The once touted phrase: “Blockchain, Not Bitcoin” — has become less of a prevalent talking point. A phrase that was once used to discredit Bitcoin (and crypto as a whole), seems like a misguided notion, as corporate interest in the nascent crypto industry has increased. This past week, Google and Square, continued to show that Bitcoin and crypto should be embraced, rather than ignored.
Square Buys Bitcoin
For those not enamored with Bitcoin, the notion that a company would buy Bitcoin likely seems preposterous. MicroStrategy’s CEO, Michael Saylor, recently revealed that they’ve added more Bitcoin to their reserves, increasing their allocation to 38,250 Bitcoins. It’s clear that MicroStrategy, has a macro strategy. More importantly, MicroStrategy has triggered a domino that may provide a precedence for other companies to pursue.
The flurry of misconceptions surrounding Bitcoin and other cryptocurrencies are regularly perpetuated by pundits, but often backed by little research. This tactic is enough to deter potentially interested parties from digging past shallow and superficial falsities. Here are 12 myths that are commonly disseminated, along with information refuting them:
According to a 2020 Chainlysis report, only 1.1% of cryptocurrency activity involves illicit activity. In other words, 98.9% of cryptocurrency transactions are legitimate. As later explained in Myth#10, Bitcoin is not ideal for criminals aiming to be covert. …
Coming into 2019, proclamations of Bitcoin’s demise were highly publicized. Thankfully, those premature obituaries never came to fruition. Bitcoin has once again exhibited its resiliency, with prices reaching as high as $13.9k in June, a vast improvement over the $3.1k lows of December 2018. However, with Bitcoin’s continued rise in dominance, numerous altcoins have suffered greatly in their Bitcoin comparative values. Consequently, many altcoins have been left for dead, much like Bitcoin has been countless times in the past.
Despite its lack of mainstream coverage and interest, Bitcoin just steamrolled the $10k barrier. This 2019 run-up may be characterized as a disbelief rally, with Bitcoin burgeoning from the bear market. Confident calls for lower price targets, from those waiting for a “cheaper” buy-in price, didn’t transpire as sub-$3k prices never materialized. These individuals will likely have to buy-in much higher than they intended, but would’ve been better served Dollar Cost Averaging (DCA), as opposed to timing such an unpredictable market.
What is Dollar Cost Averaging?
Bitcoin’s recent rally, earlier this month, caught many by surprise. There’s been a litany of theories trying to explain this resurgence, some of them absurd, others seemingly more viable.
Regardless of the noise, there’s a renewed optimism surrounding this sudden increase. Even with this positive price action, Bitcoin is still down considerably and is much more affordable than it’s former $20k high.
With a shifting sentiment and increased adoption, 2019 may possibly be the last year that many, excluding the extremely wealthy (i.e., the top 1%), will legitimately have the means to afford a single Bitcoin . …
Although 2018 brought a decline in crypto valuations, it has set forth the stepping stones that can move the crypto industry in a positive direction. Here are the events and trends that I believe could greatly influence crypto in 2019:
“Your keys, your Bitcoin. Not your keys, not your Bitcoin.” — Andreas Antonopoulos
The “Proof of Keys” event, spearheaded by Trace Mayers (entrepreneur and Bitcoin advocate), is aiming to empower individuals to own their private keys. To do so, many will remove their coins, both Bitcoin and altcoins, from exchanges. This mass movement will also serve as a stress test on exchange infrastructures and will verify that exchanges have coins, as advertised. …
Bitcoin’s recent tumble below $4,000 has the world questioning the future of crypto. Many have been salivating for the chance to say, “I told you Bitcoin was a scam!”, since it reached its top of nearly $20k. Those who once envied crypto vets, for their vast returns, are now learning that these vets weren’t just lucky but instead had the fortitude needed to survive an ~80% drop.
As painful or comical as Bitcoin’s fall has been, the question now is: Are the days numbered for Bitcoin? No — Bitcoin is very much alive.
Economist See No Future in Bitcoin
Coming into 2018, most cryptocurrency enthusiasts wouldn’t have predicted the underwhelming and bearish prices exhibited by Bitcoin. Despite the suppressed prices, there has been constant news and developments relating to the cryptocurrency market. Could these final months of 2018 mark a pronounced reversal leading into the next bull market?
I believe Ripple’s XRP, often perceived to be the bane of the crypto world due to its centralized nature, could provide fuel for an altcoin resurgence. When I’m asked about Bitcoin, if Ethereum isn’t second, then it’s “Ripple” (NOTE: Ripple is the company and XRP is the token). …
Just a little over a year ago, all eyes in crypto were fixated on a monumental event: Bitcoin’s hard fork which spawned Bitcoin Cash. The hard fork represented more than a technical formality, but also a profound schism within the Bitcoin community. With such an unprecedented event in Bitcoin’s relatively short history, levels of uncertainty were extremely high. …