Was Bitcoin Cash (BCC) over-hyped? The short notice hard fork implementation, the drawing value from current Bitcoin (BTC) blockchain, initial market value…
Bitcoin and Ethereum, The O.G. Cryptos
According to CoinMarketCap.com, bitcoin (BTC) is smashing the first ever hard fork chain bitcoin cash (BCC) only days after activation! Ironically, Ethereum (ETH) is also up while it’s counterpart Ethereum Classic (ETC) is also down. As a bonus, Steemit users will be pleased to know that STEEM is also up, currently at $1.32USD at the time of this writing. Does this mean we may see the price of bitcoin exceed $5k or $10k by the end of 2017?
No one knows for sure, but if we had to give it our best guess based on market trends and growth from new users… I’d say yes.
Exponential Momentum Phase
Just like business, growth comes in phases. The five phases of a business lifecycle are outlined here:
- Seed and Development – Conception
- Startup – Beta
- Growth and Establishment – Awareness
- Expansion – Exponential Momentum
- Maturity – Mainstream Use
The dash (-) separates the traditional business lifecycle from how I applied it to the bitcoin lifecycle.
Conception being Satashi Nakamoto drawing up whitepapers and creating the first seed/mining the first bitcoins.
Beta being when the first bitcoins were spent for commerce, like the 10,000 BTC pizza!
Awareness being basically right now, as multitudes of businesses, governments and people are exposed to media buzz about bitcoin and cryptocurrency.
Exponential Momentum is the really exciting part, and the next phase of our journey. I believe we are on the cusp of more ways to use blockchain technology as floods of people start creating wallets and trading cryptos. This is when the price shoots up at an unprecedented rate.
Maturity covers everything after the boom from the last phase. Bitcoin will be used by the mainstream and potentially replace fiat currencies altogether as a means of trade and commerce.
What do you see the price of bitcoin reaching this year?
Image 2 taken from coinmarketcap.com
*Disclaimer: I am invested in bitcoin and biased comments related to bitcoin cash are my opinion, though statistics are statistics. I operate a bitcoin node at https://cointhru.com and hope to eventually run a STEEM seed and witness node there as well.