πŸ”₯ Bitcoin forecast 2021: BTC price analysis & future

October 31, 2008: A hitherto unknown software developer, although it is still not clear whether it wasn't a group of several people who worked under the name of Satoshi Nakamoto, presented an unprecedented electronic payment system that was just should work on mathematical proofs. The intent? To have a means of payment that is verifiable, cryptographically secured, unchangeable and can also be used independently of governments and authorities.

Bitcoin website

After the white paper was published, the first severe effects of the economic crisis that began in 2007 were felt. The burst real estate bubble in the US market has caused many people to lose their own four walls. In order to then see the crisis as an opportunity to no longer give speculators and bankers the opportunity to lead the world almost to ruin, Nakamoto then wanted to provide the more upright transaction system - the goal of getting 100% control over one's own monetary values , was in first place. With the so-called blockchain, the technology behind Bitcoin, another problem should also be solved at the same time - namely double spending. A problem that mainly digital means of payment, such as credit cards, had to do with.

In January 2009, Nakamoto dismantled the Genesis block - so the history of the Bitcoin and blockchain technology.

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The bitcoin

Bitcoin website logo

And even if Bitcoin has been around for over a decade, many people, including those interested in finance, are still wondering what a Bitcoin is.

Bitcoin - BTC for short - refers to a digital token in its own blockchain. The token is a file that is cryptographically encrypted and can be saved directly on the blockchain. The blockchain, so to speak, the blockchain, is the open account book. All transactions carried out are then stored in the blockchain. You can compare this with the bank employee who keeps records or records of when the customer paid in money or how much was withdrawn. It is also documented when the customer transfers money to another customer.

It is similar with the blockchain. Because in the digital account book you can find the transfers that have been carried out with Bitcoin. However, there is the special feature here that the digital account book is not managed by a single bank employee, but by each participant in the network.

Bitcoin blockchain explained

This means that a Bitcoin user does not have to rely on a bank or a bank employee who then takes care of the administration of the money. The decentralized architecture of the blockchain has the advantage that the bank as an intermediate link becomes absolutely useless or superfluous - and at the same time, the blockchain scores with a high degree of security and transparency. Because anyone who is interested can take a look at the publicly accessible account book of the transaction network at any time. That is, the Bitcoin users has the opportunity to convince himself of the technology and also to build trust.

It should be noted, however, that transactions cannot be changed - subsequent manipulation in your favor is not possible.

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Which possibilities arise?

Bitcoin coins in gold

The Bitcoin was initially created as a decentralized payment method that was supposed to become the alternative to the traditional banking system, so to speak. At that time it was not that easy to be able to make cheap international bank transfers. With Bitcoin, however, it was possible to make transfers that were faster and more cost-effective. Furthermore, the transactions were irreversible - an advantage for the retailer, who therefore did not have to fear expensive chargebacks.

Bitcoin may be an efficient as well as inexpensive way of doing this in some parts of the world a cross-border money transfer to be able to perform. In addition, there are many users who appreciate pseudo-anonymity.

Bitcoin ETF 21Shares factsheet graphic

But there are also many users who enjoy using the Speculate Bitcoin. Because the cryptocurrency has long since ceased to be a pure payment method, but has become an object of speculation - and especially if you look at the forecasts, it may well be promising and tempting, money to invest in the cryptocurrency.

However, it is important to look into how it works in advance - only if you understand what Bitcoin is about or how the cryptocurrency works, should you invest or speculate on the price.

In the network, the transactions are verified by the miner using a proof of work algorithm. This is based on the SHA 256 algorithm. The confirmation of the transaction takes an average of ten minutes; however, it may take a little longer if there are many transactions in progress. In order to accelerate the transaction speed, you can pay higher fees - if you don't want that, you have to be patient.

Bitcoin Proof-of-Work Chain explained

Who by the way Coins who needs a Wallet - that is the digital wallet. Due to the fact that it Offline- like onlineWallets there are or various providers, it may be advisable to make a comparison in advance in order to then find the right provider for you.

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Looking for the right provider

But you don't have to Buy cryptocurrency coinsbut can also speculate on the price. The answer to the question of which strategy you pursue when dealing with Bitcoin is not insignificant - because in the end it is then decided whether you have to use the services of an online broker or whether you want to contact a crypto exchange or on a crypto marketplace must register.

Graph analysis on the laptop

The crypto market is volatile and always open for surprises - these can ultimately be of a positive or negative nature. This means that once you have made the decision to invest, it is extremely important that you only invest capital that is freely available and has a reputable partner at your side who enables smooth access to the crypto market.

Money that is then freely available may be invested. If the amount invested is then less, it should not turn into a financial burden, which in the end even causes financial difficulties. That means no matter how promising one or the other Prognosis may be, you should never take money into your hand and invest it that has already been planned for certain expenses. For example for the summer vacation, the next car repair or even the monthly rent or loan installment.

In addition, it may also be important to find out in advance about the provider who is to provide access to the crypto market. Because there are a few black sheep on the market - so caution is advised.

eToro website

In the course of a provider comparison, you will with a high probability eToro bump. This is one of the most popular and well-known providers on the market. Mainly because eToro is a classic online broker, which makes it possible to speculate on the price, but is also a crypto exchange, so that you can also buy coins of certain crypto currencies here and keep it in the internal wallet can.

The broker eToro also scores with a comprehensible and fair fee structure, a very broad and diverse range of offers and the fact that it is regulated. Due to the fact that the company is headquartered in Cyprus, eToro is under review by the Cyprus Securities and Exchange Commission, the CySEC, which is Cyprus' financial regulator.

Buy Bitcoin on eToro

Furthermore, eToro offers social trading. With this interesting and promising feature especially for beginnerswho have never invested or speculated. Because with this function you can then copy decisions such as strategies of certain traders and then participate in their successes. At this point, to be fair, it should be noted that the experienced trader can also fail - that is, social trading is by no means a guarantee of profit.

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Step 1: Register with eToro

Create eToro account

Have you found out for yourself what is important to you and you have found eToro ultimately, if the requirements are met, it may be advisable to open an account afterwards. Registration only takes a few minutes, as eToro does not initially verify the data - the verification process only starts with the first application for the payment of the credit.

When registering with eToro, you can either access Facebook or Google, provided you have a corresponding account, so that you can log in via one of the two services. But you can also fill out the form, which scores mainly because it is self-explanatory. eToro only requires a small amount of personal information - such as your first and last name or your email address. After entering a user name and a password, the service can then be used after the first deposit has been made. With the password you should make sure to create a combination of uppercase and lowercase letters, special characters such as digits, in order to increase security.

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Step 2: the first deposit

Deposit money on eToro account

There is also a surprise when it comes to deposits: eToro has opted for a very wide variety of payment methods. So you can top up your account by bank transfer, but you can also use the credit card, the instant transfer or even eWallets or PayPal. While some online brokers only offer one or two payment methods, so that you ultimately have to make a compromise if the preferred payment option is not available, you can choose from a real variety with the provider eToro.

Depending on the chosen payment method, the money is available either immediately or after a few working days. It goes quickly with the credit card or if you use PayPal as well as with the instant transfer. More patience is required if one opts for bank transfer.

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‍Step 3: Buy and Sell Bitcoin 

eToro markets overview

Who visites Buy Bitcoin through eToro want, there are various options available here. So you can specify how many coins you want to buy and the online broker then presents how high the amount to be paid must be. But you can also specify the amount to be invested and then get presented how many coins you would get for it. If you confirm the transaction at the end, the coins flow into the internal wallet. You don't have to use the eToro wallet, you can also choose an external provider.

By the way, if you click on the X2 button, you don't buy any coins, but instead speculate with the Price development of the cryptocurrency. In other words, in this case it is not necessary to use a wallet, as it is now purely about the development of the price of the cryptocurrency.

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Prognosis

According to the latest report from Pricewaterhouse Coopers (PwC), the majority of experts assume that the price of the KryptowΓ€hrung can move between $ 2021 and $ 50.000 by the end of 100.000. That may be a wide range, but it's not uncommon for the Bitcoin - especially not if you look at the latest price developments for cryptocurrencies.

Bitcoin price chart CoinMarketCap June 2021

A year ago, in June 2020, Bitcoin was in the range of US $ 10.000. At the end of November it went towards US $ 19.000 - then there was a small correction towards US $ 17.000; In mid-December, the long-awaited US $ 20.000 hurdle was jumped.

This was followed by a bull run that ran the cryptocurrency until the beginning of January catapulted to over $ 40.000. At the end of January, the price was $ 30.000. The next bull run let the Bitcoin rise to almost 58.000 US dollars by the end of February - and that subsequent correction dropped the price below $ 45.000. By mid-March it then went to 61.000 US dollars - and then back towards 51.000 US dollars. Bitcoin hit its all-time high on April 14, 2021: $ 64.800. Then it went downhill - the Bitcoin is currently at 37.100 US dollars (as of June 2, 2021). However, the downward spiral seems to be over.

Bitcoin CoinMarketCap price forecast

It may not come as a surprise that sneaking up to the US $ 100.000 mark in 2021 is considered conceivable. Even positioning in the range of 100.000 US dollars may be possible - especially with a view to the coming year. Until 2025, the Possibility that Bitcoin could climb to $ 250.000.

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Our conclusion: what's next for Bitcoin?

There is no guarantee. Like us from Bitcoin-News.one However, there are clear signs that Bitcoin price will rise again in the foreseeable future. Of course, it must be mentioned that bans or decisions that could have negative effects on the crypto market cannot be taken into account in the forecasts, as they are still unknown at the moment.

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Thomas Cormik

Thomas Cormik started out with the sole focus on educating his readers about Bitcoin and its potential impact on traditional financial systems. Thomas prides itself on bringing quality content to the masses under the Bitcoin-News.one banner.

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