While many crypto experts expected Bitcoin to recover in the past year, it failed to do so. Given that Bitcoin closed at $4000 in 2018 compared to $13,290 that it had started with, it is very hard to predict with certainty whether 2019 will be good or bad for Bitcoin.
What happened in 2018
Heres a rundown of all the things that happened to crypto coins in 2018 –
1. Bitcoin Cash forked again
Bitcoin Cash forked again and both Bitcoin ABC and Bitcoin SV didnt perform very well. So, if you take a look at the BCH to BTC exchange rates, it is extremely dismal.
2. Lightning Network Upgrade
Bitcoin transactions limited to only 7 transactions per second will now greatly improve with the Lighting Network and users have started to see a marked improvement.
3. Bitcoin competitors were eliminated
Bitcoin is expected to thrive in 2019 because the ecosystem is now open for Bitcoin to grow rather than fight for a space.
4. Hyperinflation is coming
World leaders will attempt to print more money resulting in hyperinflation of fiat currencies which will drive more people to adopt Bitcoin.
What to expect in 2019
SEC will reject Bitcoin EFTs in 2019 yet again
Given how the Wall Street market has suffered, SEC is unlikely to draw attention to Bitcoin and allow it to be traded on NASDAQ.
Bitcoin will rise and fall
Some experts believe that Bitcoin will be worth $40,000 and some believe that it will shrink to $100. Price fluctuations are to be expected with the traditional currencies going through a fundamental shift.
More countries will adopt Bitcoin
Venezuela has already gone ahead and adopted Bitcoin and we will likely see more countries that pose no restrictions on cryptocurrencies paving the way for Bitcoin to beat out traditional payment networks like Visa and Mastercard.
AI related developments will fuel Bitcoin
2019 and beyond will see a rise in AI in a typical cryptocurrency trading platform. Perhaps this will be limited to trading bots or the applications might extend beyond these. We will have to wait and watch.
Expect more smartphones and browsers to support bitcoin
Your days of checking BTC wallets reviews before investing in one might be numbered. Opera has already gone ahead and launched a secure browser for desktop called Reborn 3 and Opera Touch for Android and iOS that has in-built wallet. This is currently limited to Ethereum and ERC20 but it could expand to Bitcoin as well. The latest versions of HTC and Samsung Galaxy will also provide native support for Bitcoin.
Concern over using Bitcoin for criminal activities will rise
Many experts who are dead set against Bitcoin voice their concern regarding Bitcoin being used by criminals for illegal activities. There is not much that the network can do about it due to the anonymity of the transactions. Experts believe that this will greatly affect the price in the upcoming year.
Finally, the fact that there are only 21 million BTC available will definitely be a factor in the price in 2019 and beyond.
Image credit: Bitcoin image via 3Dsculptor/Shutterstock