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Will Cryptocurrency price hike in 2018?
Since the time Bitcoin surfaced, there have been a lot of speculations about the
same. It was 2009 when the world saw the rise of a new era of economic
transformation. Cryptocurrencies became the other medium of money exchange.
It’s only because of Bitcoin that new technology came into existence. Blockchain
lies at the heart of Bitcoin and other cryptocurrencies came into existence.
Although Bitcoin was new and held a lot of prospects, it didn’t receive a positive
review.
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For a long time, the price of Bitcoin didn’t rise; it kept on plummeting as many
thought that Bitcoin is like Tulip crisis. It will grow like a bubble and burst soon,
thus restricting its price rise. Despite all this, Bitcoin’s positive features made it
very popular and soon it became one of the highest valued cryptocurrencies. But,
what is going to be its future. 2018 is about to end, will we see the same hike in its
price or will the rate of Bitcoin fall. Let’s analyse.
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What is Bitcoin?
Before heading further, let’s have a quick recap of what is Bitcoin and other facts
about the same. Bitcoin is the first digital currency which has gained popularity
over the years. Many people have made huge profits out of it. It is a peer-to-peer
currency which doesn’t require a third party for confirming and validating the
transactions. One can also exchange Bitcoin with fiat currency.
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Few Facts about Bitcoin
● Bitcoin first came into existence in 2009.
● Satoshi Nakamoto is the founder of Bitcoin
● Satoshi wanted to create a currency which doesn’t require a third party
● There are only 21 million bitcoins
● Blockchain forms the basis of Bitcoin transaction
● This platform is powered by a network of computers which are known as
nodes. The work of these nodes is to verify and validate the transactions.
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● The nodes which help to operate the Blockchain network are rewarded for
their work. They need to solve a mathematical computation problem, the one
who does it first gets the reward. This entire process is called as mining.
● Bitcoin works on a decentralised platform. There is no central server
governing the Bitcoin. Instead, they operate separately making the entire
platform decentralised.
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Price Fluctuation of Bitcoin
When Bitcoin first came into existence, it faced a lot of opposition. The concept
first didn’t get acceptance, but in last one decade, it has gained popularity. Bitcoin
has witnessed a massive price rise, especially in recent years. 2017 was a great
year especially for the Bitcoin holders and investors. It is also called as the Bitcoin
Rush. It reached its highest value in 2017, i.e. $19,498.63. All this made Bitcoin
even more popular, and it also gained acceptance. But when it comes to the price
of Bitcoin in the year 2018, then it started plummeting in the earlier months of
2018. The prime reason behind this was:
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1. India banned cryptocurrency making it illegal
2. Facebook decided to ban cryptocurrency ads
3. South Korea announced taxation on cryptocurrency.
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Well, this certainly doesn’t mean that the price of Bitcoin will not rise and it lost its
popularity. Among the many predictions about Bitcoin for the year 2018, John
McAfee founder of McAfee securities predicted that the price of Bitcoin would rise
to 10 times. Saxo Bank predicted that the price of Bitcoin would rise above
$60,000 in 2018 before it crashed. These are just two examples of the many
predictions about Bitcoin. The sole reason behind such fluctuation is that Bitcoin
doesn’t offer trust to the investors.
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Conclusion-
Despite being a decade old, Bitcoin has still some unanswered questions like
whether Bitcoin is going to continue its rise, whether it is going to crash, is it like
Tulip Crisis, is Bitcoin like a bubble which is going to crash soon. These are just
some of the reasons leading to fluctuating price of Bitcoin.
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The price of Bitcoin is based on how valuable the market is, i.e. how many people
are buying and selling Bitcoin. The price of Bitcoin depends on demand and
supply. But still, the confusion surrounding Bitcoin makes its price fluctuate.
Although Bitcoin offers series of benefits and opens new avenues of financial
transactions but at the same time, it also has some drawbacks like it anonymity of
the user, no governance and regulations which has led to its usage in illicit
activities. Such disadvantages make it difficult for investors to invest in Bitcoin thus
affecting its price.
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Blockchain Council Certifications
You can check out our certifications, and kick start your career in the Blockchain
space today.
● Certified Blockchain Expert
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● Certified Solidity Developer
● Certified Ethereum Developer
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