One of the possible areas for bitcoin development may be the field of artificial intelligence. Since machine learning requires significant resources this blockchain fits ideally for the implementation of such purposes. However, there is a danger here: scaling the network will require more energy since mining is energy-intensive. In this connection, the question arises about the future of the project. Can the token price cross the $60,000 mark one more time?
Where did the speculations that bitcoin could rise in price to half a million, one, or three million dollars come from? Arthur Hayes was the first to comment on this. The ex-head of the BitMEX exchange believes:
“We need a digital payments system that is secure, decentralized, and has transparent rules. Just the same, bitcoin is resistant to censorship since changing information in the blockchain is possible only through a mass decision that must be accepted by the majority of participants. The advantage of this blockchain is that it is used in artificial intelligence-based technologies in a deflationary model. With each halving, it will become less profitable to mine new blocks which will eventually lead to an inevitable increase in the asset price.”
There is an element of truth in it. However, do not forget that the predominant amount of bitcoins mined in the early stages has accumulated in a very narrow circle of people. This suggests that when certain individuals or organizations are consolidated (it is not known who exactly holds the main part of the asset), there is a possibility to influence the outcome of the decision when solving a mathematical problem.
You say that the Bitcoin network is decentralized and you will be completely right here. But how can something be changed then if it is unrealistic to change an entry in the blockchain?
Briefly about the blockchain operation: bitcoin users send transactions that contain information about the transfer of funds from one address to another. Miners collect all data into a block and start its shaping with the use of hashing – this converts the content into a unique fixed-length string.
Then miners make small changes to the contents of the block, adding a random number called "nonce". Then the block is re-hashed and checked if the resulting hash meets certain requirements. The goal is to find a hash that starts with a certain number of zeros, which is a proof of work completion – Proof-of-Work.
The person who finds the correct hash first declares it his or her "proof of work". This confirms that the miner has performed a sufficient number of calculations and spent resources to find this hash. Proof of work is a mechanism to protect the network from intruders and provides consensus in the blockchain.
As soon as the miner has found the proof, it is announced to the entire network. The block is then added to the rest of the blockchain and becomes unchanged. All participants in the network check the chain and the proof of work to make sure everything follows the rules of the protocol.
It turns out that the one having the most resources concentrated at the moment determines the correctness of the decision. So, who prevents you from creating a miners’ collaboration in order to overtake the main part at a certain point in time and present everyone with a different proof of work, although it may be incorrect?
Theoretically, it is possible to make a “forgery”, for this, you just need to solve the problem faster than others. But in practice, the protocol has never been hacked for the entire existence of bitcoin although the technology is more than ten years old.
If we assume that the coin will continue its upward trend and the growth will be at least 60 percent per year then in ten years bitcoin will be worth $3 million.
The CEO of Hong Kong-based Jan3, Mow, is actively working to inform the public about bitcoin affairs. During his time at Blockstream, Samson partnered with El Salvador's President Naib Bukele on a $1 billion Bitcoin-backed bond. In a recent statement, Mow pointed out:
“There is nothing more important to me than bitcoins. And I believe that all large institutional investment companies that enter the industry should distinguish between fundamental projects and impostors. Only this will indicate the existence of significant institutional demand for digital currency.”
Mow also believes that billions of dollars are waiting to be injected into the crypto market from pension funds, social security funds, or somewhere else. And as soon as it is approved we will see the value skyrocket to several million per coin.
Recently, there has been hype around tokens that have no base under them. In the first place, they include PEPE, Dogecoin, and Shiba Inu. Artificially created and quickly concocted, the coins got into the market. Most did not even think that there was emptiness and space vacuum behind these projects. If you look at the project roadmap… you won't even find it.
“Simple distractions, a joke from the big players. They want you to sell really worthy coins of big projects and buy shitcoins. The goal of scammers is to suck up liquidity and then leave you with nothing,” commented Lado Okhotnikov, the founder of a huge Metaverse-based project.
By the way, Meta Force launched the first smart contracts a year ago. Since then, the community has grown up to 1,250,000 members and the total revenue during this time has exceeded $1.35 billion.
What do they do inside the Metaverse? This is a whole universe of cryptocurrency tools where everything is interconnected. There you can relax, work, study, create a business, play, and even travel.
I got curious and went to the official Meta Force website. For me, visual design and beautiful headlines do not matter; I immediately look for a roadmap. Only its presence signals the fundamentality since it is a very important planning and management tool. Think of it as a strategic plan containing the main stages of development on the way to achieving goals. And guess what – I have found it.
Yes, there is a lot of work ahead but even such a young project is moving at a good pace. In just a year they managed to go from idea to multi-mining. Unlike the Dai cryptocurrency whose coin mining is based on a collective loan system, the Forcecoin mining mechanism is built differently.
Multi-Mining in the blockchain is of interest primarily to miners as it allows them to use their resources as efficiently as possible and receive income from several sources at the same time. You can switch to mining other tokens without having to change hardware or software. Thus, the own coin of the Forcecoin platform is additionally protected from significant fluctuations in the exchange rate.
As it turned out, Forcecoin is a native token and no additional emission is provided. There is a mechanism for burning unused coins which only strengthens the position in the long run. For example, the Binance exchange token BNB works the same way.
The project’s tokenomics includes the exchange, participation in voting, and gaining access to certain services or goods. There is also a reward for users or investors and to stimulate participation in the community a full-fledged economic model is created with the help of its own coin.
Based on it, Forcecoin does not fall under the definition of memecoin. It's very easy to trace and I've shown you the way.
According to Bits.media forecasts, in the next two to three years the artificial intelligence economy will be between 5% and 50% of global GDP. This implies that AI development will have a huge impact on humankind. In light of this scenario, Arthur Hayes predicts Bitcoin to rise up to $760,000. The figure is very optimistic and the idea is based on the assumption that Bitcoin will become the main currency for the artificial intelligence economy.