Bitcoin has come a long way and matures into a full-fledged currency in the upcoming years.
Bitcoin price update
As per my article 3 days ago regarding Bitcoin's price USD6,600 returning to its baseline has occurred today as we see Bitcoin price hitting a 50-day low at USD6,630. Bitcoin may have reached the final phase of the bear run as its relative strength index (RSI) drops below 30 Source: Forbes.
1. Bitcoin price stability issues
What cryptocurrency investors and users want is an economically stable Bitcoin like most fiat currencies that are turbulence-resistant. We do not usually see US Dollars fly up and drop back down again in a matter of days (that might change while Trump's president). Listed company stocks that achieve a slower but stable growth is much more attractive to risk-averse investors. This by definition makes Bitcoin a high-risk investment knowing that rewards and profits are not guaranteed. Hence Bitcoin must allow its stakeholders or users to feel secure enough to hold Bitcoin and not do a crazy sell-off every other day.
2. Bitcoin's energy usage
Bitcoin mining's high power consumption is worrying.
According to a study by Digiconomist, bitcoin mining accounted for 29.05 terawatts of electricity in 2017. That equates to 13% of all energy consumed by the world as of November 2017. Bitcoin mining ideally consumes more power than Nigeria, Africa’s largest economy and one of the most populous countries in the world.
Source: Techworm
We already have US tech company Intel filing a patent for a bitcoin mining hardware accelerator (Source: cointelegraph). I have read the original patent here and in simpler terms, hardware datapaths have been optimized for mining purposes. Knowing that mining hardware is constantly being improved is an assurance for Bitcoin's future and other cryptocurrencies.
However the waste of power to generate Bitcoin is not just an environmental problem, but a scalability problem of the coin. If the entire world uses Bitcoin, we will experience a global power deficit. This brings me to my next point.
Img source: http://ablogaboutnothinginparticular.com
3. Bitcoin's bandwidth issues
The Bitcoin community wants to add Lightning, a second layer payment, on top of its existing network (Source: arsTechnica).
The key ideas behind Lightning were proposed by Joseph Poon and Thaddeus Dryja in a 2015 white paper, but it's taken three years to translate the proposal into fully working code. Today, three different companies—San Francisco startups Blockstream and Lightning Labs and Paris startup ACINQ—are working on parallel implementations of the Lightning technology stack. The trio released version 1.0 of the Lightning specification in December, and the companies are now racing to get their software ready for use by the general public.
Source: arsTechnica
This is an important step to address the narrow transaction bandwidth of Bitcoin and could be Bitcoin's long term solution.
All we want is a cryptocurrency that remains stable in its own "economy", reduced side effects such as huge power consumption and wastage as well as fast transactions performed with fees lower than what our credit cards charges now.
-tysler
@tysler bitcoin support is 6400 resistence is 8400
I think it is a great time now to just buy and load up on your favorate crypto and hold it for at least 5 years... things are and will get better , just this of this time as a buying opp
Same thought as yours.
I also see bitcoin cracking 5K in the coming months and even 3K. HOWEVER this is just a chop sideways move with lots of violent shifts between 5k and 8k before the next move higher (6-12 months of bullshit here)
Bitcoin is here to stay as long as internet exist. Great tips for all crypto enthusiast
Bitcoin is currently undergoing the test of time & whenever it can survive this then it will surely skyrocket again! 💪
It will survive. And people will remember how they first heard about bitcoin being some crazy scam back in 2017/2018 and now we all have lambos and they are bowing down us on our mighty oldfag Steemit accounts.
Thanks for sharing
Bitcoin has become more complicated and unstable as the years goes by. A more practical coin should take over from bitcoin because frankly I am tired and nauseated by the rollercoaster 🎢 ride that other legitimate coins like steem are caught in.
Other coins will approach and some will overtake BTC in the not too distant future, but it may still be years, and BTC will still perform very well compared to non crypto investments. Imo it is a safer, lower risk, lower reward option in a high risk high reward market. Still a great bet, but I'm chasing bigger fish. ADA, EOS, NEO.
Bitcoin is here to stay.
Why do you think that? I'm not an idiot.
Bitcoin still has a long way to go to be yet completely adopted as a currency.
It was Cool reading this piece. There's a coin built to be more powerful than our all known Bitcoin and it called DigiByte(Dgb). I'll recommend that to you. Though It's not popular in the market at the moment its potential can not be over emphasized. Thank you for you post
Bitcoin is going to become the world's common, most valuable currency. It's the only truly decentralized coin. This is outlined in an article on Bitcoin -vs- Bitcoin Cash:
https://steemit.com/bitcoin/@workin2005/bitcoin-btc-vs-bitcoin-cash-bch-the-great-block-size-debate
I can see btc dropping to 1000
honestly would love this to happen, maybe even more. I dont own enough
I said never below $3k to my brother the 2nd time it topped $3k last year, it just for a brief moment dipped below it before mooning, as if just to spite me. I'd definitely make that statement again though now. I'd be surprised if it hit $4k. I'd gladly buy as much as possible for however long it's under $7k.
Really get sick of the the power consumtion claims when there is a lot more solar power generation the main stream media like to claim:
https://247wallst.com/energy-economy/2017/07/03/why-california-is-giving-away-electricity/
You have written very good ideas about the crypto money market. Thanks for information @tysler
hi upvoted please can you do the same thanks
dear @tysler thanks for your sharing..
You got a 11.23% upvote from @postpromoter courtesy of @tysler!
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Great bitcoin status article.
I still don't understand why crypto should become an asset class. Why can't it be just a medium. This is a reality we should accept. I believe in Steem and Steemit, so I will invest whatever little I have here to grow my network and strengthen the ecosystem. I will get paid from my peers if they like the work I do here. When I want to cash out, I can power down. The only thing one should be mindful is the time to cash out. Because there are investors trying to bet on gains, there's a lot of cash that's coming in and going out of the sector. The fortunate or unfortunate part here is, we have to learn how to surf the massive fluctuations. But That will be the nature of the game. Yes there can be massive growth, but there will always be massive crashes too. So crypto as a long term investment is not the safest bet. For work, yes. This is splendid. All sectors should embrace it and start getting paid in crypto. But for the real world, we need fiat. Crypto should be purely kept for work and to pay employees and contractors.
Bitcoins now becomes a problem instead of a solution. I don't know much but that's what I observe. Everyone is getting tired of that roller coaster ride and as you've said mining consumes too much electricity.
I'M HODLING!
Bitcoin going to under support.
Cryptocurrency market going to under support 😂
firstly thanks for providing the good insights,
I think the way forward for cryptos is not that simple. When Cryptos will be taking over the Fiat Currrency, Govts. and Central Bank will oppose Crypotos strongly or may ban all over the world. But that's the real power of Cryptos and we must harness that.
Cryptos must keep Anonymity of its user. if Govts. don't know who is using cryptos for what purpose then It will be big hit and everyone will want it.
I think its called Monero ;).. Not everyone wants it.
brother,,, central bank can print money than why can't we
This is very exciting for those of us that believe in Bitcoin, these graphs are loaded with Survivorship Bias. All of the examples are successful technologies that went mainstream.
For example, I don’t see “Travel by Hot Air Balloon” (the reason the Empire State Building was built so tall).
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@tysler good article keep doing!
I like the post very much hope you can post beautiful ly,
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To make cryptocurrencies successful, they have to meet the needs of people now, not later. This means that they have to be built around the social services provided by the public institutions trying to defend fiat currencies.
We're looking to work with public institutions, not against them.
https://vitae.foundation
good post!
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Crytocurrencies' purification is ongoing. Separating good projects from bad ones. And it will surely affect their father, which is bitcoin. It will be back to being stable.
BITCOINNNNNNNNNNNNN
@tysler very accurate your article for the future :)
Thank for your analysis.
My own opinion its a not stability money the actions cannot see in the future one day its good procent in the next someone loose money liv. Who can explain this its a very good moeny ?
Thanks for sharing..
Bitcoin and other cryptocurrencys have the ability to take poverty and turn it into a technological revolution to feed them to drive business and make new economies - Http://satoshipapi.io
I'm selling http://satoshicash.io if anyone is interested
It is seeming a confusing journey in this particular point. Bitcoin isn't even worth $10,000 now. Not sure what will happen in coming days.
The crypto markets are seeing a slight upward trend Saturday, March 31, after hitting monthly lows this week, according to data from Coin360.Bitcoin (BTC) is above $7,000 again, trading for around $7,140 and up over 2 percent over a 24 hour period to press time. BTC saw a 24 hr low today of $6,623, and is currently trading 8 percent higher.
@cheetah