Bitcoin was the first of its kind, i first heard of it in 2011, and didn't think anything of it.... i feel very few people at first didn't invest much, but the people who did invest didn't have to invest much money, when it first came out, if you had invested $10, you would have a nice fortune now....because its sitting in the thousands now, i feel very few people for this reason wont invest in it, even if i did a $1000 now, i think it would take forever to see a huge outcome compared to the first investors. i feel the majority of the overall bitcoin online is from people who first bought in. Due to this i get the impression bitcoin will fall drastically here soon.
Now that people see the uses and market for online currencys, a lot more people are paying attention to it, due to this, I'm feel the average person will invest in other coins like ethereum, ltc....etc, hoping for a big outcome like bitcoin had.
Any opinions/advice is welcomed
Now that people see the uses and market for online currencys, a lot more people are paying attention to it, due to this, I'm feel the average person will invest in other coins like ethereum, ltc....etc, hoping for a big outcome like bitcoin had.
Any opinions/advice is welcomed
First of all, no one knows for sure. Roughly every 10 mins, 25 new BTC are issued ("block reward"). At ~$230 per BTC, that's ~$830K new BTC a day (25 x 6 x 24 x 230). As many miners sell most of the block reward to recoup the cost of mining, for bitcoin's price to remain constant, these new BTC have to be absorbed (=bought) by market participants. While the number of transactions are trending upwards (see Bitcoin Number of Transactions excluding Popular Addresses), it seems that there is not as much new interest in investing into bitcoin at the moment. Interest has stabilized, but may not be outstripping demand. So - do I believe Bitcoin will prevail? Absolutely. It will also probably make a great long term investment, but in the short term the price may even drop further.