Bitcoin Price Prediction 2017 - Will Bitcoin Reach $3000?steemCreated with Sketch.

in #bitcoin8 years ago

Bitcoin and electronic money more broadly, are among the most divisive concepts in our time. The idea of a currency which isn't controlled by any state or corporation and that maintains such a high level of privacy for its users is a very necessary relief for some and a threat to the whole economic and political system to others. The one thing is certain : its value has soared over the past twelve months from just over $450 per bitcoin a year ago to over $1, 800 in latest weeks. Bitcoin will be closer to 3, 000 by the end of the year!!!btc.jpg

As bitcoin is mainly used for trading or transferring value, the value of bitcoin is controlled by the total value of goods in transit tied to Bitcoin as the payment medium. As increasingly more trade is taken up using Bitcoin as the transaction medium, the value of Bitcoin will rise to equal that trade. With non digital currency, this valuation fluctuation can be controlled by the state or state monetary authority controlling supply and controlling demand. Governments can't control the supply of bitcoin so as the currency becomes more widely used, a continuous rise in the value of Bitcoin is predicted.

This theory is born out of research undertaken by the World Economic Forum. While many will associate the use of Bitcoin with the buying of illicit materials from sites like the now defunct Silk Road, there are now potentially much more lucrative opportunities for criminals. The dark or shadow economics is estimated to take up somewhere in the area of 17 percent of the world's total GDP. Because of the level of anonymity bitcoin provides, there's huge opportunity for its use to avoid anti money laundering legislation. As bitcoin becomes more pervasive, we predict governments will try to control it, try to understand more detail about how it's being used, and try to check its use in the dark economy. Due to the structure of Bitcoin and the encryption and anonymity which is cooked in block, there's only a little opportunity to control it!