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Many believe that the leading cryptocurrency, Bitcoin, is the future of money while others think it’s just a scam. Supporters of Bitcoin claim that the price of the digital currency will touch the sky while sceptics believe that all cryptocurrencies including Bitcoin will end up “worthless.”
bitcoin price predictions
But what should you consider when it comes to Bitcoin price predictions?

Tim Draper’s Views

Tim Draper is one of the most notable investors in Bitcoin and Bitcoin startups. According to the recent statement of Draper, he believes that the price of Bitcoin will hit $250,000 in 2022. Draper’s Bitcoin price prediction in 2014 was correct, as he believed that it would hit the $10,000 mark by 2017.

You can find a list of financial professionals who called Bitcoin a scam and claimed that it doesn’t have any worth. In simple words, a massive percentage of Bitcoin sceptics are those individuals who have a financial incentive to see the leading cryptocurrency [Bitcoin] fail.

Stefan Hofrichter — Bitcoin Prediction

Stefan Hofrichter, head of global economics and strategy at Allianz Global Advisor has recently said:

“[Bitcoin’s] intrinsic value must be zero.”

It must be noted that Allianz Global Advisers is one of the biggest investment houses in the world and doesn’t offer any crypto investments to its customers. The demand for cryptocurrency investments is growing day by day, though Allianz Global Advisers still needs to validate why it doesn’t offer any products in this area. There’s a clear encouragement for Hofrichter as well as his research team to settle that ‘bitcoin is an asset bubble’ – not a smart investment. Therefore, just like the price prediction of Draper, Hofrichter’s view on the Bitcoin’s future value has to be taken as with scepticism.

Impact of Politics on Bitcoin Price

The recent comments of Donald Trump on Twitter are monitored by traders, globally – and they can affect the stock and currency market. Last month, Amazon’s stock declined over 8% in three sessions – after the president of America, Donald Trump tweeted about Kim Jong-un.

bitcoin predictions

What does Tom Lee have to Say about Bitcoin’s Future?

When we talk about Bitcoin future prediction, in actual fact, no one has any idea about the future price of Bitcoin. Nothing can answer what will be the price of Bitcoin in future. It’s only time that will tell us at what level the price Bitcoin will trade in 3-10 years. The Managing Partner and Head of Research at Fundstrat Global Advisors, Tom Lee, has been predicting the Bitcoin price for quite a few years. According to his prediction, the price of Bitcoin will hit $91,000 by March 2020.

Back in October, Tom Lee told Business Insider in an interview:

“I think this next generation of young people views bitcoin as their store of value. And if it captures 5 percent of the gold market, it’s worth at least $25,000 per unit.”

The founder of Standpoint Research, Ronnie Moas, has predicted that Bitcoin price will hit $28,000 in 2018. He believes that the price of Bitcoin will ultimately upsurge to $300,000 – $400,000. Moas price prediction for Bitcoin is based on the limited supply of Bitcoin — facing unlimited demand.

Moas said:

“I don’t know how much gold there is in the ground, but I know how much bitcoin there is, and in two years there will be 300 million people in the world trying to get their hands on a few million Bitcoin. This mind-boggling supply and demand imbalance is what is going to drive the price higher.”

There’s no doubt, anyone can contend that Fundstrat Global Partners benefits from the outspoken views of Lee on cryptocurrency estimations. Though the failure and the success of his company don’t depend on the ‘future performance’ of cryptos including Bitcoin — same goes for Ronnie Moas and his company.

When it comes to price prediction of Bitcoin, the best people that you should listen to are independent analysts. Their price targets are not only based on the exhaustive analysis but their main incentive is to be right with their predictions because that is exactly what they are getting paid for.

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What Is Bitcoin Hard Fork? The Most Intriguing Bitcoin Topic Explained!

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To begin with, Bitcoin has been the talk of every news channel, tabloid, website, etc. for a long while now. It’s increasing popularity might’ve caused a little problem for the network. Bitcoin is in a messy situation right now and something needs to be done. Fortunately, two possible solutions have been proposed as well, but only one can exist.

What is Bitcoin Hard Fork?

It is a compulsory software update that is required in order for the program to function.  It can be implemented to fix bug errors or any security issues present in the older version of the software. Also, a hard fork is irreversible.

The “hard fork” will split the blockchain, leading to the introduction of a new chain of transactions branching from the original one.

Bitcoin Fork Explained – What’s The Issue?

In simple words, Bitcoin is unable to withstand the number of transactions taking place on the network.

The technical explanation is that the 1MB block size limit which is programmed into the system has become a problem and is causing delays in the processing of transactions. Basically, a purchase can take from a few minutes to hours to confirm.

Two techniques were proposed, which result in two different solutions: Bitcoin Unlimited, and Segregated Witness. They’re both proposed software updates to the Bitcoin network with the aim to completely change the way Bitcoin functions.

Obviously, the two can’t coexist, that would “fork” the Bitcoin network – splitting it into two different digital currencies.

A fork is known as a software update. Basically, updating a program from an old version to a new one to fork bitcoin.

Bitcoin Unlimited:

Starting off with Bitcoin Unlimited, this proposal is favored majorly by Bitcoin miners. To understand this, you must know the concept of Bitcoin mining. Bitcoin miners use specified powerful computers to solve complex mathematical algorithms in order to verify a transaction and be rewarded with newly issued bitcoins.

We are aware that there is a built-in block size limit of 1MB in the Bitcoin network, however, BU gives miners the permission to vote on increasing the block size whenever they want. This gives them control of the Bitcoin network, due to which they’re favored by miners.

Segregated Witness:

On the other hand, SegWit is being voted by many Bitcoin enthusiasts and developers. Their aim is to optimize the Bitcoin coding in a way that allows them to decrease the transaction size and increase the transaction volume, all while sticking to the 1MB block limit. They suggest the use of a soft fork.

A soft fork is a software update that lets the network to adapt to the new functionalities and features implemented. The update doesn’t interfere with the existing software and the older version will still be usable.

When is Bitcoin Hard Fork Happening?

Every Bitcoin user around the world is anxiously waiting for August 1st– a day that will mark the history of bitcoin. No one really knows what to expect but we are all eager to know what will be the fate of Bitcoin. We’re approximately 2 weeks away from the big day so let’s reflect back on the possible end result.

On 31st July, the activation of SegWit2x is set to take place. SegWit2x is a proposal that will enact SegWit through a Soft Fork but will increase its block-size limit by Hard Fork after three months. So, basically, SegWit2x will be introducing Segregated Witness first which will follow a 2MB block-size increase three months later.

Moreover, SegWit2x has the support of major mining pools which means it’s backed up by miners.

What Will Be The Bitcoin Hard Fork Consequences?

When the 2MB hard fork is scheduled to be introduced, there are chances of a chain split to occur cause of the soft fork. This, in return, would lead some part of the community jumping on to SegWit2x while others remain on SegWit.

This can create a very messy situation as there would be two different kinds of Bitcoin present. The last thing we’d want is to damage Bitcoin, particularly since there are high chances of two competitor blockchains existing simultaneously.

What Should I Do in Order To Prepare For August 1st?

You’re advised to move your bitcoins to a private wallet, where you solely are in charge of your private keys. Also, be sure to do this before July 31st, and remain until storm calms down. We are not aware of what is in store for us on August 1st or the day after, and the future is a total blur. So, let’s sit back and watch the calendar hit August.

Who Will Be The Winner?

Aha! Too bad we can’t answer this question because half the community goes for SegWit and the other half for BU. There’s not really much we can do, just voice out our opinion and educate others with whatever we learn and maybe help them come up with opinions of their own.

We’ll just have to patiently wait and watch how this turns out.

I’d like to point out that I have a very limited technical knowledge and only know my way around a few technical terminologies. This post is a compilation of weeks of research that I’ve put together myself. So, if you do find any errors, do let me know in the comment section below and I’ll be sure to check.

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How to Confidently Take Part in Bitcoin Revolution?

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Confidently take part in bitcoin revolution

Bitcoin is the most renowned cryptocurrency today. From 2009 to 2017, just within a few years, Bitcoin has largely asserted itself as the richest people of the world are now showing great support for the currency. It clears that this century belongs to Bitcoin. Now, the question arises, how to take part in Bitcoin revolution. There are more than 100 different ways to join this blockchain revolution.  We will discuss only a few of them here. Before the discussion, let me tell you some important points, which you have to keep in mind during Bitcoin’s ride:

  1. Briefly, explain about Bitcoin to others.
  2. Create transactions by buying Bitcoin.
  3. Acquiring bitcoins.
  4. Do transactions through Bitcoin.
  5. Setup your Bitcoin wallet address.
  6. Tell about Bitcoin revolution confidently. In addition, completely guide them about how they can use secure and transparent transaction system.
  7. Tell them the difference between the currency and Bitcoin.

Now, let’s start a ride to Bitcoin revolution.

1. Acquire Bitcoin:

If you want to acquire bitcoin, there are three ways users by users.

Accept Bitcoin Payments:

Through merchant, solutions get start to accepting Bitcoin payments. There are more than 100,000 retailers who accept the bitcoin as a payment. These retailers hold high-profile business like Amazon, Tesla, Microsoft

Bitcoin Mining:

Bitcoin mining is same like gold mining. Gold mining is in hardware services whereas Bitcoin mining is done on the Bitcoin network. So what do you conclude; Tools for Bitcoin mining are gold pans or buckets?

No, Bitcoin tools include a powerful PC and specialized software. You can easily mine Bitcoin by solving the complex math puzzle. When miners successfully solve the puzzle, they get the reward of 25 bitcoins which becomes half every four years.

Purchasing Bitcoin:

Now, you have to purchase Bitcoin using cash from Bitcoin exchange and after that, your Bitcoin wallet.

2. Engaged in Bitcoin Services:

The venture capitalist Tim Draper says, “Bitcoin world is this new ecosystem where it doesn’t cost that much to start a new Bitcoin company. It doesn’t cost much to start owning Bitcoin either, and it is a much more efficient way of moving money around the world.”

The most desirable aspect of Bitcoin is to start your own business with low cost.

If you have no idea how to start and where to start with Bitcoin. Then observe the current performance of expertise of Bitcoin.

Bitcoin payment processors and digital or hardware wallet services are used for this purpose.

3. Provide Solutions for Acceptance:

If you can create a way to convince non-users to use Bitcoin, you are onto the winner.

4. Leverage Blockchain Technology:

For many financial institutions, the blockchain recording system holds promise as a secure, improved and transparent method to speed up transactions, cut costs, and eliminate fraud. Because of this, organizations are looking for ways to leverage blockchain technology for their own businesses.

5. Invest in Bitcoin:

Bitcoin is limited in number – 21 million to be precise. So, being an investor, you must know that increase in demand leads to the limited supply, hence the higher prices. If you are looking for a long-term solution for your financial problems, investing in Bitcoin is the best way.

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Different ways to buy bitcoin

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Buying bitcoin is simple. As simple as signing up for a mobile app. The first step to buying bitcoin is signing up for a bitcoin wallet on sites like blochchain.info by filling up a form with essential details. once you have the wallet, there are different ways through which you can fill it up with bitcoins. Here we are going to fill you in on the 4 most common ways to buying bitcoin.

Buying Locally:

Follow these simple steps to buy bitcoin locally:

  • Find a seller in your area who sell bitcoin for cash
  • Select the desired amount of coins
  • Place the order and receive seller’s account number
  • Deposit your cash in seller’s account
  • Upload the receipt as a proof of trade
  • Receive bitcoins in your wallet

Buy Bitcoin Online:

The best way to buy bitcoin instantly is to buy bitcoin with credit card or debit card. SpectroCoin is one of the reliable coins that accept credit / debit card payments for bitcoins.

But there’s a catch. SpectroCoin only offers $50 worth of bitcoins to its new customers. However, as they grow into reliable customers, the limit is stretched out to $200 and then $500 by the following few days.

Buying With PayPal:

Although PayPal doesn’t facilitate the direct Bitcoin purchase, there is a way around for those looking to buy bitcoin with PayPal:

  • Visit Virvox
  • Deposit money with PayPal to your account
  • Buy SLL on the exchange
  • Buy bitcoins with your SLL
  • Withdraw your bitcoins

These are few of the quickest ways to buy bitcoins. Good luck with your purchase.

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What Are Some Different Ways to Trade Bitcoin?

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Different Ways to Trade Bitcoin

Bitcoin is a computerized currency which is produced through mining. Mining is a procedure that includes understanding and solving complex algorithms using a PC. Once that complicated algorithm is decoded, then a single block can deliver around 50 bitcoins.

The time it takes to decode a single block greatly relies on the services of the miner as well as the processing power of CPU. Since the procedure of mining is long and frantic, many people want to purchase Bitcoin on the web.

Trading Bitcoin is most likely the quickest and simplest approach to make money through Bitcoin. The estimated value of the currency varies so much on the daily basis that it has become a primary investment option for traders. The currency is super exciting due to the fact that nobody knows how high or low Bitcoin can go.

Safe Approaches to Trade Bitcoin:

Here we are going to demonstrate the safest approaches to trade bitcoins. Read carefully best Bitcoin trading platform.

There are many ways to make money through Bitcoin trading. Much the same as stock markets, Bitcoin trading includes purchasing coins at low cost and selling them when the cost has gone up. To begin trading, you have to set up an online account with a consistent trading site and then store your assets into that account. When your account has been effectively verified, you will then need to closely observe the trading market for a chance to make a profit through purchasing and selling bitcoins.

Depending on the amount, the Bitcoin exchanges will charge you a specific rate for each transaction. You will also have the option to convert your local money into Bitcoin and vice versa. In any case, you should remember that Bitcoin is highly unstable. If you are not well-informed with the price trends, you may end up losing a considerable amount of cash.

A usual Bitcoin trading procedure includes four easy steps. The steps are:

  • Making an exchange account and filling it up with currency. The currency will be later used to make your first Bitcoin purchase.
  • Creating multiple accounts with the different exchange as it will help you eliminate the risk of theft in the event your primary account crashes.
  • Choosing an exchanging methodology: There are a few different methods to exchange bitcoins such as informal investment, swipe trading or becoming an investor that sits tight and hold on until the market stabilizes. Make sure you go with the option that suits you best.
  • Once you have done it all, wait until the market offers the right opportunity to make money.

These are some ways that can help you keep your bitcoins from theft and make secure trades. Good luck with your venture.

Tags: Bitcoin trading sites

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Microsoft Is Not Accepting Bitcoin Anymore

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On the r/Bitcoin subreddit, it’s all about Microsoft and Bitcoin, as the tech giant apparently stopped accepting the leader cryptographic money, as per numerous top threads. One focuses on Microsoft following Steam’s footsteps in never again accepting Bitcoin. The talk comes from a Bleeping Computer article that claims the software and hardware monster halted Bitcoin payments.

On a top thread, an r/Bitcoin administrator stickied a post expressing different clients tried to discover the Bitcoin payment choice, however, were not able. His remark notes he trusts it’s “evident that little retail payments don’t bode well for Bitcoin at this moment,” and that despite the fact that everything points to the talk being valid, it is still unverified as there was no official explanation on Microsoft’s end.

Another top thread on Reddit claims Microsoft does still acknowledge Bitcoin payments, and that shills are simply endeavoring to fill the subreddit with fear, uncertainty, and doubt (FUD). Per this thread, Microsoft enables clients to include a predetermined measure of dollars to their balance utilizing Bitcoin, so the tech giant does indirectly acknowledge the top digital currency.

So, Does Microsoft Still Accept Bitcoin Or Not?

Chatting with Microsoft’s client support, we were told the organization no more acknowledges Bitcoin as a payment option. Eminently, the organization has apparently chosen to quit accepting the crypto money since July 2017.

image credits: ccn.com

Given the unsatisfactory answer we were given, we pressed the issue and were linked to an individual from the Higher help from Microsoft’s Accounts and Billing group. He affirmed Microsoft has quit accepting Bitcoin because of “different issues we are getting with respect to it.” When pressed, he uncovered that “we have no other information on why Microsoft quit accepting Bitcoin payments besides the problems in processing the payments.”

Not The First Time:

This isn’t the first time Microsoft stopped accepting Bitcoin. The tech giant put the breaks on digital currency payment in 2016, soon after the organization’s move started making headlines, it apologized for what it deemed “inaccurate information,” and revealed that Bitcoin payments would still be accepted.

Microsoft initially began accepting Bitcoin by means of BitPay in December 2014. At the time, the move was met with huge fanbase, as the organization joined the ranks of other substantial organizations like Dell, Newegg, and TigerDirect in accepting Bitcoin.

 

Story credits: ccn.com

Image: Google images

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