Bitcoin was basically nothing in 2009. It was more for cryptography fans who send it for hobby purposes. On May 2010, someone bought 2 pizzas for 10,000 BTC. This is the very first bitcoin transaction.
The price of bitcoin has soared to around $20,000 in December 2017.
On day 1 of the DTS Summit, Mr. Miguel Cuneta from SCI, Mr. Colin Goltra from Coins.ph, Mr. Winston Damarillo from Amihan Global Strategies, Mr. Rey Lugtu from Caucus Inc, and Mr. Herns Hermida from Microsoft discussed their fearless forecast for bitcoin.
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As of this writing, Bitcoin’s price is around $8,000 to $9,000 a piece. This $10,000 less than its trade value in December 2017. It is still very volatile.
Mr. Miguel Cuneta, Chief Community Officer of Satoshi Citadel Industries shares that the reason for this is the law of supply and demand. Remember, the maximum number of bitcoin is only up to 21,000,000 and with its acceptance getting wider, its value may increase in the future.
He also stated that media focused too much on the price of bitcoin rather than the technology behind it.
“Nobody wants to listen about the blockchain. Nobody wants to hear about supply chain. They want to hear about some guy getting rich, and they get excited and they end up investing in Bitcoin which is not really something you should do if you don’t understand it.” – Mr. Miguel Cuneta, Chief Community Officer, Satoshi Citadel Industries
Bitcoin as a Door to other Cryptocurrencies
Along with bitcoin surging popularity comes the surging popularity of altcoins, like ether. This popularity helped sustain the abundance of Initial Coin Offerings (ICOs). Why is bitcoin important in altcoins? According to Mr. Colin Goltra, Head of Cryptocurrency from Coins.ph, in order to convert your fiat to another altcoin, you usually have to convert it to bitcoin first.
“When people want to go into ICOs, they had to transfer money via bitcoin into ethereum, into a new token. And when they start getting scared of the volatility in those tokens, they had to go back out through bitcoin. It’s the most liquid platform, a land bridge, to this magical ICO land.” – Mr. Colin Goltra, Head of Cryptocurrency, Coins.ph
Bitcoin and Altcoins in the Future
Currently, there are around 2,000+ altcoins. All are trying to become the next big thing after bitcoin. If you think this is how the cryptocurrency world is in the future, think again. Here’s a good analogy:
Imagine yourself in a mobile device expo in World Trade Center in Pasay. All brands are there, iPhone, Samsung, Sony, Motorolla, Huawei, Cherry Mobile, Alcatel, etc. All of them offers the same – a mobile phone. But big players tend to move up and small players try their best to offer something different to the masses. As a consumer, you look for the best mobile phone that fits your needs, your budget, and has what you want, at the right price.
It is the same in the cryptocurrency world. The building blocks of cryptocurrencies are out in the open and it’s very easy to create your own coin in a matter of minutes. Just like the analogy given above, there are a lot of cryptocurrencies in the market right now with solutions that promise to disrupt an industry.
“There is probably around 10 to 15 (altcoins) that matter 10 years from now.” – Mr. Colin Goltra, Head of Cryptocurrency, Coins.ph
It is like when the internet was first introduced, everybody wanted to have a piece of it and wanted to get on the bandwagon. As the years passed, many got tired and got off the train.
“If people believe you and buy your coin, then it will have value. You have about 2,000 cryptocurrencies today. A lot of them are worthless. Some of them have some worth. Some of them are really, really being hyped and are way, way over valued. We are in the same stage like in the 90s, the Internet boomed and then (a) bubble.” – Mr. Miguel Cuneta, Chief Community Officer, Satoshi Citadel Industries
Cryptocurrencies in the future
“We also expect that a lot of the junk stuff that’s happening be kind of shaken out. Hopefully, proper regulations, guidelines for businesses to work with, and growth in terms of confidence of users to use in their daily lives.” – Mr. Miguel Cuneta, Chief Community Officer, Satoshi Citadel Industries
“In three years we’ll stop talking about bitcoin, but actually more about new business that came about because of the blockchain. What we need to see is a new kind of bank, a new kind of health care provider, a new kind of facilitator in the middle that democratizes access to institutions.” – Mr. Winston Damarillo, Executive Chairman, Amihan Global Strategies
“Blockchain will be the infrastructure to remove the middle man. Cryptocurrency in the future will be used to incentivize people to change people’s behavior to use applications,” – Mr. Rey Lugtu, Co-Founder and Counselor, Caucus Inc.
Excerpts in this article are from DTS 2018: Fintech & Blockchain Innovation Summit 2018 during their Panel Discussion entitled “Fearless Forecast of Blockchain, Bitcoin, Cryptocurrencies”.