Hello Steemians ●••● Lets Have A Little Talk About The Value Of Bitcoin!

Hello steemians,
Earlier today,I saw a post on steemit by @ddangerwu where he made a post about why bitcoin is valued and he included a contest with the post that steemians should tell him
reasons why bitcoin has value and stand a chance to win a 100 sp delegation for a week, here is the link to the post

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You can participate in the contest if you wish,anyway am making this post to formally tell you guys through this post why bitcoin has a lot of value as a crypto currency.

Here are my Reasons:
● Acceptance : bitcoin is currently the most accepted crypto currency in the world.I know everyone in the crypto world can accept any other coin as a form of payment but lets be realistic here,bitcoin has been accepted for way more payments than any other coin in the crypto space.

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There are instances where bitcoin had been accepted for payment of very expensive goods and services such as a Lamborghini or other expensive commodities. Here is a link to testify to this

I strongly believe that before anything can be used to substitute for payment of an expensive good,it must be of great value which defines my point here.

● Recognition : this is an additional major major factor that gives bitcoin its value,its one thing for a coin to be known by people and another thing when people know it for what it really is!...

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Bitcoin is the 1st coin on the list on coinmarketcap.com and a lot of investors both online and offline recognise bitcoin as the mother currency to all other cryptocurrencies and the major currency in the decentralised world

● Legalised:this is very important,whenever a wise and strategic investor plans on making an investment in anything at all,one of those important things he puts into consideration is the legality of such concept or investment.

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Although bitcoin has not been legalised all over the world but it has been fully legalised in some countries like mexico and partial legal rights in some other countries.

Also its also important to note the fact that

The U.S. Treasury classified bitcoin as a convertible decentralized virtual currency in 2013. The Commodity Futures Trading Commission, CFTC, classified bitcoin as a commodity in September 2015.

This clearly shows that bitcoin has some legal if not full backing and its legal in wide areas like west Africa, bitcoin was also legal in Algeria in 2017 but according to a bill to be passed in 2018 by the government,it will be banned.

All these facts correlate together to give bitcoin the value it has today.

● Nature of its supply:this is a very technical part but for understanding by my readers,I will like to expanciate it as simple as possible!

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Most of the crypto currencies in existence nowadays have a total supply and most of the supply of the coin is instantly available for purchase for investors in the crypto space.

Bitcoin is quite different!,the total supply of bitcoin is 21 000 000 but not all of this supply is totally available on exchanges for people to buy it all up,some of it is still mineable through some really expensive machinery and set up.

Lets be realistic here,there are a lot of miners that mine bitcoin everyday even with the high expense attached to it,that definitely goes a long way to tell us that they are engaging in an expensive activity to get something of great value which is bitcoin.

Its also a important to note that the more bitcoin is mined,the lesser the amount that can be obtained through mining,I excluded the complex details out for ease of reading.

● Market cap: according to coinmarketcap.com , bitcoin has a total of $171,559,166,785 USD total market cap... here is a little definition of what a market cap is: >Market cap, also known as market capitalization is the total market value of all of a company's outstanding shares. It is also incorrectly known to some as what the company is really worth, or in other words the value of the business.

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Without much explanation,you can depict from the above facts that the money invested in bitcoin is really huge...therefore it has value cause of the expensive nature.

● Hype and news: this is not something really cool about bitcoin but its really one of those things that extensively determines its value.

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Just like we all listen to music songs in nigeria and afterwards adopt the dressing or hairstyle of the musician and it becomes a trend within a short period of time!..same thing goes for bitcoin.

The more people spread good news about bitcoin,the more valuable it becomes as that act is known to increase popularity and good will about bitcoin,these type of acts are referred to as FOMO in the crypto space.

In the same vein,news are very powerful in determining the value of bitcoin...it takes just one news update to declare that bitcoins have been universally declined legal and that shoots the price and value up and vice versa.

● Mass Adoption: bitcoin is decentralised which basically means its not controlled by any government but rather those people who use and believe in bitcoin.

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A lot of people all over the world as well as notable individuals such as john McAfee and Bill gates have some huge amounts of bitcoin and a lot of youths especially students all around the world have adopted bitcoin as a form of payment.

Also majority of initial coin offerrings on the blockchain so far has adopted bitcoin as a form of payment as well as some online shopping malls such as shopnow.ng

● Form of payment: similar to the above factor,bitcoin is used as payment of good and services which gives it value

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● Price : alot of people might not realize this but the price of bitcoin is also part of what contributes to its value,imagine if bitcoin was valued at 1$ right now!

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People wont give it the value it has right now because of its cheap nature...i believe the psychological mindset of an individual buying a commodity is of great importance and cant be over emphasized.

Omg!!... I just realised i have written quite a lot of paragraphs!...I hope you guys will find it convenient to read through and give your well structured comments,contributions and criticism.

Thanks to everyone for visiting my blog and reading through,remember to win free sbd or steem everyday on my blog through my daily quote giveaway posts...till the next time we meet,I remain my humbleself @amec