It is time to focus on Bitcoin demand, enough has been said about its supply
The much-anticipated Bitcoin halving is behind us with the world’s first cryptocurrency hovering near the $10,000 mark. Halving has not dulled the interest in Bitcoin, which is only growing. The currency’s valuations are strongly underpinned by volumes of late, a report by Cointelegraph, and Arcane Research indicates.
Focus Needs To Shift To Demand
A lot of price-hoopla surrounding the halving will soon die out, and the people projecting the rise in valuation all the way to the moon may also have to eat a slice of humble pie, but the interest in digital currencies is here to stay. We can leave the debate of stock-to-flow models that speculate the coin reaching $100,000 levels conveniently to the side, enough has said about the supply issue, it is time to focus on demand instead.
The Need For A Reliable Gateway To Bitcoin
The cryptocurrency publication also said that the popularity of Bitcoin can be gauged by the fact that there is an increasing number of Bitcoin ATMs out there in the wild, 8000 to be precise. A 90% increase over 2019. While Bitcoin ATMs are a nice novelty, and they certainly can help those people like to get their cash from holes in the wall, they defeat the very purpose of digital currency — its ubiquity. If the demand for Bitcoin and others has to rise, it has to be on the basis of easy availability of coins to the public, and that’s where services like Oobit Direct have an important role to play. They enable anyone with a credit or debit card to get their first fractions of Bitcoin in just a few swipes on the smartphone. There is no fumbling with COVID-19 covered ATM keypads or transferring coins to a third-party wallet, it’s as seamless and painless as it possibly can be.
Buying bitcoins with a credit card or debit card is confusing and used to be very hard in the past. Luckily, Oobit has made the process smooth and fast.
Institutionalisation Is Driving Demand
The real demand for Bitcoin will come due to its Institutionalisation, and the currency’s inherent usefulness. The owner of NYSE, Intercontinental Exchange has already launched a global platform that allows consumers and institutions to purchase and sell digital currencies. Even, Harvard, Yale, MIT, and Stanford have jumped on the action and are all investing one cryptocurrency fund as of 2018. The more players in the market, the more entrenched cryptocurrencies get in the world’s financial system, and the greater the consequent demand that is generated. We at Oobit are no strangers to the growing need to service the demand side of the equation. That is why products such as Oobit Hunter exist. Hunter is a price discovery tool that helps users get the best possible deals when buying and selling cryptocurrencies. The AI-based tool is a result of Oobit’s partnership with Coinbase, which provides escrow services.
Safety and Adherence To Rules Predicate Demand
With increased adoption by regular “mainstream” enterprises, exchanges, and organisations, cryptocurrencies are no longer an asset that people use only for shadowy purposes. Digital currencies have permeated every aspect of life, from being held as investments, to being used to facilitate the movement of funds across the world. It is no surprise then that digital assets are also increasingly the subject of regulations. Demand for coins would only rise if the buyers, especially novice buyers have confidence in the service that acts as their gateway to the crypto world. Oobit Pass not only plays the role of a crypto passport for the users and allows them to use the same KYC verification across multiple exchanges. The pass is built on military-grade encryption and can prevent identity theft and even though it is easy to use with no paperwork involved, there is always 24/7 customer support for those that need any help.
The demand for cryptocurrencies is rising steadily, and whether or not Bitcoin reaches certain price targets, the user base is certainly expanding with the passage of time. It is time the crypto community focuses on the value the currency can create in terms of usability and users, instead of the zeroes in Bitcoin’s price.
