Behavior and evolution of cryptocurrencies ten years after its creation / What to expect from them in the future?
With only ten years of the launch of Bitcoin, the first cryptocurrency we could call the "genesis" block of this cryptographic process that has revolutionized the financial world as we knew it, the cryptographic industry is advancing at a dizzying speed every day we see how new projects take place in the scene improving or trying to improve those that exist, however Bitcoin has remained as spearhead by setting the pace of the prices of the other cryptocurrencies by dragging them up or down according to the trend of their current price.
After a decade of its irruption in the world economic scene, now, what's next? Is the bubble definitely deflated? Is the time for a stable trend and the mass adoption of this virtual currency?
Historical behavior
Let's look at the historical behavior of the price of the "alpha" currency in the Blockchain and try to understand what awaits us in the future, obviously we can not be certain of what will happen in the future but the study of the historical behavior of a market It throws us data that allows us to intuit more less than it can happen in the future, you will not have 100% certainty, but if you can get closer to understanding what comes next, it is the principle used by stockbrokers or cryptocurrency enthusiasts. Know when to buy or sell.
I have been working on a new electronic money system that is totally peer-to-peer, with no trusted third party.
• Satoshi Nakamoto
Since this famous unknown said these words have happened many things around his creation:
Historical price behavior
The first year of its launch between January 2009 and January 2010 Bitcoin did not register any value in reference to existing fiduciary currencies, at the end of May of that same year it was that the currency began to register value arriving at a price of 0.003 $ , for July 2010 and it cost 0.08 $, in 2011 the incipient virtual currency reached the historic sum of $ 1 this indicated that people began to trust this monetary alternative.
For that same year, specifically on June 8, 2011, Bitcoin had climbed to $ 31, which experts called the first "bubble" that preceded the first fall in the price of the BTC. In December 2011, the currency fell. price to reach cost $ 2, apparently the Bitcoin had lost confidence and seemed the end of the illusion, a year later in December 2012 a little recovered to be quoted at $ 13.
April 2013, $ 266, May 2013, $ 130, June 2013, $ 100
November 2013, $ 350 - $ 1250: From October to November it went from $ 150 to $ 200, growing in this month to $ 400, then $ 600, $ 900 and finally breaking the ceiling of $ 1000 on November 27, 2013
December 2013, $ 600 - $ 1000: The price plummets to $ 600, bounces back to $ 1000 and falls again to $ 500. It stays oscillating between $ 650 and $ 800
Between January 2014 and December 2017 the currency fluctuated reaching high peaks and fall, but it was December of this year when it registered its historical maximum approximately eight years after its launch.
December 17, 2017. $ 19,900: Historical maximum of 1 BTC according to CoinMarketCap. South Korean exchanges passed $ 21,000 for every 1 BTC.
February 2, 2018. $ 6,375: Just over a month after the historic high loses more than two thirds of its value in an extremely strong price correction.
February 20, 2018. $ 11,785: Increase the value of Bitcoin again.
As of April 2018, the BTC price starts to fluctuate between $ 3,000 and $ 6,000, maintaining that trend throughout the
year and so far in 2019.
For some experts the real price of the BTC should stabilize around $ 6000, what are they based on to assume this? I do not know, I have even read some authors who speculate that Bitcoin can reach its historical maximum, reach $ 50,000 or even $ 100,000. We'll see! What is clear is that about two years ago the BTC reached its historic maximum and apparently remains in a line that has not been able to overcome.
Historical in the creation of cryptocurrencies
According to data, there are more than 2000 blockchain-based projects in the world, of which more than 1600 cryptocurrencies are listed in Coin Market Cap. All these projects have multiplied exponentially the number of cryptocurrencies in relation to a decade after when everything started with the "Genesis" block of BTC.
Cryptocurrencies are developed in many countries of the world and what is most striking is that not only in the developed countries are projects based on Blockchain emerging, poor or developing countries are saying that they are becoming more and more present in the world of this technology developing projects that promises to revolutionize Latin America.
In Latin countries there are already more than 20 cryptocurrencies, of which I will mention some in this publication:
| ARGENTINA | BRAZIL | CHILE | COLOMBIA |
|---|---|---|---|
| JasperCoin (JAC) | Nióbio Cash (NBR) | Chaucha | CelCoin (CELC) |
| COSTA RICA | ECUADOR | MEXICO | PERU |
|---|---|---|---|
| Pura | Sucrecoin | Agrocoin | LekCoin |
| URUGUAY | VENEZUELA |
|---|---|
| e-Peso | OnixCoin (ONX) |
Just to mention some cryptocurrency projects in Latin America, being Venezuela the Latin American country where more projects of this type have been developed including the controversial Petro created by the Venezuelan government.
First of all this cryptographic panorama I return to the title of my publication, What to expect in the future, of cryptocurrencies? What does the future hold? Can BTC overcome its historical maximum or are we facing the stabilization of the crypto market?
Share with me your opinion about this topic, I am open to any comment, suggestion or clarification of this topic, I will also respond kindly to each comment you want to make.
Note: this article is framed in the hope project PROJEC #HOPE.
FOR VENEZUELA IF THERE IS HOPE!
Pr EV
Always interesting to know more about cryptocurrencies and creation projects! Thank you for the post @fucho80 :)
Dear @tysler, thank you for visiting and commenting on my publication. The world of cryptocurrencies is very interesting and in constant movement it is always interesting to read about this topic.
Blessings
Pr EV
Dear @fucho80
Another great piece of work buddy. Amazing introduction to world of cryptocurrencies.
We're stil far from mass adoption. Lack of proper regulations around the world is still an issue. Lack of TRUST is another big problem. But at the same time crypto space is moving in right direction. So I can only be optimistic.
ps. I found your post interesting and valuable and I decided to share with with wider audience (people that I know and who share similar interests towards AI and blockchain). Hope you dont mind :)
Yours
Piotr
Dear friend @crypto.piotr, thanks for reading this publication.
This is very motivating for me, thanks for such kind words, coming from you I feel privileged to receive this valuable comment.
Then I can understand that it will only be a question of time the massive adoption? I am also optimistic about this, waiting for the necessary to happen so that we can see the dream fulfilled.
Friend, for me it is a privilege to be able to share my work with other people and to help me spread it is something wonderful.
Thanks for stopping by here brother.
Dear @fucho80
I just visited this topic one more time to have a look at amount of your comments and I'm highly impressed :) Great job buddy
Piotr
Thank you friend, making an effort to fulfill the commitment that this work represents and trying to be reciprocal with those who support.
Thank you for making me aware of this post Piotr. Great read.
@fucho80, reading your post reminded me of why everyone was so excited about Bitcoin and crypto's in general. Very good read.
For myself, when I look back, I think the most important item is the issue that the Bitcoin code solved. Essentially it addressed the Byzantine general issue. Let's say you have a number of generals deciding on whether or not to attach a foe. No one general can succeed with out some of the others, but who will go first and who will follow. The logic behind the Bitcoin code solved this problem using the concept of a blockchain protected with cryptography. Cutting edge at the time.
The Bitcoin code opened the door for more cryptocurrencies who have moved from proof of work to proof of stake and even a few other modes. But to my way of thinking, it is not the value of the coins or tokens that is important, but the trustless structure that can and are being built by top businesses.
Major companies such as Ford, Google and Amazon are taking out patents on blockchain technologies at a very rapid pace. So while coins may come and go, the technology is here to stay and will continue to evolve.
Friend @guysellars, thank you for visiting my publication and drop this comment that has impacted me.
Wooo, A scientific and detailed analogy, is a very good explanation of the Blockchain and its operation, I agree with you is a very safe innovator that generates trust in people, which makes Bitcoin and cryptocurrencies a very valuable asset.
This of the main companies adapting to the use of the blockchain further strengthens the trust in Bitcoin. This becomes an engine that drives Bitcoin to its real value. If you have not got it yet.
Thanks once more for your comment, you leave me a valuable teaching.
Pr EV
Hello @fucho80
That's an amazing piece..a great showcase of the journey of BTC and other cryptocurrencies.
In my opinion, lack of stability and trust issues, are some drawbacks that needs thorough attention so that people from, around the globe feel free and confident to trade in..
In anyways,the more trustworthy the payment system is, the more it will generate customer participation.
Lastly, thank you @crypto.piotr for sharing this link...it's really amazing.
thanks
jeoleena
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Dear @jeoleena, Thank you for visiting this blog and reading my publication, it is a pleasure to be able to read your comment.
I totally agree with you and I think it is in the opinion of many people, the instability of bitcoin prices generates distrust in investors and this is something negative for cryptocurrencies, as soon as there is stability I think things can improve.
Thank you, it is a privilege that you have visited me.
Pr EV
I agree that the space is moving in the right direction. The trust part will be resolved with the next financial crisis and the regulation part I believe it's not that relevant if we are talking about public and permissionless blockchains. Most probably, governments will have a real problem with these blockchains when they become a real competitor for institutions, we will see :)
My dear @lishu, thank you for visiting this publication and leave your comment. That is something that is coming, that is why many governments try to get ahead to be prepared, it is to imagine that now they are internally dealing with these issues and trying to take their forecasts.
Thank you for your visit.
Blessings.
Pr EV
Resteemed with great love and respect
and i have up voted the original post
Thank you for visiting and reading the publication, thanks for the support.
Blessings
Pr EV
Greetings,
To @crypto.piotr, @fucho80, and everyone,
I agree, the crypto space is moving in the right direction.
As a result of volatile prices, it is because of the people who understand it are still not massive enough, to be considered, so mass adoption may be for the internet savvy and technologically aware people at this point.
Those who understand blockchain technology already have great powers, but with great power lies great responsibility aka Spiderman.
Regards
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Dear @jackramsey, thank you for reading this post and leave your comment.
I think that is the case in many countries, it is the case in Venezuela, the people who have access to the internet are the ones who can now enjoy everything that Blockchain means.
successes
Pr EV
👍✌️👏🙋🏻♂️
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thanks for the memo @crypto.piotr I think it is time for cryptos to mature and take centre stage of finance
Hello there @fucho80. This is an amazing write up.
@crypto.piotr let me check this link out for me to read.
I hope Venezuela has already coped up with inflation. I believed there is sometime 2 years ago that the price of BTC is way 600% higher in Venezuela compared to what's in the market in USD value.
Seeing that most countries have already adopted crypto and created their own platforms, I believe that the evolution of digital assets would soon be a real success and widely used. Been here in this business for almost 4 years and actively playing in the exchangers too. Seen all the drama here but nevertheless, let's not lose hope and just HODL.
It gives us excitement every time there is a bull-run. We get to meet a lot of people who is also into this business here on Steemit or any of its condensers. Already followed you.
Dear @fycee, I'm really happy to read this comment, thanks for those wonderful and motivating words, I'm glad you like the article.
It is the hope of many here, that the cryptocurrencies begin to have a wider use and that of that massive adoption that we are waiting for. I think we're doing well.
I'm happy to meet people who have experience in this type of business because this helps me grow. It is true that we have seen a lot of instability but I think that can improve.
Here I have met many valuable people and that gives me great satisfaction. I follow you too.
Thank you.
Pr EV
Dear @fycee
Thank you for your comment buddy.
Wow. So you've seen a lot. Surely more than many of us did.
ps. Im sorry for your lost. I can hardly imagine how painful it must be to lose a dog :(
Yours,
Piotr
Thank you for the kind words, it truly eases the pain a bit. Yeah, pretty much I have seen a lot. I even have my first account here on steemit. @fyzeon. I lost my keys there already and never opened it up. If only I just knew then that Steemit is gonna be as huge as what it is today then I should've started it with a blast. That account was created August 2016.
Yeah I even proudly posted my first ever cash-out in BTC before from my HYIP earnings. Seen all the scams come and go. Literally seen Bitcoin reached its peak last December 2017 and also been given FREE Bitcoin Cash from its fork. A lot of wonderful things happened as well so the evolution of cryptocurrency will never stop as technology also advances.
Thank you for coming up with this nice topic to discuss with fellow amazing minds. :) Or sharing it to me.
wooo brother is a lot of condensed history here, these years sound little, but it's all about steemit's life. Something amazing.
Congratulations, I take my hat off.
Pr EV
In my perspective, cryptocurrency will be the next thing. I am not saying that it will be worth that much in the future, but in our modern world where computers and internet are already part of our society, usage of cryptocurrency will be in demand. It is efficient and can be used for transactions. It has many applications and it is continuously evolving.
Great article @fucho80.
My dear @edencourage, I totally agree with you, I am convinced that the use of cryptocurrencies will grow in the future.
Thanks for your comment.
Pr EV
Hello @fucho80. Memo well received.
Really intrigued by your article. Glad to see you've been paying close attention to the market.
That's true. There are lot of people going on the record arbitrarily quoting any price they want, saying so and so is the price btc will reach. We also have our very own unofficial mascot, John McAfee saying that bitcoin will reach $1 million by the end of next year. I am sure they have reasons behind their predictions. But as we have seen time and again, bitcoin has a reputation of always surprising everyone, be it critics or enthusiasts. No one person can play a major role, it's the whole network that will.
Great read. Thanks for taking the time.
I
Dear @reverseacid, thank you for kindly receiving the memo and for this wonderful response.
Correct friend, we find many predictions which we do not know if they are right or not, in any scenario of these optimists we will benefit, I think we must continue acting with sanity and hoping that these predictions come true.
Thank you for that valuable comment, I think that many of these days we are all right to be attentive to this market.
Success for you.
Pr EV
There is so many articles about adoption of cryptos among these countries, but, I hope I am wrong, that reports of this kind should not be coming from one source only, there should be more validating news reports of real and actual adoption.
It already happens that, a single news item is being used all over again of many crypto news agencies, thus no real validation of the latest updates on those articles, and no side stories and other angles are explored.
@fucho80 most of this developments are in their infantile stage, and have no real traction in the country that are mention.
We need more crypto-journalist who do not rely on just one report.
This is my angle to this article.
Dear @guruvaj, thank you for your comment, it is possible that this is as you affirm but I also believe that some of these projects will go away.
Of course, we need much more information in order to be able to judge with good judgment the progress of these projects, but since the mass dissemination with articles like this will attract the attention of more people interested in investigating this issue.
That is my personal opinion.
Blessings
Pr EV
If I'm honest, I can not keep up with all the new crypto currencies, because there's just too many of them. But some of them are made just for fun, some have somewhat real meaning, and some of them are made for doing business.
As few best programmers said.... in near future, everyone will have his own crypto currency and there will be exchange for all of them. Some of them will have no value, some will have it. But those in the top 100 will play the role of the market changers.
Very true brother @worldfinances, today there are many cryptographic projects but there are some that make a difference.
Thank you for participating in this healthy discussion, for reading my publication and for the valuable comment that you dropped.
Pr EV
Indeed @worldfinances, there is just to many of them .
Do you personally believe that? I don't.
Yours
Piotr
It's not about belief, it is already happening. But the problem at the moment is, that to do something like that you have to have at least some knowledge to make crypto and put it on private exchange. In future this should be as easy as sliding on your smartphone
I think crypto has much more potential then we actually see and have seen many things like games being built on blockchains which i think will eliminate the cheat problems in most games going around i am also following the enjin crypto i think it will have an impact in game industry which will make more people look into cryptocurrency
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Dear @khussan, thank you for your comment I find it very valuable and with very good information.
Totally in agreement with you, there is much more potential to be developed, I think this is just beginning and that in the future we will be inundated with more incredible things related to blockchain.
Thank you brother, that you succeed.
Pr EV
Hey @fucho80 I found you once again via @crypto.piotr.
Thank you for sharing this nice introducition into the crypto space. I fell in "love" end of 2016, beginning of the bubble. I had zero trading experience and I have to say I made so many mistakes.
I think that is really possible, depending on the mass adoption. We believe everyone knows about bitcoin but thats not the case. We are in a circle where everyone talks about it. So our horizont is limited to those who work/are interested in with crypto.
I still believe we are not done with the downtrend but soon there will be a new cycle and some new money to be made :)
Hope we can use the chance this time and make some good money.
Keep up the good work & all the best
Max
Dear @mcnestler, thank you for visiting my publication and commenting this work thanks also to our common friend @crypto.piotr
Friend that is very encouraging for me, there are many people who share your opinion, I do not know if it will be because of the desire for this to happen but I am beginning to believe that something like this could happen and I benefit from this.
I also hope for that opportunity brother, you just have to stay alert and focused on this work.
Once again thank you for your valuable comment.
Much success
Pr
EV
John McAfee is still saying he'll eat his own dick if BTC isn't at least one million USD by end of 2020. We shall see.
The great stumbling block remains the verification process on most exchanges, which must be completed in order to convert fiat into crypto.
That's it right there... mass adoption will not occur if it's to depend entirely on people (inconveniently) maintaining local wallets barring some major catalyst in which the human herd is driven to mass adopt through crisis (like what is sort of occurring in Venezuela right now, or happened in Greece and Spain to a degree before).
I think John McCaffee's date was a little soon... I feel like the fiat lords could kick their can down the road at least a couple more years (he could be right though).
Dear @jbgarrison, if the prediction of this man is going to happen, I think it does not matter if it happens two years later, it would be an event that would leave many crypt enthusiasts in a very good position.
If this happens that happens with the other cryptocurrencies, BTC will push them upwards
Very well said @jbgarrison72
ps. I would love to see John having lunch and his dick being served as a main dish :)
Yours
Piotr
Welcome dear @redpossum,
This guy is really convinced that this will happen, particularly I have not had the privilege of reading any McAfee work, I guess he must have valid arguments to affirm this, if that happens it will be something extraordinary for many, I hope to have something from BTC when that price explode
I do not understand what you say about the verification process. What is it about?
Thank you friend for leaving that great comment.
Blessings
Pr EV
Dear @redpossum
I would love to see John having lunch and his dick being served as a main dish :)
What he is saying doesn't make any sense. If BTC would reach even 100k usd then we would already witness the biggest bubble in history of mainkind.
Enjoy your monday,
Piotr
well, @crypto.piotr, when you say that, I suspect you're assuming a situation in which the USD remains relatively stable. But in the event, much of the result McAfee predicts may be made up of the collapse of the dollar.
Did cryptocurrencies revolutionized the financial world or only in some countries?
As soon as it became a bit more famous in the Netherlands banks, taxes jumped right into it and to be honest it does not make it attractive over here. All the so-called benefits of cryptocurrencies we do not have.
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My dear @wakeupkitty, I appreciate your comment and the fact that you give me when referring to the particular experience in the Netherlands. I am from Venezuela and in our current economic situation, cryptocurrencies have become a real alternative to this strong crisis we are going through. The statistics say that in recent months Venezuela has become the country with the most transactions in BTC, being surpassed in the world only by Russia, you can see it here: https://steemit.com/blockchain/@fucho80/venezuela-crises-and-cryptocurrencies
In my particular case and I think that in the majority of Venezuelans in steemit this has become the sustenance of the family.
As for what you mention happening there, the government is also trying to put controls on cryptocurrencies, but these have become the safest way for migrants to help their relatives who stayed here.
Thanks for your valuable comment.
Pr EV
I understand how it works with you but it is just 1 country and I wonder how people without an income and relatives abroad can lay her hands on cryptocurrencies since I was not able to earn 1 dime here in the year I join.
You wrote: it changed the financial world worldwide if I remember it well and that is not the case.
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Dear @wakeupkitty, it is possible that in your country they do not have a good experience with cryptocurrencies, but in spite of this you are here in a network based on blockchain what tells me that the system reached you.
Maybe exaggerate a little by ignoimineto cases like yours, (I'm guilty) but the fact is that this continues to advance and sooner or later affect more countries in a positive way.
Thanks once more for your comment, you are very kind.
Pr EV
Why didn't you up vote wakeupkitty? You need to up vote people for steem to work.
Dear @coinchaos
I think you're very wrong. People care more about decent comments (like the one @fucho80 did) and interesting engagement instead of receiving votes that will have absolutely no value.
Even if you or @fucho80 would upvote some post or comment, then your voting power is just to small to make any difference. Basically your vote would give 0$ to anyone (if reward under comment has value less than 0.03$ then this reward is being treated as a "dust" and ignored by the platform).
Yours
Piotr
I think you are wrong, steem needs both. People want rewards for the value they add to the steem network. It will not work without up votes and engagement. The two are not mutually exclusive.
I did not know about this .03 dust threshold for steem. ty. But that is another negative for the network in my book.
Dear @wakeupkitty
What do you mean by that? What benefits of crypto did you lose since taxes have been introduced?
Yours
Piotr
I never had any benefits of cryptocurrencies. In the Netherlands we always had registration, fees (even high ones), transaction costs and taxes over it and the impossibility to buy anything with it (same with credit cards by the way, high costs and less ways to use it and if you consider the fact not everyone can have one in the Netherlands at all).
The 'benefits' are what people (they) say are the benefits of it.
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