In this review of 2017, I'll be focusing on what we learned about bitcoin, how we got to the euphoria that we have now and what this all means going forward.
Phase 1 - Uncertainty
The year began with a lot of uncertainty. Only about 30 percent of miners were signaling for SegWit, while Bitcoin Unlimited, a rival software program attracted 35 percent support. Nothing looked imminent regarding scaling. Many developers, users and businesses were getting frustrated at the lack of progress, and there were dire warnings about how a fork like Bitcoin Unlimited would completely ruin bitcoin.
Yet despite all that, bitcoin entered the year on an upswing. Bitcoin passed $1,000 for the first time since 2013, and there was a real sense that the bear market had turned the corner.