Bitcoin (BTC) is the oldest and most popular cryptocurrency, with the highest market capitalization ($131.4 bln). The release of the Bitcoin code as open-source software by Satoshi Nakamoto in 2009 marked the creation of cryptocurrency. Bitcoin is implemented in the C++ programming language, utilizes the SHA-256d hash algorithm and Proof-of-Work (PoW) consensus mechanism.
Bitcoin (BTC) operates in a purely peer-to-peer network, with no trusted third party e.g. central bank or single administrator. Bitcoin is created, distributed, traded and stored with the use of blockchain – a decentralized digital ledger system. Every time a Bitcoin transaction occurs, a new block is added to the blockchain in the process called mining. Mining involves solving complex maths problems to confirm the transaction and create more BTC. The mechanism is simple and self-sustained, but the transaction speed is quite slow, and the use of computing power for mining is increasing rapidly.
Bitcoin Price | BTC Price Prediction
Having peaked at $20 000 in December 2017, Bitcoin has been since hovering around values under $10 000. The fact that more institutional investors and individuals are joining the Bitcoin user community might lead to a steady increase in Bitcoin price.
The market is quite volatile though, with major events in the cryptocurrency world indirectly influencing BTC price. Although the famous John McAfee’s prediction of Bitcoin reaching $1 mln by 2020 is a little too ambitious, it is indeed expected to grow soon. Some countries like Germany, China, Tunisia, and Turkey have expressed the intention to transition towards digital coins.
A more or less optimistic prediction for Bitcoin price in 2019-2025, proposed by WalletInvestor, mentions the long-term growth potential of 12.3% annually. Considering the overall increase in the Bitcoin adoption among institutional investors, the BTC price could rise up to $11,177 by the end of the year. By the end of 2020, the price could go up to $15,921.
Fluctuations in the Bitcoin exchange rate price led to the division of experts into two groups. Some believe the situation with correction issues are temporary, and already in 2019, Bitcoin will reach new heights. Others, however, argue that the era of cryptocurrency is ceasing to exist. Read more
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