Bitcoin Thrives Against All Odds

I would like to announce that I will launch my own cryptocurrency next week, as it is currently in vogue.

Let’s call it kingcoin.

No, it is very self-serving.

What about “muttcoin”? I’ve always been a soft spot for mixed sex.

Yes, it’s perfect – everyone loves dogs.

This will be the biggest thing since fidget spinners.

Congratulations! Anyone who reads this will get a muttcoin when my new coin goes on sale next week.

I will distribute 1 million muttkoi equally. Don’t hesitate to spend them wherever you want (or where someone will receive them!).

What is this? The target cashier said they would not accept our muttcoin?

Tell skeptics that muttcoin has a scarcity value – there will only be 1 million muttcoins available. Plus, it supports 8 GB of RAM on my desktop with full confidence and credit.

Also remind them that ten years ago a bitcoin could not even buy you a packet of chewing gum. Now you can get a lifetime reserve of bitcoin.

And like bitcoin, you can keep your muttcoin safe offline away from hackers and thieves.

This is basically an exact copy of the features of bitcoin. Muttcoin has a decentralized ledger and has unbreakable cryptography, and all transactions are unchanged.

Not sure if our Muttcoins will be worth billions in the future?

Well, that’s understandable. The fact is that launching a new cryptocurrency is much more difficult, if not impossible, than it seems.

Therefore, I believe that bitcoin has reached these heights, despite all the possibilities. Thanks to its unique user network, it will continue to do so.

Of course, there were failures. However, each of these failures eventually resulted in higher prices. The last 60% decline will not be different.

Bitcoin Miracle

The success of Bitcoin is based on the ability to either trade with it now or create a global network of users who want to keep it later. Future prices will be determined by the growth rate of the network.

Even in the face of wild price changes, bitcoin adoption continues to grow exponentially. Currently, 23 million purses are open, chasing 21 million bitcoins globally. In a few years, the number of wallets could grow to cover 5 billion people on the planet connected to the Internet.

Sometimes the motivation for new cryptocurrencies was speculative; at other times they sought value reserves far from their national currencies. Last year, new apps like Coinbase made it even easier for new users to sign up.

If you haven’t noticed, people talk about bitcoin when they buy it. We all have a friend who buys bitcoin and then doesn’t shut up. Yes, I’m to blame – and I’m sure very few readers are to blame.

It is possible that the owners are subconsciously crypto-evangelical, because persuading others to buy serves their personal interests, such as increasing the value of their holdings.

Bitcoin evangelizing – spreading the good word – miraculously caused the price to rise from $ 0.001 to $ 10,000.

Tired of the global banking oligopoly, who could have imagined that its pseudonymous creator would launch an intangible digital resource competing with the value of the world’s largest currencies in less than a decade?

No religion, political movement or technology has witnessed these growth rates. I repeat, humanity has never been so closed.

Money Idea

Bitcoin started as an idea. To be clear, all the money – whether it was shell money used by primitive islanders, whether it was a gold bar or a US dollar – started as an idea. It’s the idea that a network of users will value it equally and be willing to share something of equal value to your currency.

Money has no intrinsic value; its value is purely external – only what others think is valuable.

Look at the dollar in your pocket – it’s just a one-eyed pyramid, a patterned portrait and a luxurious piece of paper with the signatures of important people.

For it to be useful, society must see it as a unit of account, and merchants must be willing to accept it as payment for goods and services.

Bitcoin has demonstrated an extraordinary ability to access and connect to a network of millions of users.

One bitcoin is just the value that the next person is willing to pay for. But if the network continues to expand exponentially, limited supply claims that prices can only move in one direction … higher.

Bottom line

Bitcoin’s nine-year rise was marked by waves of great volatility. There were several other corrections, more than 60%, including a 85% decrease in January 2015 and a 93% decrease in 2011.

However, through each of these adjustments, the network (as measured by the number of wallets) continued to expand rapidly. As some speculators saw their value fall, new investors on the margin saw value and became buyers.

Abnormal volatility levels have actually helped the bitcoin network grow to 23 million users.

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