Bitcoin and Blunders
Mistakes can happen at any time. Sometimes, we look left when we look right. Other times, we miss that special phone call for an interview for that job we've been waiting to land for a long time. Many of us spend a great deal of time studying chart patterns, technical indicators, and fundamental research to make the market's best guesses. If we lose, we want to lose small. However, if we win, we want to make sure our win is expected, if not better.
Welcome fellow Hivians and Lions to our next discussion on finance. Today we'll be covering the most recent speculations on Bitcoin. Just as important, however, is our efforts to ensure the safety of our successes. In cryptocurrencies, the concept of "safety" refers to the monitoring and safeguards we put into place to protect what we own.
Speculation - Bitcoin
Risen from the depths of Satoshi Nakamoto's dreams, Bitcoin is now a juggernaut of the financial industry. Representing the first successful attempt at a stable and reliable decentralized currency, Bitcoin is here to stay for the foreseeable future. What can we speculate, however, about its future in 2021?
Bloomberg reports a 2021 resistance price of $50,000. If Bitcoin price should plummet during this year, Bloomberg holds that the support price would reach a base value of $10,000.
Bitcoin Magazine (BM), however, speculates an all-time-high of $100,000 in 2021. According to BM, the third halving occurred in 2020 (edited). Coupled with Bitcoin's resilience and monetary policy, the expectation puts it into a high price prediction position.
Finally, with each day that passes, Bitcoin becomes more and more embedded into the mainstream. One day, Bitcoin will reach valuations greater than Apple and Google.
So, pay attention to the trends and news reports. It appears that 2021 will be a year to remember concerning Bitcoin. And for heaven's sake, keep your accounts secure. You never know what could happen if you don't keep an eye on your prize.
People say that wisdom comes after learning from the mistakes of others.
Stefan Thomas has two guesses remaining on his crypto wallet before it becomes indefinitely locked forever. A German programmer living in San Fransisco, Stefan's wallet contains approximately 7,000 Bitcoins-a value of over $200 million. According to the New York Times, Stefan maintains his wallet in a secured vault with the hopes that one day someone can break the encryption.
I Put it Where?
James Howells, started mining bitcoin in 2009. He retained his bitcoin info upon a drive that he kept with him. Unfortunately, during 2017 he accidentally placed that drive into a waste bin picked up by city trash collectors. The city council never allowed him to search for the drive at the landfill. At a $127 million value, four years' worth of trash dumping appears to have forever buried his digital fortune.
Thanks to @nickyhavey for pointing out an editorial error on my part. Bitcoin halving has occurred on the following dates
- 1st Halving: November 2012
- 2nd Halving: July 2016
- 3rd Halving: May 2020
- 4th Halving: Sometime in 2024
Image by Gerd Altmann from Pixabay
Bitcoin will continue to reach ever-higher levels of value. It will have its drops in price, but it won't drop low for long given its wide availability and mainstream access. For us, mere mortals, however, we need to make sure we keep what we have safe if an unforeseen circumstance can occur.
Keep your head up and move forward, despite any failures that may seek to bring you down.
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