From the Dot.com crash of 1999 till the Great Recession in 2008, the necessity for a savior in the financial market was tangible.
Manipulation of fiat commodities by the government has been a crucial downside for our economy in any aspect. Bitcoin can be that savior which has been anticipating for a quite long time. The idea of Bitcoin in simple words; Its system was designed to transact between users without passing through a third party, such as a bank or payment gateway. It is designed and kept electronically. Bitcoins can be produced by computers all around the world. It was the first version of what we today call cryptocurrencies. Bitcoin can be an alternative to credit cards or cash. But it has some crucial advantages over fiat digital currencies which we describe down below.
Decentralization: no third party can regulate the Bitcoin network.
Limited supply: the supply is limited to 21 million.
Anonymity: the identity of Bitcoin users will remain anonymous.
Immutability: Bitcoin transactions cannot be modified.
Prediction in this highly volatile cryptocurrency market is highly challenging as the prices depend upon various factors along with two of the most fundamental market forces of demand and supply.
Last year in the late of 2017, bitcoin price was rising enormously, many have already entered the cryptocurrency market, and a vast number of other aspired to join this attractive market. In an interview with national news program on television, I have felt the social responsibility on my shoulders to advice people deescalate entering such an enticing market, without consultancy of experienced and trustworthy experts and analyzing possible challenges in such agitated market.
I predicted Bitcoin price reduction to one-fifth of its ATH and explained that as Bitcoin price has boosted fast and enormously, also its fast price correction is totally expected and it will experience a downtrend in the next weeks. Now, after about one year Bitcoin price touched one-fifth of its All Time High price (ATH) at $3500.