Are you looking for the Bitcoin future review 2020 and wondering how the coin is going to perform in 2020? If your answer is yes, then I am here to help you out. In this article, I am going to talk about the 2020 prediction for Bitcoin.
In this article, I will first start by giving you a brief description of what Bitcoin actually is. And in the later half of the article, I will talk about the Bitcoin future review 2020. Sounds interesting? So let’s just head into the topic without wasting much of the time:
What is bitcoin?
Bitcoin was created in 2009 by an anonymous developer named Satoshi Nakamoto. And it was the first and original cryptocurrency. Bitcoin allows people to send and receive funds without a third party intermediary, such as a centralized payment system. Instead, it is a decentralized network.
The network is controlled by not a single person or authority. Neither it is backed by any central bank. Instead, the transactions are verified by a community of miners who use their computing powers to confirm the movement of funds. And in return, they are rewarded with additional Bitcoin for contributing to the network.
The technology that supports Bitcoin is called a blockchain, which is like a giant accounting book. Every single transaction that has ever been processed on the Bitcoin network is available to view on the blockchain. Also, once a transaction has been added, it cannot be changed or removed. And this is what makes it extremely transparent.
Also, when sending Bitcoin to another person, a transaction normally takes about 10 minutes. And the network can process about 7 transactions per second, and the fees depend on how many people are using the system.
Bitcoin future review 2020
The first bitcoin prediction that I would like to talk about is made by John McAfee, the creator of the popular anti-virus software McAfee. He is pretty well known in the crypto industry as he makes lots of insane price predictions on Twitter.
Back in the days, he said that Bitcoin would reach $500,000 in 2020. However, later, he said that by 2020, it would hit $1 million. Also, he mentioned that this prediction is based on his own price prediction model.
Next, there is Tom Lee. The next bitcoin price prediction 2020 that I wanted to discuss is by an analyst called Tom Lee. Lee works for the cryptocurrency research organization Fundstrat, and he is well-known for discussing the price performance of Bitcoin live on TV. According to his prediction, the price of Bitcoin will be valued at $91,000.
Next, there is Fran Strajnar, who is the CEO of Brave New Coin, a cryptocurrency research organization. And according to him, the bitcoin will reach up to $200,000 by the year 2020. According to him, as more and more people coming to the crypto industry, it would grow different wallets and apps and eventually hit the bitcoin price too.