Bitcoin’s Highlights in The Last Decade

Although it is often referred to as ‘new’, Bitcoin has existed since 2009. Bitcoin’s Highlights in The Last Decade will provide an explanation of some of the events in cryptocurrency during the last ten years .

Investment in Bitcoin Over The Last Decade

Besides precious metals, throughout the last ten years, the biggest unicorn firms were born like Airbnb and Uber. If Bitcoin was a company, it also outpaced investments in the most profitable unicorn businesses. Even though Bitcoin isn’t a company, it has taken the cup for the best investment opportunity of the decade. The Bank of America’s recent security report highlights that an investment of $1 in 2010 would now be worth more than $90,000. A similar $100 investment in top stock such as Apple or Amazon, would have only amounted to a $780 to $1,230 gain. For example if you had to compare the +8.9 million percent gain in bitcoin over the past decade to investments in Google(+335%), Apple(+966%), Amazon(+1,787%), Netflix(+4,177%) highlights bitcoins massive advantage in the investment market, there is no comparison. Profitable startups throughout 2010 to 2020 include Facebook, Snapchat, Uber, Airbnb, Pinterest and Tesla but a Bitcoin investment surpasses all these public stocks. Bitcoin achieved all of this without a central marketing fund, no fundraiser or salespeople.

My strategy with Bitcoin is to hodl( holding cryptocurrency for medium to long periods of time) . I have invested in Bitcoin in order to reap the benefit of what I believe would be a life changer, as I truly believe the bitcoin price will explode in the near future. I strongly advise anyone who wants to trade or mine Bitcoin to first read up and educate themselves on strategies for being successful.

Bitcoin’s Future Price Predictions

Even though Bitcoin’s Price has been experiencing frequent fluctuations, I believe that Bitcoin will soar up in the future. As the market is experiencing volatile conditions, some market experts have made predictions about bitcoins future price. Let’s take a look at some of the famous Bitcoin predictions.

  1. Tim Draper- (Venture Capitalist) predicted that Bitcoins price might grow to as much as $250,000 by 2023.
  2. Bobby Lee- (Co-founder of BTCC) claims that Bitcoin might pick up from late 2020 and could reach $333,000 in 2021. He iterated that Bitcoins market cap could reach $7 Trillion and may surpass the market capital of gold in the coming years.
  3. Fran Stranjnar- Believes that BTC might reach $200,000 by January 2020. The more adoption rate, the more increase in value.

Investors and traders are trying to make optimum utilization of the bull run. The more the trading, the higher the price. Several countries like the U.S, South Korea and Japan have shown willingness to integrate Bitcoin and other cryptocurrencies into their financial systems.

Bitcoin Halving

New Bitcoins come into the world as a reward for miners whenever they mine a Bitcoin block. This process is called Bitcoin Mining. Satoshi Nakamoto stated two important things when he created rules for the Bitcoin Protocol.

  1. Bitcoin is restricted and limited to 21 million.
  2. The number of Bitcoins generated per block is set to decrease by 50% every 210,000 blocks

Halving happens once every 210,000 blocks(that’s every 4 years) there will be a halving event. This means that if today, each miner receives 12.5 Bitcoins for solving a block, then after the halving event they will receive only 6.25 Bitcoins.

When is the next Halving?

The first Bitcoin halving occurred in November 2012. This was when 1 BTC was priced at around $11 per coin, but the following year the price began to rise drastically, reaching a new all time high of over $1,100 in 2013. The last Bitcoin halving occurred on July 9, 2016. BTC remained in the $580-$700 range, before Bitcoins epic 2017 bull run. In 2017 the price of Bitcoin went form $900 to a staggering $20,000. It has been estimated that the next halving should occur somewhere around May 2020.

What to expect in the next Halving?

With the next halving only around 5 months away, what can we expect to happen to Bitcoins price? It is believed that it will follow previous trends by reaching an all time high. Kraken CEO, Jesse Powell believes Bitcoin will reach either a $100k or $1m price tag. However, we will have to wait and see how the cryptocurrency market will respond after the halving. Increased public awareness could also push BTC’S price even higher.

Libra

Libra is a blockchain digital currency proposed by Facebook. However, the currency and network does not exist yet, only a rudimentary code has been released. They have planned to launch the digital currency in 2020.

The Libra Blockchain

The Libra blockchain is a decentralized database to support a low fluctuating cryptocurrency that will serve as an efficient medium exchange for billions of people around the world. Libra blockchain will run on an independent Libra Association. The main purpose of this project is to create an infrastructure that creates a global tool for mutual settlements, which would combine qualities such as; security, availability, stability and ease of use.

Libra Coin special features

Libra will be introduced as a stable coin connected with the common fiat currency. The Libra cryptocurrency is provided with a reserve of non-digital assets. This will allow users to convert cryptocurrency into the necessary fiat such as; USD, EUR, GBP and JPY. The Libra cryptocurrency consists of three main technical solutions:

  1. The project is managed by an independent Libra Association Organization, which aims to develop the project.
  2. The Blockchain provides a high level of security.
  3. The exchange rate of the cryptocurrency is provided with a reserve of assets, avoiding excessive fluctuation.

In addition, a security token called Libra Investment Token will be launched. It will be used to cover transaction costs and finance incentive programs.

When will the project be launched?

The project is planned to be launched in 2020. So far, the payment method is available on Facebook and 27 corporate partners of the project such as Uber, Viser, Mastercard, PayPal, Coinbase and other well-known companies. Originally the project was based on the Facebook Network, however Whatsapp and Instagram will also participate.

Libra’s Difficulties

When Facebook announced plans to launch a digital currency, with an unregulated currency called Libra, the reaction from government bankers and Wall street was expected. There was push back and skepticism from both quarters. Over the past month, the mission has gone badly. Libra now faces existential threats from world leaders who are worried about Libra’s harmful potential such as:

  • A threat to global financial stability.
  • Open to data privacy abuse.
  • Vehicle to money laundering.

Despite the existential threat to its future, Libra is still committed in proving its potential to revolutionize finance.

Why do I mention Libra in a Bitcoin Article?

Libra has already sparked a strong rally on social media for digital currencies, which sent Bitcoin firmly above $10,000. Libra is going to continue to gain attention as it could help the masses become familiar with digital currencies. Libra has the potential to introduce billions of users to the idea of transfers via blockchain, therefore benefiting Bitcoin as well. Once cryptocurrencies benefit from Libra’s influence, Bitcoin would emerge and receive worldwide attention, because it is one of the strongest cryptocurrencies out there.

Conclusion, 2020 and Beyond

Today there are over 3,000 different types of cryptocurrencies and at least 1,000(dead coins), which ceased operations or failed. Bitcoin has been experiencing a lot of fluctuations, but as market experts predict that this is only a matter of time before Bitcoin will emerge again. But even with all the volatility Bitcoin is still going strong.

In my Bitcoin’s Highlights in the last decade article, I have clearly outlined that Bitcoin is not just the first cryptocurrency, but is the strongest crypto till date. Bitcoin is the only crypto that has received worldwide attention and adoption. It has been accepted by payment gateways and organizations around the world. Some will say the future of BTC is on its way to becoming digital gold, others might say it is to become the new USD. In other words cryptocurrency is the future of money, i believe bitcoins full adoption is inevitable.

If you have any questions, kindly leave a comment below.

Herbert

2 thoughts on “Bitcoin’s Highlights in The Last Decade

Leave a Reply

Your email address will not be published. Required fields are marked *