Premise
When I first heard of Bitcoin i thought (like many people did) it would never succeed and so I ignored the fact that it was slowly getting popoular (and yes, I regret it now). But maybe it's not to late to join the market and hope to make a big fortune.
The great question
So, will bitcoin price continue to go up in the long term? What do you think it will be like in a year? In 5 years? 10?
My humble opinion
I honestly think prices will continue to rise for at least 2 years. At some point we will reach the maximun amount of bitcoin in the network (21 mln) and that's when prices will skyrocket. After that it's difficult to say, maybe the price will get more stable, or maybe it will fall as hardly anyone will see the chance to make a profit out of it.
What do you think?
Thanks for upvoting :)
Understanding what it is goes a long way in finding your answer. Its a very sensitive subject that you will have a million different points of view on. Primarily do to the fact 90% of the community that supports it dont even fully understand it, thus creating a constant debate from the peanut gallery. With that being said, heres my opinion. Bitcoin was designed to be a currency, if thats all it was it would have failed already, but the technology driving bitcoin is where the real gold mine came. The same technology that made bitcoin could be implemented in many environments and evolve how things work. This benefited bitcoins survival as a currency becouse it could now be used as a means to buy into somthing. In the future its possible that you will be spending bitcoin at your local walmart, but in present day its not widely accepted, so the coins that sprung up due to its new technology is the root cause of bitcoins survival. Giving it a real purpose as a currency. Now with that being said, it boils back down to the fact bitcoin is a technology. And as technology evolves it could possible render the blockchain obsolete, more then likely just evolving the blockchain as well, or replacing. I think the concept is here to stay tho. I suspect worse case we will be buying up our imaginary coins for along time. I dont even see it slowing down for a min of 6 years, but governments will play a large role in what comes next.
I think most of the new cryptocurrencies we see today will be gone in a very short time. That said, I think the idea behind bitocin and other cryptos is here to stay: people like it, people like the idea, even if most people don't undestand the tecnology behind it (I dind't know what the blockchain was a few months ago, and I probably still don't understand it deeply). Imagine you didn't know anything about cryptocurrencies, what would you buy as your first crypto? I think it'd be bitcoin: it's just so much popular. It was my first crypto, it's been many people's first crypto. I think first bitcoin will become so popular that you will be able to spend it in most stores, and then some goverment will do something about it. But what?
Yea, thats true that its kinda a brand name people first buy. And it really does have a purpose. Its the leading fuel in these markets. As far as what will governments do with it? They will take it away lol. If your country bans it, dont expect it do be accepted by your local stores. On a larger scale tho it would take global effort by governments for the world to fully eliminate it. I mean its crypto, when one country bans it we just use another exchange somewhere else, so it would have to be on large scale if they ever are to be successful. And considering the fact these days we all have nukes pointing at each others and cant seem to work together anyways, i dont see it going anywhere.
But do you think they will actually do it? I mean, it would take a lot of effort and would make a lot of people very angry about it, wouldn't it? Let's say they ban it, and then what? Nothing could stop a person to send some btc to another person, am I wrong?
Will they try? Sure, some already have. And it doesnt matter if it upsets alot of people. You gotta see the bigger picture, and the big picture says if crypto continues to grow its going to upset the natural order of the global economy. This gets a bit tricky to explain in limited words. When you start taking power from the powerful dont expect them not to try and take it back. If they cant find a way to adapt to it, bet your ass they are gunna find a way to get rid of it. And your right, it would be difficult to stop me from sending you a coin, but never underestimate the worlds powerful. If they cant stop me from sending btc , they will just make sure btc doesnt hold value anymore. If you understand how markets work, then you prolly understand how someone could make one crash if they, oh lets say endless supply of money... I can see many ways they could pull the plug on it if they wanted too
Yes there are a lot of ways they could pull the plag if they wanted to, I guess we'll just hope they won't!
People are way too much invested in Bitcoin to see it implode. They will do whatever it takes to get the chain to mine 90 to 95% of all coins before cashing out collectively. Perhaps they'll even push it to have all coins mined. But a short while after that a lot of people will start to sell.
If we come to the situation where 95% if not all the coins are mined, don't you think we will see the prices go really high in a very short time due to limited supply?
Yes exactly. That is what HODLers want. We all want to become rich this way. And let's face it... bitcoin will not become the main cryptocurrency that we will all collectively use to buy our everyday products in supermarkets etc. The chain is too slow and fees are too high (although they're working on improving that). BitcoinCash is already a better alternative as a bunch of others.
Let's say they lower the fees and more people start to use it. Wouldn't a higher number of transactions attract more miners making the chain faster?
Don't they need to have more miners first in order to speed up the transactions and lower the fees?
In order for it to be used in the real world they need to do something about transaction speed first. It's impossible to buy something with it in a supermarket.
Good news is that they now have segwit2 which makes the lightning network possible so perhaps we will see it happen.
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STOPI think it all depends on if governments force their citizens to use a government controlled crypto - you know they don't like competition............
And how would governments do it?