What is Bitcoin?
The first ever distributed ledger project that enable peer to peer transaction all over world without involvement of any central entity. The project official introduced in 2009 by founder Satoshi Nakamoto who is still unknown but as per information he is from japan and many people claimed to have their identity but real Satoshi never ravel his identity. Satoshi nakamoto started writing code since 2008 and then he registered domain name i.e. Bitcoin.org to launch project on it. The development of project end in 2010, where user started transaction and mining bitcoin.
Bitcoin was initially launched on sourceforge which was the first ever version along with mining genesis block. The basic aim behind launching this project is to enable payment between two users without any third party and cut down their commission and save transaction fees.
Bitcoin uses proof of work mechanism to create new block via mining i.e. Bitcoin ecosystem rewards miner with BTC coin for creating new block. However, mining was trending in 2017 and 2018 and most of user started mining with their graphic cards and computer setup.
Bitcoin Price Prediction
|Month & Year||BTC Price Prediction|
|All-time high||$20,089.00 USD|
|Exchange Platform||Binance, OKEx, Huobi Global, Coinbase Pro, HitBTC, bitfinex, Kraken, BKEX, Bitstamp, Bitmax, Bitflyer, Kucoin, Coinbene, HBTC, Digifinex, ZB.com, Bithumb, Coineal, Upbit, Lbank, LATOKEN, CoinTiger, Poloniex.|
|Wallet||Bitcoin wallet, Ledger, Trust|
Bitcoin Price Analysis
Crypto Community is very much excited as Bitcoin is showing bullish nature and crossed USD $10k mark again in this month July 2020. This benchmark of $10,000 USD is achieved by BTC again after 5 and half months of delay after Feb 2020. Let’s analyze price of Bitcoin i.e. BTC from beginning of this cryptocurrency world.
Let’s get started from the foundation of Bitcoin, it was founded in year 2008 and 1st ever transaction happened ever in year 2009. At that time price of 1 BTC was fluctuating around at $0.3 USD. But as this cryptocurrency concept was new in the market, people in finance and investment section took time to understand and accept it. Bitcoin introduced a new concept of decentralized currency, which means no single authority(like national governments) can control value of BTC, instead everyone or to be specific every computer in the network will be aware of all transactions happening over all over the world using blockchain technology. This blockchain technology is being accepted by many International banks as it provides faster and secure transaction across the boundaries. This process of acceptance took almost 4 to 5 years after foundation of Bitcoin that is around at the beginning of year 2013 people started accepting it as way of money transaction. Till the time price of 1 BTC was surged to around $120 to $130 USD. That was a huge growth from $0.3 USD to $120 USD, if we calculate ROI for those 4 years then it would be 40,000%.
In just period of 1 year between 2013 and 2014 bitcoin rose from $13 USD to $ 750 USD. Later from beginning of the year 2015, Bitcoin started getting more and more popular. Many people started investing and transacting in the form of BTC. If we have a look at bitcoin price graph then we can say from Dec 2017 to Feb 2018 this was “Golden Period” for Bitcoin ever, as of now. In that period only, Bitcoin has touched a benchmark of $20,000 USD. Sudden after this golden period many countries like China and India put a ban on cryptocurrency transaction which badly impacted cryptocurrency price and transactions.
Later after few months rater we can say couple of years many countries revoked ban as per orders from their Supreme Courts. In India in the month of March 2020, Supreme court revoked ban on crypto transactions. Recently Bitcoin has gone through it’s 3rd Halving process and we have seen that after Halving process there is always a big spike or surge after few months of Halving. Halving is a process when mining cost gets reduced to half and at the same time process of mining gets way difficult than earlier. That is machines must work harder to solve mathematical problems to mine bitcoins so that crypto transaction gets complete.
If we calculate ROI from 1st day of Bitcoin till today(July 2020), then it would be around 3,333,300% as initial value was lying in between $0.3 USD and right now in the month of July 2020 it is around $10,000 USD. As per few cryptocurrency experts and past performance of Bitcoin, expected value of 1 BTC in the year 2030 is around $60,000 USD. But this prediction might get failed as no prediction comes with any sort of guarantee, as it based on some assumptions and speculations.
It was never like continuous growth in the price of BTC, there were number of spikes(bullish phase) and downs(bearish phase) like share market, we all have witnessed. But at the end, we have seen what, that is the “GROWTH”.
Can BTC Reach $100K USD?
Yes, Probably in 2040.
How Much BTC Worth in 2030?
Most probably crossing $60k USD.
What will Bitcoin worth in 2025?
Expected to reach $30k USD mark.
Is Bitcoin a Good Investment?
Yes, the first ever crypto project ever with over 70% market dominance.
is Bitcoin Worth Buying?
May be Yes, however there are plenty other Blockchain project that have better ROI.
Bitcoin is thing where evolution of Blockchain industry started evolving, as Bitcoin was always criticized for its technology, system and its private nature of transaction. Bitcoin started gaining attention since 2017 and in 2018 was year where Bitcoin was trending all over world and that change its momentum, because trillion USD worth volume started gaining on daily basis. but, after banned from two most populous country i.e. China and India and back to back scam and hacked report that started creating trouble for blockchain technology. now in 2020 things are changed Blockchain consider as one of the future technologies that will dominant digital currency market.