Bitcoin Thrives Against All Odds

Since it is currently en vogue right now, I’d like to announce that I’m launching my own cryptocurrency next week.

Let us call it “kingcoin.”

Nah, that’s far too self-serving.

How about “muttcoin”? I have always had a soft spot for mixed breeds.

Yeah, that’s perfect – everybody loves dogs.

This is the biggest thing since fidget spinners.

Congrats! Everyone reading this is gon na get one muttcoin when my new coin launches next week.

shiba inu coin cryptocurrency ‘m going to evenly distribute 1 million muttcoins. Feel free to spend them wherever you like (or right where anyone will accept them!).

What is that? The cashier at Target said they would not accept our muttcoin?

Tell those doubters that muttcoin has scarcity value – there’ll only actually be one million muttcoins in existence. On top of that, it is backed by the full credit and faith of my desktop computer’s eight GB of RAM.

Also, remind them that a decade ago, a bitcoin couldn’t even buy you a pack of chewing gum. Now one bitcoin can buy a lifetime supply.

Plus, like bitcoin, you can store muttcoin safely offline from thieves and hackers.

It is essentially an exact replica of bitcoin’s properties. Muttcoin has a decentralized ledger with impossible-to-crack cryptography, and most transactions are immutable.

Still not convinced our muttcoins will be worth billions in the future?

Well, it’s understandable. The truth is, launching a new cryptocurrency is significantly tougher than it appears, or perhaps even downright impossible.

That is why I believe bitcoin has reached these heights against all odds. And because of its unique user network, it will continue to do it.

Of course, there have been setbacks. But each of these setbacks has subsequently resulted in increased prices. The latest 60 % plunge is going to be no different.

The Miracle of Bitcoin

Bitcoin’s success rests in its power to make an international network of users who are either ready to transact with it right now or even store it for later on. Future prices will be determined by the pace that the network grows.

Even in the face of wild price swings, bitcoin adoption continues to grow at an exponential rate. There are 23 million wallets open globally, chasing 21 million bitcoins. In a few years, the number of wallets are able to rise to include the 5 billion people on the planet connected to the world wide web.

Sometimes the new crypto converts’ motivation was speculative; other times they had been looking for a store of value away from their very own domestic currency. In the last year, new applications such as Coinbase have made it even much better to onboard new users.

If you haven’t noticed, when folks buy bitcoin, they talk about it. We all have that friend who bought bitcoin and then would not shut up about it. Yes, I’m guilty of this – and I’m sure quite several readers are too.

Perhaps subconsciously, holders become crypto-evangelists since convincing others to buy serves their own self-interest of increasing the value of their holdings.

Bitcoin evangelizing – spreading the good word – is what miraculously led to a price ascent from $0.001 to a recent price of $10,000.

Who could have imagined that its pseudonymous creator, fed up with the global banking oligopoly, launched an intangible digital resource that rivaled the value of the world’s largest currencies in only a decade?

No religion, political movement or even technology has ever witnessed these growth rates. Nonetheless, humanity has never been as connected.

The Idea of Money

Bitcoin started as an idea. To be clear, all money – whether it’s shell money used by primitive islanders, a bar of gold or perhaps a U.S. dollar – started as an idea. It’s the thought that a network of users value it equally and would be willing to part with something of equal value for the form of yours of cash.

Money has no intrinsic value; its value is purely extrinsic – only what others think it is worth.

Have a look at the dollar in your wallet – it’s really a fancy piece of paper with a one-eyed pyramid, a stipple portrait and signatures of individuals which are important.

To be able to be useful, society must view it as a unit of account, and merchants must be ready to accept it as payment for services and products.

Bitcoin has demonstrated an uncanny ability to reach and connect a network of millions of users.

One bitcoin is only worth what another person is willing pay for it. But if the system continues to grow at an exponential rate, the limited supply argues that prices can only move in one direction… higher.

The Bottom Line

Bitcoin’s nine-year ascent has been marked with huge bouts of volatility. Therewas an 85 % correction in January 2015, plus several others more than sixty %, including a colossal ninety three % drawdown in 2011.

Through each one of these corrections, nonetheless, the network (as measured by number of wallets) continued to expand at a speedy speed. As some speculators saw their value decimated, new investors on the margin saw value and became buyers.

The abnormal amounts of volatility are actually what helped the bitcoin network grow to twenty three million users.

Hey, maybe we just need some price volatility in muttcoin to attract new users…

Leave a Reply

Your email address will not be published. Required fields are marked *