use your credit card for an instant transaction.
Secondly, the transaction fees are also slowly increasing, pointing to a dim bitcoins future.
Thirdly, bitcoins have faced several cases, when they have been stolen from exchanges due to poor security. It is difficult to trace where they were transferred, so it results in a total loss for victims.
Due to such problems, Bitcoin detractors claim that the future for the cryptocurrency remains limited. In fact, it could be just a bubble, with an imminent burst on the cards.
Considering both sides of the coin, we can say that Bitcoin is still very popular. The bitcoin technology of blockchains is being advanced. It doesn’t seem likely that Bitcoins will collapse in the near future.
That said, there are some fundamental questions that need to be answered. The community using the cryptocurrency needs to come to a consensus regarding the way it works.
Before you buy Bitcoins or any other cryptocurrency, do your research. Bitcoins are extremely volatile and you could even lose all your money. It’s always considered a high-risk investment. Your Bitcoin that is worth $6000 today could well be worth only $1000 tomorrow. So don’t invest more than you can afford.
Having said that, Bitcoins do seem to be a good bet, so if you are interested in bitcoins futures trading, buy at a low price, hold on to it and then sell it when the value peaks. Remember you don’t have to buy a minimum of one Bitcoin. You can purchase even a fraction of it, a small unit called Satoshi (named after the creator).