Bitcoin Has Barely Reached 1% of its Potential: Expert Blog

jekjekman

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Quote from: Kprawn on October 15, 2017, 01:28:13 PM

Even if the stats and future predictions looks very good for Bitcoin, we should also be realistic and not expect to see a Bitcoin

price of $1 000 000 per bitcoin very soon. Let's just take the growth from last year :

2016 - 2017 ===> $3000 increase {more or less and this was pretty impressive}

Let's predict the next 5 years, with a $3000 increase/growth per year :

2017 - 2018 ==> $ 9 000
2018 - 2019 ==> $12 000
2019 - 2020 ==> $15 000
2020 - 2021 ==> $18 000
2021 - 2022 ==> $21 000

So this is nowhere close to $1 000 000 per bitcoin... right. Huh

There are many factor to determine the rate of increasing the price, What you just used was the difference from last year's price to this year's.

Since Bitcoin is not used as a currency yet and can be more considered for now as an asset that can be traded to a fiat currency we also need to consider the increase on the number of people who is into it.

So if last year there are only 10 million people who is into bitcoin and this year its 15 million that caused an increase of 800% on price per coin. (~$639. to $5492) then how will the price be when 20 million people accepts the coin, when 25 million, 30 million.

It is really hard to determine the coin's maximum potential because of its anonymity no one knows if how many different individual owns the 16 million + coins.

princesocapuyo

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Presale is live!

I agree with that statement because so few people in the world have heard about Bitcoin and there is so much debt in the world, but at least right now you have the chance to buy bitcoins and have a voice in the future.

RelBunny

newbie

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What I'd like to make you look at is USD to BTC chart (rather than usual BTC to USD chart).

https://imgur.com/UD0pSDI

I approximately marked the drop with the blue lines, and you can see that the drop of value of USD compared to BTC is quite linear in last couple of years, and it gets closer and closer to 0. Even the monthly graph is the same.

Sure, if you look at the graph from the invention of bitcoin, you could see 1/e^x graph instead of linear one, suggesting that the drop towards 0 would be quite slower than with linear drop, but the yearly graph is actually closer to being linear.

So while we usually easily see that BTC grows compared to USD, I think that sometimes we really forget what that means other way around, how fast is USD actually plummeting down compared to BTC.

I'm not trying to be too accurate here (as you can see from the graph, I didn't bother to put the exact calculated lines there), because it actually doesn't really matter. Instead, the moral of the story is, even the bravest predictions don't look too impossible at this point.

Victorycoin

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The best part of the article is this:

Code:

The head of the IMF said two weeks ago to a room full of Central Bankers that they should not “dismiss” cryptocurrencies as they may very well give Central Banks “a run for their money”. If this is indeed the case, then forget the price of one Bitcoin, the number that everyone will be quoting very soon will be the price of one bit.

Take it or leave, adoption of Bitcoin is something that can only remain on the increase, because Bitcoin got features people yearn for their money and that is aside the fact that it is the most valued money now on planet earth. One of it's selling points is its decentralized structure, with that, governments influence are limited and for the very first time in the history of man, control/power is going back to the people with any gun shot!

pixie85

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Quote from: kueyen on October 15, 2017, 01:39:43 PM

Quote from: Kprawn on October 15, 2017, 01:28:13 PM

Even if the stats and future predictions looks very good for Bitcoin, we should also be realistic and not expect to see a Bitcoin

price of $1 000 000 per bitcoin very soon. Let's just take the growth from last year :

2016 - 2017 ===> $3000 increase {more or less and this was pretty impressive}

Let's predict the next 5 years, with a $3000 increase/growth per year :

2017 - 2018 ==> $ 9 000
2018 - 2019 ==> $12 000
2019 - 2020 ==> $15 000
2020 - 2021 ==> $18 000
2021 - 2022 ==> $21 000

So this is nowhere close to $1 000 000 per bitcoin... right. Huh

Should we look at the increase in terms of absolute numbers or percentages? As time goes on and bitcoin solidifies its reputation as a legitimate alternative to currency instead of a "scam", I think p.a. increases of more than $3 000 could be expected.

We shouldn't! Kprawn made a mistake of not showing the previous years. Bitcoin isn't growing by $3k a year. It grows exponentially and you'd be able to see it if you posted the previous years, not only 2017 and based your assumptions on the whole picture.
2016-2017 it went up over 500$ and its price doubled. In 2017 it went up by 5000, which is 10 times more than in 2016. We could safely say that it's possible that it will at least double again in 2018 making it reach 12000.

pixie85

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Quote from: squatz1 on October 15, 2017, 11:29:47 AM

Well we're talking about cointelegraph here, this is the 'news' source which is known for just blatantly trying to make massive amounts of money on their own portfolios by pushing the coins that they own on you through blatant lies in the news that they make. So are you really suprised that they're making insane claims like this? It's kinda what they build their company off of at this point.

Just like Coindesk. They've also published rumors, paid articles and were pushing altcoins. Nothing new in this business really. Whatever they're doing on the side it's good to have crypto news outlets than not have them, right?
They may be right about that 1%, but it doesn't mean we'll ever get to 100. I think it's much more probable that we won't.

kueyen

member

Activity: 140

Merit: 10

Quote from: Kprawn on October 15, 2017, 01:28:13 PM

Even if the stats and future predictions looks very good for Bitcoin, we should also be realistic and not expect to see a Bitcoin

price of $1 000 000 per bitcoin very soon. Let's just take the growth from last year :

2016 - 2017 ===> $3000 increase {more or less and this was pretty impressive}

Let's predict the next 5 years, with a $3000 increase/growth per year :

2017 - 2018 ==> $ 9 000
2018 - 2019 ==> $12 000
2019 - 2020 ==> $15 000
2020 - 2021 ==> $18 000
2021 - 2022 ==> $21 000

So this is nowhere close to $1 000 000 per bitcoin... right. Huh

Should we look at the increase in terms of absolute numbers or percentages? As time goes on and bitcoin solidifies its reputation as a legitimate alternative to currency instead of a "scam", I think p.a. increases of more than $3 000 could be expected.

mrcash02

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CryptoTalk.Org - Get Paid for every Post!

Quote from: Kprawn on October 15, 2017, 01:28:13 PM

Even if the stats and future predictions looks very good for Bitcoin, we should also be realistic and not expect to see a Bitcoin

price of $1 000 000 per bitcoin very soon. Let's just take the growth from last year :

2016 - 2017 ===> $3000 increase {more or less and this was pretty impressive}

Let's predict the next 5 years, with a $3000 increase/growth per year :

2017 - 2018 ==> $ 9 000
2018 - 2019 ==> $12 000
2019 - 2020 ==> $15 000
2020 - 2021 ==> $18 000
2021 - 2022 ==> $21 000

So this is nowhere close to $1 000 000 per bitcoin... right. Huh

That is a good supposition, but not possible to say every year Bitcoin price will increase like the last year and so on... Anyway I doubt Bitcoin will hit $1.000.000 very soon, it will take several years yet if we want to see solid results on Bitcoin currency. If the price increases too much like this in a short time period we can have the sure this currency isn't trusted and it's better to move our funds out.

Kprawn

legendary

Activity: 1904

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Even if the stats and future predictions looks very good for Bitcoin, we should also be realistic and not expect to see a Bitcoin

price of $1 000 000 per bitcoin very soon. Let's just take the growth from last year :

2016 - 2017 ===> $3000 increase {more or less and this was pretty impressive}

Let's predict the next 5 years, with a $3000 increase/growth per year :

2017 - 2018 ==> $ 9 000
2018 - 2019 ==> $12 000
2019 - 2020 ==> $15 000
2020 - 2021 ==> $18 000
2021 - 2022 ==> $21 000

So this is nowhere close to $1 000 000 per bitcoin... right. Huh

kueyen

member

Activity: 140

Merit: 10

Quote from: MoonHodler on October 15, 2017, 12:55:36 PM

So the question is will bitcoin be as big as gold, or replace the whole monetery system?

This is what time will tell us

I think not, because both money and gold are as old as the hills, people have an inherent trust in them. It's part of any culture now. I think it's impossible for bitcoin to build that kind of trust within a few years, especially since it's not something you can hold in your hands. Tangible assets are very important for the average person.

MoonHodler

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Bitcoin: 1HrWs3tDzWr13zocV3qP9ENRLgiDuewtsu

The best way to predict the future value of bitcoin is to measure it against the market cap of other currencies.
Gold is 9 trillion dollars
"Money" is 70 trillion dollars (includes all forms of money)

These are best guesses from available data of course

So measure against these caps for starters

this means if it matches gold it would reach $428,000 per coin
If it replaces all money it would reach $3,333,000 per coin

So the question is will bitcoin be as big as gold, or replace the whole monetery system?

This is what time will tell us

pushups44

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Merit: 281

I agree that bitcoin has a long way to go. It's not even close to being adopted by the mainstream yet, and it's clearly not going away. Right now the brand is very powerful and the software is being updated, so there is plenty of room for growth.

pawanjain

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Nothing lasts forever

Although BTC does have a good potential I dont think the price would rise as much as mentioned in the article.
It's way too beyond Bitcoin's reach and might take years to be on that level. Bitcoin is a good cuurency though and it might stay the top most priced currency forever but the price mentioned is way too much. So it sounds that the article is fake and just creating a hype.

Anthony1985

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Tic.eth

Quote from: 24core on October 15, 2017, 11:45:15 AM

I don't think this is possible. The price of bitcoin will be much higher than it is today, but not as high as this article mentioned.

Well who knows, did you expect Btc to be at this price a few years ago?

Rajat97

newbie

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Merit: 0

Quote from: StockBet.com on October 15, 2017, 10:54:58 AM

https://cointelegraph.com/news/bitcoin-has-barely-reached-1-of-its-potential-expert-blog

However, the article screwed up Satoshi.

If 1 BTC = $1 million, then 1 Satoshi = 1 cent, not one dollar.

In the coming years this rate will grow up higher so much that no one will ever imagine but keep your eyes open because the rate will high but not for long.

24core

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An Impressive Purely Anonymous Currency.

I don't think this is possible. The price of bitcoin will be much higher than it is today, but not as high as this article mentioned.

squatz1

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Flying Hellfish is a Commie

Quote from: StockBet.com on October 15, 2017, 10:54:58 AM

https://cointelegraph.com/news/bitcoin-has-barely-reached-1-of-its-potential-expert-blog

However, the article screwed up Satoshi.

If 1 BTC = $1 million, then 1 Satoshi = 1 cent, not one dollar.

Well we're talking about cointelegraph here, this is the 'news' source which is known for just blatantly trying to make massive amounts of money on their own portfolios by pushing the coins that they own on you through blatant lies in the news that they make. So are you really suprised that they're making insane claims like this? It's kinda what they build their company off of at this point.

Quote from: maokoto on October 15, 2017, 10:59:26 AM

I think that 1 satoshi=1 Dollar is just too much. 1000 satoshi = 1 dollar is possible but not likely in my view.

It is hard to trust an article that seems to not know there are 100,000,000 sat in one bitcoin and not 1,000,000

Back onto the point of the article, this won't happen, people have to be real and get their head out of their asses.

maokoto

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✪ NEXCHANGE | BTC, LTC, ETH & DOGE ✪

I think that 1 satoshi=1 Dollar is just too much. 1000 satoshi = 1 dollar is possible but not likely in my view.

It is hard to trust an article that seems to not know there are 100,000,000 sat in one bitcoin and not 1,000,000

StockBet.com

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Make A Bet on WORKING SOFTWARE

https://cointelegraph.com/news/bitcoin-has-barely-reached-1-of-its-potential-expert-blog

However, the article screwed up Satoshi.

If 1 BTC = $1 million, then 1 Satoshi = 1 cent, not one dollar.

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