Business

How Strong Can Bitcoin Remain In The Future?

Many market watchers are of the opinion that bitcoin will continue to remain the most profitable of all cryptocurrencies and it seems like they have a very good reason to believe that. As of today, bitcoin is far ahead of all other cryptocurrencies with Ethereum occupying a distant second position. Indications are rife that the value of bitcoin may even reach $20,000 in the future; some more optimistic market watchers even suggest that the value of bitcoin can rise as high as $50,000. One of the individuals holding the belief of the perpetually dominating status of bitcoin is Vignesh Sundaresan. Vignesh Sundaresan bitcoin believe is based on his personal studies and his well versed experience in blockchain technology.

Cryptocurrency can be defined as an encrypted form of digital currency. It has a very humble beginning when it as selling for less than a dollar. However, its value has risen tremendously how and currently sells for several thousands of dollars.  This increase in value is consequent of its rise in popularity and usage over the years. There are several other cryptocurrencies out there today, but none of them has ever been able to measure up to bitcoin in value and there is no clue whatsoever of the possibility that any other cryptocurrency will become as bitcoin. So, Vignesh Sundaresan bitcoin poster child predictions should not surprise you in the least.

blockchain & cryptocurrency

Even the popularity enjoyed by any other cryptocurrency today is due to the popularity and formidable stance of bitcoin. The first bitcoin was made public in 2009 and it has remained a leader in the cryptocurrency world since then to date with a very strong indication that it will maintain its leadership position for many years to come. Because bitcoin is the first cryptocurrency to be famous does not mean that it was the first form of cryptocurrency to be created.  The first conception of cryptocurrency came in the 1980s and its implantation occurred in the 1990s. However, this initial implementation was somewhat minimal.

Bitcoin has successfully pioneered the concept of a decentralized cryptocurrency, which could not be traced to the earlier idea of crypto mentioned in the precious paragraph. The decentralized nature of bitcoin means that its value and status are determined by distributed consensus and not any third party or central authority.  Bitcoin was introduced about a year after the global meltdown of 2008 and it served more or less as the modern-day answer to certain anxieties that led to the 2008 global recession.

The irresponsible behaviors of some fiscal authorities and large banks were largely responsible for the 2008 economic meltdown and the world was able to take solace in the haven offered by bitcoin.  Its popularity and reliability as an investment haven still hold today and solidifies the opinion that bitcoin will always remain at the top among other cryptocurrencies.

Related Articles

Close