Something oddly satisfying about that video, especially if you’re trying to accumulate.
In todays video going to quickly look at the market, answer the question if you should invest, a potentially good alt coin to buy and discuss the argument that Bitcoin isn’t backed by anything.
So, before we get into the video if you could smash the like button, demolish the subscribe button, hammer that bell icon, bookmark this channel and set as your homepage, and name your first-born child Cameron, or if you already have one then rename them, that would be very much appreciated. Now with the formality’s out of the way, roll that channel intro.
Well that was a sucky intro. Ok fair enough.
Marketcap creeping back up over $219 billion. I guess to me things look pretty dire when it is under that figure. At this point I’m happy with Bitcoins price and I think it could slowly grow from here, but we all don’t want to see $6k or $5800 tested again.
Should you invest? In my opinion dollar cost averaging right now is a good bet. But there are no guarantees.
Assuming we are not going to test those levels, assuming we are not going to fall below that because we’re not sure where the support levels are if we brake those resistance lines, so a big IF, but if so this is a great time to accumulate some better projects. A few people in the industry I respect are quite big on WAX so definitely keeping an eye on that. If I can motivate myself to part with my Bitcoin, which isn’t the easiest thing to do.
Bitcoin isn’t backed by anything.
It’s censorship resistant, I get to keep control of my money and no one can take it off me. It’s governed by the laws of mathematics instead of politicians.
Ok, but what’s backing it?
What do you mean? What’s backing gold or fiat?
An army, that will go to war with you over it.
Alright well the value of a Bitcoin is at least the electricity cost to produce one.
Yeah but doesn’t that fluctuate a lot, like if 90% of people turned off their miners it would be a lot cheaper?
Answer me this, why does Bitcoin need to be thousands of dollars per coin then?
This is the biggest misunderstanding about cryptocurrency in my honest opinion. It doesn’t need to be. If Bitcoin was accepted globally everywhere, and it stayed stable at $1 per coin, it would still work. The point that so many people seem to miss is this. How do we get there? How does something so niche as a cryptographic algorithm become so popular it’s adopted by the world? Especially 10 years ago when most people had never even heard the word Cryptography. Incentivization. Literally no other way.
Bitcoin could have been designed with an unlimited supply, but Satoshi decided on limiting it, giving some scarcity to the coins, so that they would become more and more desirable ideally.
We’ve seen failing economies more and more in recent years. Greece, Cyprus, Venezuela, Turkey and soon to be more. There’s certainly value in Bitcoin for citizens of these countries, if Bitcoin could just be a little more stable. You could argue they could just use gold or something, but in my opinion Bitcoin is more convenient. You can send it around the world, very quickly, almost for free, and turn it back into fiat if you’re government or bank isn’t banning that.
Does this mean that the fundamentals of Bitcoin align with your investment criteria? Does it not produce enough value for you to put your fiat into? That’s a personal question. For myself having a deep mistrust of the banking sector for their exploitations that led to the financial crisis just 10 years ago, wishing for a way to take back the power we gave them long before I ever heard the word cryptocurrency, yes it does. That’s how I can be so hardcore you could say about my belief in cryptocurrency, because my own belief in the system is not backed by the promise of fiat gains, but for the fundamental ideals.
I’d like to end with this: https://news.bitcoin.com/over-60-of-top-100-cryptocurrencies-have-no-working-product-study-claims/ 60% of the top 100 cryptocurrencies have no working product. Only 5 million or so wallets in existence with more than $100 of USD in them. If you believe crypto is already had its mainstream adoption and it failed, then exit. Sell your bags and cut loose.
For anyone else still sticking around, we need to recognise that everything is still way in its infancy. There is a long way to go.
Bitcoin is very unstable, but it’s exactly how other currencies work right now, they are traded against each other all the time. The USD would be super volatile as well if it’s market cap was as low as Bitcoin. When the marketcap is in the trillions, Bitcoin will eventually become stable.
At that point I believe it could become the new world reserve. Just like fiat it has value, it has the backing of the people, because we say it does. I really hope that day comes. It would be one of the greater achievements of humanity in my opinion and force financial elites to curb their more dishonest practices.
Do you agree with me? Leave a like on this video if you enjoyed. Let us know your opinions. What do you think backs Bitcoin. See you again soon.