Amidst Elon Musk’s tirade against Bitcoin and China’s crackdown, it’s natural to harbor reservations regarding future Bitcoin price prediction. In addition, question marks over whether Bitcoins will even last have been doing the rounds lately.
There’s no denying that cryptocurrency mania has swept everyone by storm. Despite the uncertainty, many are raving about the potential of Bitcoin and other alternative currencies known as “altcoins”.
Talks regarding Bitcoin’s price breaking the $100k mark are echoing louder than ever, and there seems to be genuine optimism in the crypto space.
New coins are releasing every day, with more & more people vying to be a part of the next big thing.
Many feel they missed the Bitcoin train once, but vow not to lose out on the next potential goldmine.
Makes you wonder though, we live in such a trendy world. Not long ago, the Kardashians were the talk of the town, now everyone wants to be a financial expert.
There was a time when the boys on Wall Street used to be the embodiment of the American dream. Designer suits, sports cars, homes, and yachts, the boys seemed to be the envy of everyone.
Add in the inspiring success of investment gurus such as Warren Buffet and Bill Gates, the rise of mega corporations such as Apple and Amazon, and it seemed obvious. The stock market can make you super rich, fast.
But while the stock market is still very much an attractive investment opportunity, the cryptocurrency world offers even greater fast-paced returns and requires much less investment. There’s more volatility, more drama and more adrenaline rush involved.
It’s like stocks, but on steroids.
The Actual Reason For Bitcoin To Exist
We’ll tell you why.
Remember the housing market crash of 2008? If there was a single biggest contributor to the rise of Bitcoin, the 2008 crisis was it.
Think of it this way. What do most of us do when we have money? We put it in a secure location for safe-keeping. What is the standard most secure location that comes to everyone’s minds? Banks.
But have you ever wondered what banks do with that money? They invest it. They invest it in projects, or lend them to people.
And what if the banks lose your money? Pretty inconceivable right? Well, that’s precisely what happened.
“A lot of people lost their life savings and were forced to come out of retirement to make a living again. It was a total devastation and people began losing hopes in the banking system. “
So how did the inconceivable happen?
Well, the banks in those days began giving easy loans to everyone in a bid to attract new customers.
These types of loans were called “NINJA” short for “No Income, No Job, No Assets”. As a result, everyone who could get their hands on these loans started scooping them up. But soon, it was apparent that the majority of the people could not pay them back, and they began defaulting on their payments.
When a majority of the people began to default, the banks were left without sufficient money to pay back the customers. Additionally, most of the investments banks made also ended up in huge losses.
And just like that, some of the biggest banking organizations went bankrupt and began to crumble like a house of cards.
But that’s not the worst part. As the banks were in dire straits, the government decided to bail them out with a nice bailout package from the taxpayers’ fund and this didn’t go down well with the masses either.
People not only lost dearly in the form of their deposited money, but also ended up bailing the same banks that had lost all their money.
The event that took place in America not only affected itself but the whole world. This made people question the validity of keeping their money with a central authority. They were now demanding a decentralized currency with zero oversight from the government.
The Birth Of Bitcoin
There was another problem with paper currencies that people came to realize soon after.
Right in the midst of the crisis, when the banks found it hard to pay back the people’s money, the government was compelled to print more. This was done to increase the circulation of money in the public, and while it did just that, it also reduced its value.
This measure made the people feel unsafe and insecure because the amount of money the government could print was unlimited, leaving a certain unpredictability attached to the value of money.
And thus, Bitcoin was born.
What Exactly Is Bitcoin & How Does It Work?
Bitcoin is a digital currency just like money but it only exists on the internet. Think of the dollars you have in your wallet. The only difference between a Bitcoin and your cash is that it is online, and not physical like paper currency.
Each Bitcoin is a computer file stored in an app known as a digital wallet on your smartphone or a desktop. You may use these bitcoins or a chunk of them to transfer to others. This transfer of Bitcoins from one wallet to another is known as a transaction.
Whenever you make a Bitcoin transaction, it gets recorded in a public record known as a blockchain. The recording of every transaction ensures that all Bitcoins are accounted for, making it virtually impossible to hack, make copies or execute wrongful transactions.
Where Can You Buy them?
Bitcoins and other cryptocurrencies are bought and sold at virtual marketplaces known as Exchanges. Exchanges like Binance and Coinbase charge a minimal transaction fee every time a currency is bought and sold. These accumulate to millions of dollars worth of transactions every day!
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What Makes Bitcoin So Attractive?
1. Bitcoin Supply Is Finite
The #1 winning aspect of Bitcoin over paper currency like the US Dollar is that they are limited in supply which means more cannot be created or simply printed like paper money. Therefore, they are sometimes referred to as physical gold.
Think about it. Gold can only be extracted from Earth whereas Bitcoins can only be mined, and they take substantial computing power to do so.
But if they can be mined, how are they finite?
That’s a great question. The supply of bitcoin is finite in the sense that there will only ever be 21 million bitcoins in circulation and that number is yet to be reached. Currently, there are roughly 19 million+ bitcoins in circulation which means there are still plenty left before the mining limit is reached.
Once all of them are mined though, Bitcoin price prediction is slated to become even more valuable. So if you plan to hold them for the long term, there’s only one place your wealth is destined to go; To the moon! 🚀🚀
2. Your Money Is Secure & You Have Full Control Over It
Transactions involving Bitcoin are protected by military-grade encryption. This means that any payments made in your name can never be charged to your account without your permission. Therefore, it is impossible for your money to ever be misused or spent without your authorization.
3. Lightning Quick Money Transfers; Anywhere, Anytime
(Image first published at OkayPay.com)
Want to send money abroad in a matter of seconds without the hassle of banks and all the delays. You’re in luck! Bitcoins have made it that much easier because the Bitcoin network never sleeps.
Whether it’s a public holiday or a weekend, it doesn’t matter as Bitcoin allows you to make international payments 24/7.
The recipient can simply choose their digital wallet of choice for transactions and voila. So, when we say anywhere, anytime, we actually mean it!
4. Non-Existent Money Transfer Fees
The power of cryptocurrencies like Bitcoin lies not only in ensuring secure and fast money transfers but also in the non-existent transfer fees users incur while making payments globally.
Whether it’s 1 Bitcoin or 1000, transfer fees are drastically low which is incredible considering you can transfer millions of dollars for literally no cost at all! This makes it a highly attractive money transfer medium.
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5. Anonymous Transactions
There are no credit card numbers people may use to steal your identity. With Crypto currencies like Bitcoin, making payments without revealing your identity has become convenient. Even though all transactions are recorded, no one can know which account number belongs to you unless you reveal it yourself.
6. It’s Gearing Up For Wider Adoption
Bitcoin is growing in influence, and there’s no question about it! Check out this list of famous companies & industries that are now accepting It. Bitcoin price prediction and adoption forecasts suggest a crazy upward trend.
- Home Depot
- Whole Foods
- Green Energy
- Household Items and Kitchen
- Sports Teams
- Sleep, Bed, and Bath
- Cell Phone Carriers
- Beauty and Health
- Coffee Shops
- Burger King
Not only that, one of the leading online payment service companies, PayPal, has announced the approval for its customers to buy and sell Bitcoins which is another win for cryptocurrencies!
7. Optimistic Bitcoin Price Prediction
Prepare to have your mind blown! Do you know that the base price per Bitcoin was $0.008 in 2009?
Imagine you entered the Bitcoin game when bitcoins were trading for 10 cents in October of 2010. Investing $100 would have allowed you to purchase about 1,000 bitcoins which would be worth more than $60 million in 2020 judging by its all-time high!
Recently, financial pundits have been throwing around massive numbers with regards to the Bitcoin price prediction for the future with most estimates placing the value of a single Bitcoin at a whopping $100 000 by 2023!
So better hodl and wait for the riches to pour in.
This brings us to the final question.
Will Bitcoin Last? Here’s What We Think…
The decentralized nature of the currency itself, combined with speed, security, and non-existent transfer fees, make cryptocurrencies like Bitcoin highly suitable for wider adoption by the world. Bitcoin supply is finite, which means that once the last bitcoin has been mined, there is no prospect for more bitcoins to hit the market.
This is bound to make them more scarce, and we all know what scarcity means, greater demand and a higher price. But that’s not it. People who hold Bitcoins today are most likely sitting on treasure troves.
To put things into perspective, Bitcoins’ overall market cap is projected to hit the mind-boggling number of $8 Trillion by 2030. According to Andy Edstrom – from the California-based investment advisory firm WESCAP, the price prediction of 1 Bitcoin in 8 years is expected at $400 000 USD!
Not only that, Almost all investment gurus unanimously agree that Bitcoins have the potential to revolutionize our future. They are widely expected to replace paper currency eventually, as more and more countries begin accepting it.
However, not all has been perfect since the launch of Bitcoin. This is down to the volatility involved in cryptocurrencies and current resistance from governments globally, who fear losing control over global money markets.
Realistically, it’s still too early to make an incredibly accurate Bitcoin price prediction or speculate over its future. However, all indicators point to a significant rise in the medium to long term. We expect it to play a much greater role in the global financial system in the coming decades.
As of right now, if you’re one of the lucky ones who own Bitcoin, better hodl and wait for it’s ceiling!
For Those Looking to Invest
Do thorough research and carefully scrutinize current news and trends before investing (Information and research are kings in crypto). Lastly, as a rule of thumb, remember; the art lies not in buying when the market is bullish but rather, taking an entry at the perfect time.
Those who do it, become millionaires.
Disclaimer: (We are not financial advisors. We expect you to carry out your own research and understand the risks associated with crypto before making any purchases.)