This is just my opinion:
Too be honest, I think, by 2020, bitcoin will be replaced by a more efficient, more accessible, and more widely distributable technology that utilizes the main concepts of the blockchain to conduct transactions. The decadent state of the core technology and the predatory nature of its governance opens the door for alternative technologies to enter as contenders to control the blockchain.
Many of the "elite" in the bitcoin world suffer from what I call the "Gollum" affect. As Gollum would say, "We wants it, we needs it. Must have the precious." And, they will do any underhanded thing possible to get bitcoin, keep bitcoin, and prevent bitcoin's aging technology from ever evolving into what it could be. They would fork it, balloon it, then lie, cheat, and steal for it according to public perception, and I don't think that perception will change as long as it is governed the way it has been.
So my thoughts are that, by the year 2020, a cryptographic currency similar to bitcoin, but with a more stable market and more honestly perceived governance, will rule the blockchain because it will be more efficient, more accessible, and more widely distributed. Therefore, I predict the price of bitcoin to be closer to it's mid 2012 prices by 2020.
Too be honest, I think, by 2020, bitcoin will be replaced by a more efficient, more accessible, and more widely distributable technology that utilizes the main concepts of the blockchain to conduct transactions. The decadent state of the core technology and the predatory nature of its governance opens the door for alternative technologies to enter as contenders to control the blockchain.
Many of the "elite" in the bitcoin world suffer from what I call the "Gollum" affect. As Gollum would say, "We wants it, we needs it. Must have the precious." And, they will do any underhanded thing possible to get bitcoin, keep bitcoin, and prevent bitcoin's aging technology from ever evolving into what it could be. They would fork it, balloon it, then lie, cheat, and steal for it according to public perception, and I don't think that perception will change as long as it is governed the way it has been.
So my thoughts are that, by the year 2020, a cryptographic currency similar to bitcoin, but with a more stable market and more honestly perceived governance, will rule the blockchain because it will be more efficient, more accessible, and more widely distributed. Therefore, I predict the price of bitcoin to be closer to it's mid 2012 prices by 2020.
So you're talking about another new decentralized altcoin which will replace Bitcoin in almost 4 years. I would like to know what you mean with accessible? Everyone with internet connection today can have access to the bitcoin network very easy.
Good question! The way it is now: Grandma finds an object she really likes online but needs bitcoin to purchase it. She downloads the bitcoin core wallet, waits several days for it to synchronize with the network, but in the middle of the synchronizing process, Microsoft decides it's time to restart the computer and install updates. After the update, Grandma tries to open her bitcoin core wallet, which takes several minutes loading indexes and such, only to find that the windows install restart mandates that she has to resync her wallet from scratch, which takes a couple more days. The wallet syncs and now she has to figure out where to get bitcoin. She does some research to figure out the most honest site to pick up her coin. She runs across articles on Mt. Gox, the silk road, and bitcointalk forum topics suggesting that everything's a scam, but she finally decides to take a chance; though she's leery about linking her bank account, she decides to go thru circle or coinbase, which takes few more days to authorize. Her accounts link and she's finally able to purchases some bitcoin which she then sends to her wallet....Meanwhile, rumors of an imminent hard fork spook the market and her bitcoin loses a third of it's value. She now doesn't have enough bitcoin to purchase her item so she returns to circle to purchase more bitcoin....etc. Grandma. or any other technophobe, isn't going to go thru that.
So, by more accessible, I mean something a non-technical, non-mining, non-trading, type of individual can acquire with speed and efficiency. There are a few alts out there, right now, that are already attempting to address some of those issues. Some of the projects based on the Sunny King line of reasoning are beginning to take shape and could be candidates....some of the technology surrounding Ethereum...and supported platforms such as Dwolla...the list goes on....My point being, Bitcoin is perfect for traders, big mining institutions, the techno-savvy, and the elite group of market manipulators....but grandma can't stand it. Bitcoin's issues with its image, its efficiency, and its non-consensual governance could retard it's potential progress....that's all I'm saying. So, if another cryptographic technology with a friendlier image could move the blockchain in a more efficient manner...it will own the market by 2020 and bitcoin's value will reflect that dynamic.
