What will happen to bitcoin? An inexperienced author's take.
Bitcoin. It is a cryptocurrency that has risen from a value of cents to thousands of dollars. Recently, bitcoin had hit its highest USD conversion value at around $1600. What do I think will happen? Well, from my understanding, bitcoins will become harder to mine and also the rewards will half in 2020. Rather than 12, the rewards will drop to 6 I believe.
If there is one thing I have learned from my microeconomics class, it would be that scarcity can cause an increase in value. It is why often, an artist's work is often more valuable after death because, at that point, it becomes almost impossible to recreate. Similarly, from my understanding, I believe that Bitcoin will become harder to mine and so it will become very rare. Whatever there is...is and that will be all that is. I would say it is like diamonds, but I'd much rather compare it to energy.
If there is energy that can spread, it probably will. However, if energy is already equally spread out, then nothing can else happen. I feel that bitcoin will follow a similar path, where what can be mined, will be mined, and then after a while, mining might come to a halt. At that point, whatever coins exist, will exist but no more. That will cause scarcity and therefore, the value of the coin will increase. Some even say that it will be worth over $2000 by the end of 2017, so what do you think is the future of cryptocurrency?
Will it survive the test of time, or will it ultimately collapse? Upvote and tell me in the comments below.
I've heard some very optimistic predictions about bitcoin value.. from $5,000 to $50,0000 over the next few years. It has enormous potential to disrupt the whole financial ecosystem. At the moment it's still a novelty item, although a very widely traded and fascinating one ! There are other platforms, tokens and ideas coming through and these are also interesting.. It seems almost every day there is some revolutionary currency about to launch. I think we're watching the beginnings of something very big and STEEMIT is one example of how things may change very, very quickly indeed. Hold on to your hats, that's all I can say :)
I personally love Steemit, it's easier to get started in this world than investing into a bitcoin right away. If people jump on board Steemit, I am sure Steem will skyrocket : )