Bitcoin By 2020!!!Price up? or down? Millioner? Billioner? READ THE POST FOR MORE INFO
First of All if You are new to btc and crypto please read this and if you are knowing what is btc and crypto please scorll down to the main news/post thanks
What is the meaning of bit coin?
Bitcoin is a digital currency (also called crypto-currency) that is not backed by any country's central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment.
How a Bitcoin is made?
New bitcoins are generated by a competitive and decentralized process called "mining". This process involves that individuals are rewarded by the network for their services. Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange.
How old is Bitcoin?
Bitcoin is 8.36 years old.The software has been running and the blockchain has been growing since January 3, 2009 at 2:15PM EST, when the genesis block was created. The paper, Bitcoin: A Peer-to-Peer Electronic Cash System, was published on October 31, 2008 at 2:10PM EST.
What is mining in Blockchain?
Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.
Is the Bitcoin legal?
Bitcoin is of interest to law enforcement agencies, tax authorities, and legal regulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it
What is block chain technology?
What is a 'Blockchain' A blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as 'completed' blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order.
NOW COME TO MAIN POST!!
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Ronnie Moas who sees a $15,000-$20,000 value by late 2020 to independent views that point at $1 mln per Bitcoin, some of these predictions seem outrageous and outright impossible.
Bitcoin’s daily transaction numbers have been growing steadily. According to Coinmarketcap, Bitcoin’s daily trading volume is about 400,000 BTC per day while only 1728 new Bitcoins are created through mining each day.
By the next halving in 2020, the number of Bitcoins mined each day will drop to 864. By the subsequent halving in 2024, there will only be 432 new Bitcoins produced each day. Some time around 2032, nearly 99% of all bitcoin to ever exist (20,671,875) will have been mined. After that, people will spend the next 100 years trying to get their hands on the remaining 1.6%.
At some point, people are likely to realize that nearly all the Bitcoins ever to exist have already been mined, and there aren’t nearly enough Bitcoins to go around. When this happens, there will likely be major “fear of missing out” and prices should climb accordingly. If the price continues to rise as it has this year (going by the $689.80 Bitcoin price as of early July last year), Bitcoin will reach about $20,000 by the next block reward halving in 2020.