When to get out of Bitcoin?

in #bitcoin7 years ago

It's well known that everything gets replaced eventually. Horses with cars, people with robots, and eventually banks with cryptocurrencies.

So it is needless to say that eventually, Bitcoin is going to get replaced with a new form of currency.

From previous jumps in price, or drops in price a spike of activity in the blockchain network for bitcoin can be seen. This causes the fees to jump to a ridiculous $5 per $100 being traded. Although some have tried to fix this with BCH's change to Bitcoin's blockchain, it has seen some spikeage in use over the past month. People are starting to notice that it is faster and has lower fees. Though it too is built on the same underlying backbone that Bitcoin is on, so it will fail eventually.

Evidence suggests that bitcoin will pass $12,000 by the end of the year and go as high as $20,000 by the end of next year. This rate will eventually fall and it is predicted to fall in 2023-2025. This is because there is a limit to how much bitcoin there is in the network, no more will ever be made. This leads to a shortage of miners (which if you didn't know verify the transactions between wallets). To compensate for the lack of new bitcoins coming in fees will have to go up even higher and people will move onto a new currency that is more reasonable.

Ethereum is already showing great progress in this area, and I will be continuing to assess it over the following months and post updates regularly regarding any news about it.

I would like to know more about your thoughts on this and when you think it will be a good time to get out of Bitcoin in the long run. ~Creative

Sort:  

now

upvoted-got me thinking-thanks

No problem, glad I could help :)

wish you a delightful upcoming weekend

Coin Marketplace

STEEM 0.22
TRX 0.20
JST 0.034
BTC 98713.95
ETH 3352.77
USDT 1.00
SBD 3.07