Part 2
Think Beyond the Atom: Bitcoin for Beginners
by Enrique Gil Severino
Many believe we are at the “Scary Chasm” as we face regulations.
Whats next is even more exciting!
“Bitcoin and other cryptocurrencies are a good example of how the digital age is able to change the financial world. This is not so much about the individual currency itself as it is about the underlying blockchain technology. It will have an impact on the whole economy.”
Venezuela launches its own cryptocurrency!
Marshall Islands ICO
March 2018
Bitcoin is 10 years old and no one has been able to hack it. Can’t say the same for the rest of the Altcoins.
(Ethereum has almost unlimited supply while Ripple is 100B total coins.)
And with only approximately 11.9 M Bitcoin to be shared with everyone on this planet as of this writing. It’s no wonder why BTC is still king!
https://arstechnica.com/…/ethereum-fixes-serious-eclipse-…/…
Winter is here for Bitcoin speculators.
Those who have come into this space without understanding what it is all about, these speculators and those in it for a quick buck may lose their shirt.
The major problem is that they have pumped Altcoins to the point it has affected the price of BTC. Most Altcoins have no fundamentals. There is only one Big Dog and it is still Bitcoin.
The predictable truth as long term holders and believers of the technology will see its adoption through.
One things for sure, Blockchain and Bitcoin are here to stay and will go mainstream sooner, much sooner.
http://www.archive.annenberglab.com/…/blockchain-ready-cros…
Everyone agrees that Blockchain is THE technology to watch out for and that it has good uses that will disrupt most industries. Adoption will happen within 2018 after regulators have come out with their set of ground rules. Major financial institutions are scrambling to understand it, control it and get into the action. They know for sure any decentralized system will scale really fast, so if you can’t beat em join em.
Learn the space. Learn the fundamentals behind each coin. Immerse yourself in the technology.
Lightning technology is now in the testing phase, with final touches being made by multiple Blockchain research firms like Blockstream, Lightning labs and ACINQ to make it ready for large-scale commercial use. It’s an exciting time for Bitcoin as cross chain crypto asset transfers called Atomic swaps have already been executed successfully between Bitcoin and Litecoin and the Bitcoin community is all charged up in eager anticipation of the implementation of the next big game changer, the Lightning network.
And on my final note:
The Supply of Bitcoin is determined algorithmically based on a geometrically declining supply function.
So is Bitcoin scarce at 21M???
Lets do the math shall we:
Total mined Bitcoin from 2008–2018 is 16.9M.
Less:
4M lost Bitcoins
Satoshi’s 1M Bitcoins (stored)
=
So currently there are only 11.9M Bitcoins in actual circulation!
And 4M (left) will be mined from now until Year 2140.
Ripple (XRP) for example has a total of a whopping 100B coins.
An article on Bitcoin.com
Bitcoin’s relative nascence makes its future price perhaps difficult to predict. There objectively is not as much data in the Bitcoin market as there is, say, in the gold market. Yet, there are numerous indicators which lend key insights into bitcoin’s price trends, and one often overlooked is the recurring halving. After matching its all-time high on that aforementioned, fateful day in February 2013, Bitcoin peaked next on April 8, 2013, at $238.
That represents a 644% increase once Bitcoin’s July 2011 all-time high had been met. Bitcoin thereafter decreased in price, bottoming out around $69 in early July 2013.
In early November 2013, Bitcoin blew by the previous all-time high of $238. On November 29, 2013, one Bitcoin was worth $1,122 (a 371% increase) before a collapse in price and subsequent consolidation.
Fast-forward more than three years and many headlines later, and Bitcoin is trading at just over $900, six months after the second Bitcoin halving in July.
The Halvings:
The two network halvings in bitcoin’s almost eight year history probably play more of a role in pricing than is continuously acknowledged in the financial analysis of the Bitcoin price.
In November 2012, the halving propelled interest, demand and disinflationary mechanisms; all which led to a continuation of the price increase, according to many Bitcoin participants.
Bitcoin’s major price gains the following year were well broadcast by mainstream media, with Bitcoin being featured on flagship television shows across the globe. The context of July 2016’s halving has likewise taken place amid attention-grabbing Bitcoin price increases. The correlation and/or causation between these two events are still subject to much speculation.
The halving in November 2012, when the price was $13, preceded the aforementioned $238 all-time high reached in early April 2013 by nearly six months. That’s a 1,731 percent increase from the halving to the next peak, a Bitcoin all-time high of approximately $1,122. The next halving took place on July 9, 2016.
On January 14, 2015, Bitcoin traded at $177, it’s nadir since the previous $1,122 high had been reached in late 2013. On the halving day 2016, the price of Bitcoin stood at $648. It had steadily climbed. Its topsy-turvy price formations had by-and-large helped people miss the newly awoken bull.
Since July, when the halving took place, Bitcoin’s price increases have only become more dramatic. Where this current price increase ends is anyone’s guess. 1,730 percent (the percentage price increase after halving 2012) of $648 comes to about $11,210.
Bitcoin program halves every 4 years:
For the Baby-boomers its important to note the significance of the 3rd, 4th and 5th halving only. Unless you expect to live past 70–80 years of age.
Fortunately for the Millennials, they totally got this one as it is for their age in time and their money.
Here is an actual countdown to year 2020…
Bitcoin predictions:
Bitcoin Halving YEAR / price USD $
2008–2012 1st halving USD $0–1,122.-
2016 2nd halving price after halving was $900 (2017 $20,000)
2020 3rd halving predicted price USD $100,000
2024 4th halving predicted price USD $500,000
2028 5th halving predicted price USD $1,000,000
2032 6th halving, 2036 7th halving, 2040 8th halving and from 2040–2140 Bitcoin will halve a final 25 times.
To repeat: Currently there are only 11.9M Bitcoins in actual circulation! And 4M (left) will be mined from now until Year 2140.
Now you know how scarce Bitcoin is.
For those who want to get into this brand new asset class called Bitcoin, Cryptocurrencies now being traded by both CBOE and CME and more trading futures around the world…
There are three (3) things that need to exist: A wallet, an exchange and places to spend your Bitcoin.
There are several wallets available Smartphone wallets, cold storage wallets etc… Some secure and a lot not so secure. You can check You Tube on how to create one.
A reputable local (Philippine) exchange is very important also and i highly recommend Satoshi Citadel Industries accredited by the Banko Sentral ng Pilipinas. Their offices are located in Legaspi Village in Makati.
sci.ph
bitmatket.ph
rebit.ph
buybitcoin.ph
prepaidbitcoin.ph
You can follow them:
Miguel Cuneta
SCI Ventures Vlog
Upon further research there are approximately 283 establishments and individuals accepting Bitcoin in Metro Manila. Google is your friend, search for them.
If you’re having trouble and want an easier way to learn, i charge and accept BTC payments for advanced private per individual lessons. This will keep you up to speed with the latest in this amazing and disruptive technology. Creating and securing your cryptocurrencies in different wallets for different applications. Traveling with crypto and surviving the world while being able to bring all your wealth with you. The different foreign exchanges, if you want to expand your crypto holdings in trading. We will cover a lot of topics from currency and how to apply Blockchain Technology in your business. How to do an ICO for beginners and advanced plus a Ready Platform for Launching a Sovereign Digital Currency like an OFW Coin for any country.
Most sessions usually are half a day of learning.
The following are reputable people on Social media to follow and keep updated in the space.
For trading or speculating advise on cryprocurrencies. Check out these guys on You Tube:
Tone Vays
https://www.youtube.com/channel/UCbiWJYRg8luWHnmNkJRZEnwCryptoGrinder
https://www.youtube.com/channel/UCEhFzdgTPR8MmeL0z-xbA3gCrypto Tips from Heidi Travels
https://www.youtube.com/channel/UCavTvSwEoRABvnPtLg0e6LQTechnical Tips from Ivan on Tech
Coin Mastery
Updates on Crypto:
World Crypto Network
https://www.youtube.com/user/WorldCryptoNetworkBoxmining with Michael
https://www.youtube.com/channel/UCxODjeUwZHk3p-7TU-IsDOA
Invest like a boss podcast:
http://investlikeaboss.com
Another Bitcoin Starter Kit site:
Bitcoin forks: What happens?
https://youtu.be/DQufcp3pwu8
Jimmy Song
You might be wondering at this point: but there are so many altcoins and they’re starting to eat into Bitcoin’s market cap! First, market cap is a heavily manipulated metric. Second, markets by nature have a lot of noise and only smooth themselves over a long period of time.
Because of the network effect and decentralization, Bitcoin is different than all the pretenders to the throne. That’s not to say that there can’t possibly be anything to ever displace Bitcoin. Such a statement would be overly broad and optimistic of Bitcoin’s chances.
But what is clear from studying the history of the cryptocurrency market is that Bitcoin has a lead that won’t be relinquished very easily. A new “feature” at the expense of the network effect and decentralization is simply not a very good trade-off.
What would it take to displace Bitcoin? Most likely an innovation at least as big as Bitcoin itself or a bug that makes Bitcoin insecure. Tweaking a few variables is not going to be enough for another coin to catch up. Even adding a big feature (e.g. privacy) is likely not enough as the network effect has already created an ecosystem specific to Bitcoin.
Decentralization is also not easily achieved, and altcoins have not figured out how to guide their coin in that direction. Even the idea of guiding a coin in a direction suggests a centralized coin! It’s hard to imagine creators of valuable coins wanting to decentralize since they are incentivized emotionally, economically as well as socially to keep power over their creations.
Bitcoin is different because unlike altcoins, Bitcoin created a new category and has the network effect as a result. Bitcoin will continue to be different because unlike centralized coins, it’s market driven, immutable and unseizable. These happen to be the properties of a great store of value and this gives Bitcoin a utility that no other token has.
As hopeful investors, it’s tempting to believe that we’ve found an altcoin or ICO that will improve on Bitcoin and thus make us early adopters in the revolution. Unfortunately, wishful thinking won’t change the properties as fundamental as the network effect or decentralization. Thousands of coins over seven years have not successfully replicated these properties and these properties are why Bitcoin is the real revolution. -Jimmy Song
Segwit & Sewit2x: Replay attacks
Jackson Palmer
The super inspirational people I follow on Bitcoin, predicting the future and life in general.
Andreas M. Antonopoulos
Siraj Raval
Cliff High
Better Mankind (Pls watch his other videos)
Don’t miss this tremendous opportunity. This will be the future of currency and the only question is, will you share in its success?
If you like this article please give it a clap, a thumbs up and a share for others to learn about this subject.
Until next time take care and as always be good to each other.
My dream is to sail around the world like these guys. What do you dream about? What inspires you?
Onetox — Ramukanji