Here is an excerpt from my recently very popular article, "19 Reasons Why The Price Of Bitcoin Will Steadily Increase"... enjoy!
Cryptocurrency is the future, and the future is already here. The following is a list of 19 reasons we see the price of bitcoin tripling or possibly going even higher in the coming mid to long term... Read on and enjoy!
The growing demand on bitcoin and cryptocurrency payment services by the unbanked. Take the $20 billion Marijuana industry for example. It is an industry that operates primarily on cash since that Federal Law still classifies Marijuana as an illegal drug, so banks will not work with these legal by state businesses. What if all these businesses started turning to bitcoin as their banking solution? We also have the fact that worldwide, there are over 3 billion people who are unbanked due to lack of proper ID and a trustworthy and functioning domestic banking system. Bitcoin which can be easily used with a mobile device could be the solution for billions of people who don't have access to proper banking. This can cause steady upwards pressure on the price of bitcoin as its demand and usage continues to grow exponentially with this population.
Bitcoin futures are expected to launch in 2017 by the CME. This would make Bitcoin an easily available option to the average investor. This would cause upward pressure on the price of Bitcoin.
The creation of a Bitcoin ETF would change everything. It would create a funnel for the flow of new investment money. Look at the Gold ETF in comparison which generated $9 MM purchase per day... we thought that was incredible! The less popular oil ETF only generated $4 MM purchases of oil per day. The entire USD / BTC market is currently averaging $10 MM per day in 2016. Industry analysts estimate that it's only possible to purchase $1.7 of new BTC a day without raising the price. It seems kind of high to us. But if a Bitcoin ETF were to come online it would surely create a bitcoin bubble. Learn why it would here.
Bitcoin will be providing service to even more industries as it starts to provide Smart Contract Services. We see high future prospects in the work being done currently by Rootstock and Blockstream. Bitcoin will likely have Ethereum like smart contract ability by sometime in 2017. Success in the Smart Contract arena would open up usability for entirely new industries, which would significantly boost demand for bitcoin in the long run. A concept we have heard touted called 'Colored Coins' could revolutionize the way we interface with stock markets. Shares of Google (GOOG) could be globally trade-able 'colored coins' on the Bitcoin network. Basically coins that can be created as a 'sidechain' off of bitcoin's 'blockchain'. Imagine if the entire stock market [NYSE, NASDAQ, etc.] were traded everyday as colored coins on the blockchain. This is the future and there is no reason this could not be implemented globally. This could in theory take the price of one Bitcoin all the way up to 1 million USD, which ironically is the same price recently predicted by a well known Chinese bitcoin miner.
Bitcoin security continues to improve. It's currently kind of complicated for a non-technical person to store secure their bitcoin stash. It's virtually impossible for centralized authorities to do the same either. However technology has already been created that can solve these problems, it's just a matter of time.
.....Pretty good information so far right?! Be sure to click over to our cryptocurrency industry news and education portal for the rest of the 19 reasons that Bitcoin is going to soar in value in 2017 and beyond! Just use the following link to continue read the full article:
http://www.whatisacryptocurrency.com/19-reasons-price-of-bitcoin-will-steadily-increase/ [original article source]
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Yep that is my cryptocurrency industry blog :)
Always little hiccups in the way, but especially recently, this Bitcoin article is holding true. It's crazy what the crypto industry has done in 2017. I'll be interested in seeing what BIP148 has in store. That being said, LTC to the moon! ;)
I love me some Litecoin!!! I'll second that moon sentiment :)
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Still, with no fix for the blocksize limit coming through in the near future, I don't think the price can continue growing to the moon; transaction volume is already at it's capacity ceiling, fees for transactions have grown a lot over the last weeks and are significant enough that it's quite clear that bitcoin cannot be used for daily payments unless the block size is increased.
I've been optimistic for quite a while now, surely the community would get together and agree on some good compromise plan wrg of capacity increases ... but, alas, apparently not. The grim reality I'm seeing is a full stalemate.
The current price reflects a belief that bitcoin is a viable alternative to cash - that is the vision I bought in at - but it isn't at the current capacity limits. Currently the almost only legitimate use-case for bitcoin is as an alternative to international bank transfers - and if the sender wants to send fiat and the receiver wants to receive fiat, one would probably be better off using the existing centralized fiat-based services instead.
I'm predicting the price will fall substantially in the near future.
I hope you didn't cash out 6 months ago :|
My average bitcoin holdings since November last year has been fairly low, "it can't grow more than this, come on, we'll get a correction soon" ... huh, I was very wrong about that.
On the positive side, I did manage to cash out some ether while the price was near ATH. :-)
I guess in hindsight now we could say you were just a little off about the price drop being in the near future!
Cross your fingers for August 1 fork / blockchain updates to go well and we can see much higher BTC prices than right now. However things don't go well, prepare for a bear market.
Absolutely, my price prediction was far off, quite bad for me :-) On the positive side, I did manage to cash out some ether while the price was near ATH.
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Great post buddy....really intuitive!
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