Review on the Future of Bitcoin 2019-2020
Future of Bitcoin 2019-2020 – Is Bitcoin simply a 21st-century version of gold, only without the storage issues? Or is it just a short-lived popular fad that may soon evolve into something quite different? Only time will tell. The only certainty is that its price will remain very volatile in the future.
As we all know, Bitcoin was created in 2009 by an anonymous developer called “Satoshi Nakamoto” and was the first and original cryptocurrency. Bitcoin allows people to send and receive funds without a third party intermediary and as such, it is a decentralized payments system.
So what’s next for Bitcoin? As outlined previously, it has many advantages and for this reason it will remain relevant as a currency. The vast majority of BTC transactions by volume are made in China so the two will remain interlinked.
We see the biggest risk to Bitcoin being its substitution and/or parallel use by other cryptocurrencies. Bitcoin die-hard fans claim that this is never going to be an issue since Bitcoin was the pioneer and as such enjoys first-mover privilege. This argument is probably flawed because although the BTC is used for payments, this is only a relatively small % of all Bitcoins. One of its primary uses is being a store of value and for this reason other crypto currencies can always step in and enjoy similar status if aggregate demand requires it.
The network is controlled by no single person or authority, nor is it backed by any central bank. Instead, transactions are verified by a community of “miners” who use their computational power to confirm the movement of “funds”. In return, miners are rewarded with additional Bitcoin for contributing to the network.
The technology that supports Bitcoin is called a blockchain, which is like a giant accounting book. Every single transaction that has ever been processed on the Bitcoin network is available to view on the blockchain. Furthermore, once a transaction has been added, it can never be changed or removed – which makes it extremely transparent.
In reality, nobody can predict the future of a cryptocurrency, but if we could, we would all be billionaires. In the cryptocurrency world, prices are very volatile. This means that the value of a coin can go up or down really quickly, with often no explanation as to why. This makes predicting prices much more difficult than traditional markets.
When considering the future value of a cryptocurrency, it is always better to look at real-world events. This can include improved technology, future roadmap objectives, new partnerships or even regulations.
The most important thing is that you always perform your own independent research before making an investment. Never buy a cryptocurrency just because a price prediction excites you, or because your favorite youtuber told you to! At the end of the day, everyone has a different opinion and there is no guarantee that anyone will get it right.
Prediction of Bitcoin Price | Future of Bitcoin 2019-2020
The first Bitcoin forecast that I want to discuss with you is by John McAfee, the creator of the popular anti-virus software McAfee. McAfee is well-known in the cryptocurrency industry because he makes lots of insane price predictions on Twitter, however, it has since been revealed that crypto projects pay him more than $100,000 to do so.
Anyway, in 2017, MacAfee said that Bitcoin would reach $500,000 in 2020, and if it didn’t, he would eat his private parts live on TV! If you didn’t think this was crazy enough, McAfee then increased his Bitcoin price prediction 2020 to $1 million! To be honest, he seems rather confident to me.
The next Bitcoin price prediction 2020 I wanted to talk to you about is a really interesting one, performed by the analyst Osato Avan-Nomayo from Bitcoinist. This prediction is based on the fact that in 2020 the Bitcoin mining reward will be halved from 12.5 BTC to 6.25 BTC.
As you will see from the chart below, the Bitcoin mining reward has halved twice in its history. In 2012 it went from 50 BTC to 25 BTC and then in 2016 it went from 25 BTC to 12.5 BTC. The historical price chart shows that when these two events happened, the price of Bitcoin experienced new heights shortly after.
For example, 1 year after the first mining reward reduction, BTC rose to $1,000 for the first time. Then 1 year after the second mining reward reduction, BTC reached record highs of $19,500.
Although Bitcoinist don’t actually give a specific Bitcoin future price for 2020, their analysis predicts that its value will reach new all-time highs in 2020, which will be at least $20,000.
We hope all the steps are clear to you. In case, you have any doubt or any questions to ask please feel free to drop the same in the comments section below. Future of Bitcoin 2019-2020