Bitcoin, Here To Stay… Here’s Why!
By Merri Silverstein on ALTCOIN MAGAZINE
Invented in 2009…
2010–8–10 thousand users
2012–80–90 thousand users
2014–1 million users
2016–9.5 million users
By the end of 2018, over 172 Million bitcoin wallets exist!
Do you think those original few thousand users who held, made money??
How can this be a bubble if it is the future with the rest of the world already using it daily and its exponential growth? Today there are 27 million bitcoin users.
American fiat is backed with paper and debt, not gold… this is a digital currency and is here to stay. If you are in denial then you never thought there would be electricity, telephones, cars, electrical appliances, TVs, internet, computers, and cell phones….
You don’t need a bank account, fees, approval, forms, personal info given out, limits, returned checks or credit of any kind. More than currency can be transferred through blockchain/cryptocurrency, and in time you will see how very important and needed some of it is.
This money you know where it is… where is the American dollar going to that you hold? It is made in a printing press, who knows how much they print? Who knows what our gov’t does with most of it? Banks can go bankrupt and governments can steal your money.
There have been over 3000 currencies in the world. The oldest is the pound at 300 years. Its value has gone down 1000 %. No other currency has gone up as much or as fast as Bitcoin.
The fact that it has existed for 10 years…despite drawing the fury of regulators, experiencing several exchange hacks, and relinquishing into a scaling stalemate. Bitcoin is a modern phenomenon. Many have compared it with gold and have even assigned Bitcoin the appellation “digital gold” — and in some ways, this assessment is accurate.
Bitcoin is similar to gold due to a limited amount and inputs required to mine. They are both unstoppable and extremely difficult to counterfeit. They are both also alike, with limited fungibility even though they both being used for storage of wealth. Bitcoin is way easier to use for day to day needs, and it is way safer and easier to store away.
Today’s robots and AI will become smarter and smarter until they are smarter than us! That is a huge reason why investing in blockchain is a must! Bots are everywhere and IoT and blockchain are phenomenal.
I am not saying to invest all of your saved assets, but 10 % would be a great place to start for the average person… I also think it is better to buy and hold.. so you will have to wait for 3–5 years to see truly impressive numbers… but I do believe as the value can go up 3-5x to take some out each time, perhaps by 10 -20%. If you bought something on what you thought was “hype” and it goes up very fast and many times over I tend to say take 80 % and leave 20 %. I used to call this my 20/80, 80/20 theory. Long holds, 20 /80… quick pumps 80/20.
There are over 2200 cryptocurrencies at the moment. Bitcoin and Ethereum are by far the most valuable, but technology keeps growing and so does the creation of new products through coding. I read about scalability, speed, transaction costs and compatibility with other products.
There are so many trading sites now, from so many countries, it is easy to find one you like and can get into with no problem (unlike December 2017 when they were so busy they had to say no to new users!) Can you believe Binance, a popular trading site made more money in Q1 2018 than Deutsch Bank? Well, get used to it! The banks are scared and so is Wall St. Coins can go STO and become security tokens. Why wouldn’t all companies then become digital? Everything would then become out in the open and we the people of this world could see all the real facts! How many coins possible, how many in circulation and the value of each at any given moment, 24/7.
A few things to know about exchanges and protecting your coins:
- Do not keep your money on exchanges longer than you need to. If you day trade, understand the risks involved in doing so. See if the exchange is licensed by your government.
- Set up your hot and cold wallets by planning the number of digital currencies you’ll be storing, whether you’ll use them over the short or long term and what security risks you’re willing to take.
- Use cold wallets for large amounts of money that you don’t plan on using for a while.
- Always use hardware wallets that are PIN or password protected.
- Set up multi-signature, multi-party, or multi-factor wallets for weekly transactions.
- Use your hot wallet for micropayments (small daily transactions, like you, would with cash)
Many merchants take bitcoin, some have been for 5 years like Overstock.com and Microsoft. Some states currently take bitcoin to pay your taxes, some houses are sold for bitcoin and now you can even pay utility bills, airplane flights, clothes, and coffee. Merchants are growing weekly, as there are over 3500 in Venezuela.
Although there are many altcoins to buy and trade, Bitcoin is the only one of its kind. There are only a possible 21 million. In May of 2020, there is what is called a halving. The miners’ fees will be cut in half, so the value will increase once more. When stocks, real estate and especially your country’s fiat decline, watch Bitcoin grow. The predictions in the next five years range from $55,000-$1,000,000. I think once the United States allows the ETF’s the value could double overnight. Gold’s value skyrocketed when ETF’s were passed.
One thing we know for sure is that Bitcoin has led thousands of new companies and software using blockchain. This will change the internet, data collecting and our world forever. This revolution has begun, for the better!