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Bitcoin Price Analysis and Prediction; Current downtrend, "Blockchain is the future, however Bitcoin is not". Is it the end of Bitcoin dominance?

18 may 2018, 08:36

Bitcoin Price analysis and Prediction

The BTC/USD pair has been going in the rather negative direction lately, however at the controllable and stable rate. There were no significant sudden spikes or falls recently, despite the regular small corrections. The most notable happened at the beginning of this week on Monday, May 14th. The price fell from $8700 to $8400, just to get back above $8700 again the same day.

Bitcoin Price Chart:

Bitcoin price today is staying at around $8000 mark and it is predicted that it may fall even further in next days.

BTC Price Today: Friday 18, May 2018

BTC/USD - $8046,72
ETH/BTC - 0.08359235 BTC
LTC/BTC - 0.01627385 BTC

Blockchain is the Future

Steve Wozniak, Apple about Blockchain

When it comes to some notable positive information, Apple co-founder Steve Wozniak gave a positive speech on the blockchain technology. He appeared at the WeAreDevelopers World Congress 2018 in Vienna, Austria and recognized blockchain as a technology that will most likely revolutionize the world in the future. He believes that it will attain its full potential within a decade. Therefore we may assume that there is no need to worry about sudden disappearance of cryptocurrencies or tokens. However, that doesn't mean that the one we will be using in the future are the ones we use currently.

Jack Ma, Alibaba about Blockchain and Bitcoin

Another voice, who thinks in a similar way is Jack Ma, who is the founder of Alibaba, which is a Chinese e-commerce giant. According to Bloomberg list, Jack Ma is the richest man in Asia, with his net worth being estimated at $41.8 Billion. He gave a speech at the 2nd World Intelligence Conference in Tianjin and said that blockchain technology itself is not a bubble, but Bitcoin is. He joins the group of many influential people who believe that blockchain itself will be the future, however that doesn't mean that bitcoin will also. Jack Ma said he has been researching blockchain for years, and believes strongly in its potential to address issues of data privacy and security for society at all levels from governments and corporations to individuals and regular people.

„I don't know about Bitcoin at all. I'm particularly puzzled. Even if it can really work, the rules of global trade and the financial system will be completely changed. I don't think we are ready. So I'm still paying attention to Alipay... to the US dollar, and the euro. We have a team that studies blockchain, but Bitcoin is not something that I want to pursue. We don't care about Bitcoin.“

Chinese government rating cryptocurrencies

Even though, China was the country to ban cryptocurrencies, they now plan to look deeper into cryptos and the technology and utility they provide. The cryptocurrency ratings will be divided into few categories: Technology, Application, Innovation.

Eric Zhao, a Shanghai-based engineer at the Chinese Academy of Sciences who operates the CNLedger Twitter account, said: „I believe at least it is a sign that the officials are starting to treat crypto projects more like a neutral endeavour towards better technology and innovations, rather than just challenging the power and authority of banks and government.“

Bitcoin actual usage

Bitcoin has been placed at 13th position, as it was stated that it lacks technology and actual application, however has to be honoured because of the innovation it brought. And even though, many cryptoenthusiasts may argue, it can be partially true, as at the current stage Bitcoin is not the ideal cryptocurrency it was meant to be. There are projects which offer much faster and lighter transactions with cheaper fees. And people have become too afraid to spend their bitcoins, because „it may raise in value in the future“, so they are all for holding it. The sole „hold“ movement may contribute to the problems of bitcoin, because what usage is of currency that no one wants to spend?

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