The Bitcoin price has always been hard to estimate due to the cryptocurrency’s many variables, so trying to guess a future value becomes a challenging task. There is no accurate price prediction for Bitcoin.
Bitcoin has been around for up to a decade now. The U.S Treasury has identified bitcoin as a virtual currency, while it’s more commonly described as the first cryptocurrency and the largest of its kind by its total market value.
The general consensus was that Bitcoin would take the world by storm, though we are yet to see the storm; the fact indeed remains that bitcoin, reputed as the world’s most tangible cryptocurrency has stood the test of time.
However, there’s a long way to go before Bitcoin becomes a globally accepted means of financial transaction, virtually or terrestrial, with some countries haven outrightedly banned and restricted the use of Bitcoin; though the number of countries are reducing. I think the major issue here is the lack of regulation on Bitcoin itself coupled with concerns over technology limitations.
Technological development over the short to medium-term will certainly influence the value and use of bitcoin. Whether investors consider Bitcoin as an alternative route to channel their resources or an investment is yet to be clearly ascertained.
However, below is an excerpt from cointelegraph’s 2018 Bitcoin postulations;
Bitcoin will still be king
The belief is that Bitcoin will still be the market leader through 2018.
Erik Voorhees, CEO of digital asset exchange ShapeShift, has said that there has been a decline in Bitcoin’s dominance in transactions since a year ago on their platform, but that Bitcoin is actually benefiting from growth in Altcoins.
“Bitcoin has such magnificent network effects that I don’t see another altcoin that’s a little better at payments” or some other function right now, Autonomous’ Global Director of fintech strategy, Lex Sokolin said.
More institutions will join the fray
“Our institutional investor base is very interested in learning more and getting exposure,” said Michael Graham, a Canaccord Genuity analyst.
Regulators also ready to jump in
Up until now, regulations have been a symptom treatment rather than an established procedure in the cryptocurrency market as they are still playing catch up. Regulators will no doubt cause some issues in the growth as they spook the burgeoning but fragile market.
Spencer Bogart, managing director and head of research at venture capital firm Blockchain Capital is predicting big losses in regulations.
Volatility will still be synonymous
You cannot talk about Bitcoin, both past, present and its future without mentioning bitcoin’s volatile market nature, which primarily makes bitcoin operations a wild ride.
On the long run, the fact remains that whether you see Bitcoin as having the potentials to keep thriving as the most reliable coin in cryptocurrency transactions or just a cryptocurrency scam, it is here to stay. Whether or not it will replace physical cash, the future will best decide.
In a time where technology is king and everything is gradually moving towards an online world, bitcoin sounds like an attractive alternative to the fiat money that currently rules the world’s financial system. Many people have claimed that Bitcoin will be the currency of our future. But, WILL IT?
Let me have your views. Also, feel free to share!