Bitcoin is a decentralised peer-to-peer cryptocurrency that has gained popularity over the years. Bitcoin was created by Satoshi Nakamoto in 2008. Bitcoin uses blockchain technology where transactions are recorded and made public on a ledger for everyone to see. Bitcoin aims at giving people total control of their finances by avoiding banks and government regulations
In this article, we will discuss Bitcoin’s progress in 2021 based on its popular trends, predictions from experts, and current status. Also, you can visit the Bitcoin Motion website, if you are interested in bitcoin trading.
Current status:
Bitcoin has been gaining momentum over the recent years with its price going up from last year. According to CoinDesk, Bitcoin hit an all-time high of $1855.25 as seen in the graph below
As seen above, Bitcoin experienced a massive spike in its price from 2013 to 2017. Bitcoin is currently experiencing a slow down with the recent changes in Bitcoin regulation and Bitcoin exchange websites shutting down.
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Bitcoin: An Evolved Cryptocurrency:
Based on Bitcoin’s popularity and its current progress, Bitcoin has been gaining too much attention since it was introduced back in 2008. As seen above, Bitcoin experienced massive growth over the past years which made it very popular worldwide. However, Bitcoin faces some problems such as an increasing number of users’ complaints about the long waiting time for Bitcoin transactions and high mining fees. For future predictions of Bitcoin, we can look at how Bitcoin aims to solve these issues through adopting new technologies called the Lightning Network which is a new layer on top of bitcoin that allows processing Bitcoin transactions in a faster and cheaper way. Bitcoin is improving in a way that Bitcoin isn’t the only cryptocurrency in the market anymore since there are others such as Bitcoin Cash, Bitcoin gold, etc. Bitcoin’s network has been upgraded to process more transactions quickly without congesting its blockchain. All these improvements show Bitcoin’s continuous progress over the years which makes it possible for Bitcoin to evolve into something better
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Experts’ Predictions:
According to Chris Burniske, Blockchain products leader at ARK Investment Management, Bitcoin value will go up because “Bitcoin acts like digital gold” meaning Bitcoins have limited supply and increasing demand. In the next five years, Burniske forecasts Bitcoin value to hit $40,000. Source: Bitcoin price will hit $ 40,000 in the next 5 years. Bitcoin’s value has grown throughout this year which reflects Bitcoin’s increasing popularity worldwide. Bitcoin is being recognized by many countries’ financial authorities all over the world since Bitcoin gives people total control of their finances without government regulations. Bitcoin also solves Bitcoin’s long waiting time and Bitcoin miner’s fees issues through adopting technologies called Lightning Network. Bitcoin shows its potential to grow further which influences more people to use Bitcoin
According to Rhys Muter, Founder of Block Hedge Trading LTD., Bitcoin will be valued at $$60,000-100,000 within 2021 Source: Bitcoin set to exceed 100k in 2021 Bitcoin experienced massive growth in 2017 due to its increasing popularity among users. The number of Bitcoin users increases every year which makes Bitcoin more valuable in the market. Bitcoin is being recognized by many financial authorities all over the world. Bitcoin also solves Bitcoin’s long waiting time and Bitcoin miners fees issues through adopting technologies called Lightning Network
Conclusion:
Based on Bitcoin’s status, predictions from experts, and Bitcoin’s current progress, Bitcoin value will keep increasing with its value seeing a massive growth throughout 2021. Bitcoin will be recognized by many countries’ financial authorities all over the world with its number of users witnessing a big increase compared to last year which makes Bitcoin become even better than what it is now.
More people start using Bitcoin as their main cryptocurrency so they can experience how it feels like not having to depend on banks and government regulations. Bitcoin has evolved in a way that Bitcoin is no longer the only cryptocurrency that exists. There are other cryptocurrencies such as Bitcoin Cash, Bitcoin Gold, etc… Bitcoin’s network has been upgraded to process more transactions quickly without congesting its blockchain which shows Bitcoin’s gradual progress throughout the years.
Bitcoin Cash (BCH) is a Bitcoin fork. Bitcoin forks are like Bitcoin’s children (they’re forking off from Bitcoin as we speak). Bitcoin was born on January 3, 2009, and has since then been the benchmark to which all other coins compare themselves. It has the first-mover advantage and is widely accepted as currency in many countries. Bitcoin’s value started at around $0.08 for 1 Bitcoin and is now worth over $4200 per Bitcoin. Bitcoin has a maximum of 21 million coins in its network.
