Bitcoin bitcoin bictoin. I drive my wife nuts with all my bitcoin talk. At least I have an outlet now for all things bitcoin thanks to my blog.
One BTC is currently trading at $435, down from above $460 but above the value of $420 when I wrote my last post about the virtual currency. The value is certainly volatile as I mentioned in my last post but I have a feeling that it will reach upwards of $2,000 by mid 2016. I have nothing to base this off of except that is the currency of choice for the deep web and the knowledge that it has built in anti-inflatinary technology. There is a fixed amount of coins that can be created: 21 million. As long as BTC exist the value should be asymptotic more or less. The value will continue to increase until roughly 70% of the coins have been generated at which point it should begin to stabilize. Some estimates put the value at stabilization somewhere between $100,000-$1,000,000.
Others still put the value at about $0. I don’t see this as a strong possibility unless its use on the deep web is abandoned. Which could definitely happen but I dont see it.
Its pretty well entrenched and as each day passes it becomes more entrenched. Part of its draw is that it is almost as anonymous as cash can be when it is at its best. Sure the blockchain serves as a public ledger that records from which ip address the coin is coming from and to which ip address the bitcoin is going but that is easily covered up through different means such as vpn’s and ip address spoofing.
I’m all for it. We should be free to do what we wish when we wish with our own money so long as we aren’t hurting anyone else. I would be naive to think that there isn’t any being used for illegal purposes but again if the transactions are being conducted by adults and no one is getting hurt who am I to judge?
I’m a peaceful socialanarchist and this resonates with me to a very high degree. I believe in personal liberties and so did the creators of bitcoin.
And thats why I fell in love with the idea behind it.