RE: Bitcoin to 10k USD Before End of The Year?
I dont understand why people are agreeing with you.... hahah what? $21 trillion for a single coin? what? noooo $1 million dollar bitcoin means that we will have 21 trillion dollar marketcap! and so what? That is SMALL! 21 trillion is Nothing! the World has quadrillions of dollars in wealth! There is definitely much more than 21 trillion in just fiat paper physical cash in the world! And quadrillions in digital dollars euros yuan yen etc...
Bitcin IS the best money system and keeps your money safe it keeps your money valuable and no other system is as strong and dependable... people who cry about hacking etc are just children who cannot take responsibility for their own money, if you have a lot of btc you need a hardware wallet, if you have a lot you need multiple wallets so if you do get hacked you dont loose everything..... its a shame so many of us have this entitlement attitude... we have to do things for ourselves and this crypto currency system called bitcoin is so much better than paper money OR gold that it will continue to rise in value because the people who HAVE it KNOW its valuable!
Its a worldwide decentralized ledger and its perfect when it comes to MONEY, cryptography and math is the best system for storing value! to think that bitcoin cannot go to $1 million dollars is just naive! please dont underestimate it!
I will upvote your comment as a sign of good will, here is 10 cent 80% Upvote :D For a name like Blockchain bella you should have a more open mind and bigger imagination!
Bitcoin is bigger than you or me or even everyone on steemit! Bitcoin is bigger than any one person and you cannot understand it as just one human.. you need to step back and see the bigger picture and understand how the world really world... money USED to all be imaginary but it is not imaginary anymore! it is tangible, and if you cant see that its tangible you already lost! the tangible part of your bitcoin is your private key! the math IS tangible! money doesnt need to be "Physical" we have been using paper and credit cards for a long time and it BUILT the modern technological world we live in! GOLD did NOT build this world hahahah gold is NOT money, its gold! Money is bitcoin! money is fungible! Gold can be freaking counterfeit hahah you gonna test every gold bar you get? bitcoin doesnt need chemical testing like gold, those people who think gold should be money are pathetic! its crazy! You cant deny that the modern world and everything weve built in the last 50 years or so has all been from fiat and credit cards and it can now transition to bitcoin and we will be able to avoid the big fiat inevitable crash! we dont need to go back in time and use a gold standard! We all just need to get into using bitcoin! The whole idea of using an agreed upon money system already works and using bitcoin you get to avoid inflation!
Ok Im getting too excited but I just don't get why people don't accept that Bitcoin went from $10 billion to $100 billion this year and it will go from $100 billion to $1 trillion (another 10x) this year! and then the next year it can go from $1 trillion to TEn trillion and by 2020 it will go from, $10 trillion to $100 trillion! It will go OVER $1 million per bitcoin!
But guess WHAT! The $1 million dollars wont BUY you as much! the dollar wont be worth as much!!!!!
Hey! Thanks so much for the upvote. Just finished reading and I love your passion and don't worry I'm just as passionate as you!
Just for clarification when I said "21 trillion for a single coin" I meant 21 trillion market cap for Bitcoin alone meaning not in combination with any other crypto currency. Just that one type of currency- bitcoin. So my apologies if that was confusing. Right now the crypto market as a whole hovers around 150 Billion (and yes bitcoin makes up 2/3rd of the entire market cap) and continues to go up. This is all great news! And I do think we are just at the beginning of something that will revolutionize how we transact in a number of different industries both internally and externally. And that is so exciting to me. Imagine a world where our security is decentralized, where Equifax hack can't happen because our identity is saved on a digital ledger that is immutable and can't be hacked. That's exciting to me!
My thoughts on bitcoin:
Bitcoin was the first currency and the inception of blockchain and because of that I think it isn't going anywhere anytime soon. Now the case can be made that we will go to one trillion and I wouldn't even refute that. I hope that we do! I own bitcoin but when we think of it as a currency for the majority of people we can't think of bitcoin the way it is today. Currently we don't have a standard backing world income except the USD. The reason I compared gold to bitcoin is because gold is an asset
a way of storing money and many people do. Bitcoin is really an uncertainty at the moment. It could become a currency or it could become an asset or it could be used in a way we haven't seen yet. I think an understanding of what bitcoin is and will become would affect how it grows and how people (and nations) see it and also back it. I can see a serious case made for bitcoin being used as an asset in developing countries and we are already beginning to see that now. Places where the government is too corrupt at the moment (Venezuela, Zimbabwe, etc...) and that will continue to increase the market cap.
But in developed nations I don't see that being the case unless the government decides to back it. The majority of Americans hardly know what bitcoin is let alone how to invest in it and when you start discussing wallets and private keys you've lost them. The majority of American find bitcoin far too risky and confusing to invest in. Something would have to change fundamentally with bitcoin for it to surge into the multitrillions especially if you're making the argument bitcoin will continue to exponentially increase.
The other issue I have with bitcoin is the current blockchain. its slow compared to other currencies and requires a lot of energy to do transactions. The blockchain has gotten so large at just $100 billion that the machines running it need millions of dollars to pay for the energy needed to put the transaction on the chain. That means as bitcoin goes up so will the fees. And we are only at $100 billion. Imagine if that was 21 trillion? If bitcoin continues under the blockchain It has today then it would take weeks for one transaction to go through and it would cost thousands of dollars in fees. Now of course we are looking into forking to change this but even that is hitting resistance and sometimes for good reason. Since there is no central say in bitcoin there has to be a consensus. Segwit 2x would help with these issues but they also have problems of their own as the consensus within the community doesn't seem to support the way in which they want to fork bitcoin.
My point is we need to look at this from all sides. I think we need a better idea of how bitcoin will be adopted by the masses and how we can make its blockchain more efficient. Until we see that I think 21 trillion is a bit too optimistic for me. Hope thus gives you some clarity on my previous comment and once again thanks so much. I really love the enthusiasm and trust me I believe and love my bitcoin ❤️