Bitcoin price: Is the Price of Bitcoin likely to Rise or Fall in the Future?
Bitcoin is the first and most widely recognized of the cryptocurrencies otherwise called Digital monies. The origin of Bitcoin as a cryptocurrency is traceable to the work of Satoshi Nakamoto who achieved the creation of Bitcoin as a digital money in his effort to create a peer to peer payment platform in 2009. Till today, Bitcoin has maintained an outstanding position in the cryptocurrency world.
Bitcoin despite being the oldest and most widely recognized cryptocurrency, has always had an unpredictable trading history since its birth.
Bitcoin traded on nothing until July 2010 when bitcoin witness the first price increase from $0.0008 to $0.08 .
The first transaction with Bitcoin took place in 2009 by Satoshi Nakamoto and an early adoptors.
This was preceeded by the first real world transaction which took place in 2010 when a Bitcoin miner bought Pizza from one papa John at the price of 10,000 Bitcoin. The increase and decrease in Bitcoin price is affected by the acceptability and recognition of the currency as the safest and easiest medium of exchange/transaction.
Bitcoin price began to go higher from 2013 around October and November when bitcoin price rose to $100 per bitcoin. This was really a green season for bitcoin owners. Imagine the gain, from $0.08 to$100 per bitcoin. As if that was not enough, it rose to $195 before the end of October same year. Then in November same 2013, it rose to $200 and subsequently to an amazing value of $1200 per bitcoin. This became a mouth-watering moment for bitcoin owners. Courtesy of the new Bitcoin miners in China who entered who entered and pumped enough money into the market resulting to the appreciation in the value of Bitcoin.
Bitcoin trading got more stable and predictable around January 2014 when it was going for $920 per Bitcoin. However, after this period, there was a drastic decrease in the value in February 2014 at a time when one of the major exchanges ‘’Mt Gox exchange’’ filed for bankruptcy. Note that a company files for bankruptcy when it discovers that it is unable to pay its debts. It is one of the disqualifying factor of a company in remaining a going concern or participating as a director of another company. It is a ground for winding up of a company.
This same period, Bitcoin price crashed in Japan when as at 4th November, 2014, bitcoin sold at $260 as against the normal $911 and this was about 71% decrease in value. It then recovered and rose to $629 in March 2014. The fluctuation in the price of Bitcoin is an evidence of its unpredictability.
In 2017, Bitcoin became a sure investment platform as bitcoin owners turned to millionaires as bitcoin price began to rise , rise and rise rapidly, first to $5000 and next to $10,000. Then in December 2017, bicoin price rose to $20,000 . This was described by commentators as price bubble.
In April 2018, Bitcoin price had its experience of an adage ‘’what goes up must surely come down’’ when it dropped to $7000 and later in November 2018, went down to as low as $3500 .
2019 on the other hand has witnessed both rise and fall in the price of Bitcoin. It rose to $5000 and subsequently to $10,000. However at the moment , Bitcoin is sold at the price of $7,000 . Whether to expect a rise or fall in the price of bitcoin as the next move is quite unpredictable .
Some of the notable occurencies in the world of Bitcoin
- In January 2nd 2018, the founder of Peter Thiel pumped in millions of Dollars into Bitcoin.
- In January 22, 2018, South korea made it a law that all bitcoin traders are to reveal their identities . This placed a ban on anonymous trading of Bitcoin.
- January 30th 2018, Mark Zucherberg, owner of facebook banned the advertisement of bitcoin and other cryptocurrencies.
- March 14th, 2018, Google announced its intention and subsequent move to prohibit all forms of cryptocurrency promotion .
- April 13th, 2018, one of the India’s biggest crypto trading platforms lost 438 bitcoins worth about 3 million Dollars.
- Bitcoin is invented by Satoshi Nakamoto in 2009.
- Till today, the issue of who created Bitcoin is still greatly unsettled. Many believe it was created by an Asian pseudonymous Satosh Nakamoto. Who and where Nakomoto is is still in contention. Some other people have been said to be owners of bitcoin like Nick Szabo, Craig Wright etc.
It has been nearly 10 years since bitcoin was invented and we are still not certain or close to ascertaining who invented it.
It is a great surprise why the inventor of the world’s most important and most widey recognized cryptocurrency would choose to remain anonymous. Much of the mystery surrounding Satoshi Nakamoto( the presumed inventor of Bitcoin) is that of his motivation. What could prompt a man to go through the stress of creating a digital decentralized currency , first of its kind , only to mysteriously disappear from the public? Could it be a case of humility or a case of trying to be safe from legal wars ?
Recall that 2007, one of the first digital currencies, E-Gold was shut down on contentious circumstances by the government on grounds of money laundering.
Thus for the inventor of bitcoin chooses to remain anonymous, it might be for a good reason , probably to avoid adverse legal consequences thus contributing to the success of the currency.
Also that one of the founding principles of Bitcoin is decentralization., not subject to management and control of any organisation or government.
The essence according to what Nakamoto wrote was ‘’what is intended is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to voluntarily transact directly with each other without the need for a third party.
The future of bitcoin is highly unpredictable . Bitcoin price has a high tendency of rising and as well a falling. Whichever way, Bitcoin trading is a gamble. Be that as it may, Bitcoin remains the most popular and widely accepted cryptocurrency. Other cryptocurrencies include but not limited to Ethereum, Ripples etc. Transaction and ownership of every cryptocurrency, bitcoin inclusive, is recorded on the blockchain. Cryptocurrency runs on a blockchain which is a shared ledger or document duplicated several times across a network of computers.