Defending Bitcoin. A Daily Journey
By Truthraider.com
I will make a case for Bitcoin today. In the last two days, we have seen the mainstream financial news outlet bashing Bitcoin with epic levels of FUD. They have somehow convinced some Bitcoin owners into thinking that Goldman Sachs are directly connected to Bitcoin's growth. They have also made efforts to tie an SEC decision to the commercial viability of Bitcoin. This is utterly absurd. Yes, when they do these things it manipulates the prices. Yes, When they put out tweets people will react to them. The question is why are they covering only half of the story? The mainstream financial analysts only seem to care about the regulatory side of Bitcoin and have ignored the real growth of Bitcoin within the community created by its users. So let me explain.
- Bitcoin Mining. The world is mining bitcoin. Not only are they mining it, they are mining it like crazy. What do you think happens after they mine it? It hits the market and is sold. It is then bought and then repeats the buy/ sell cycle. The mining aspect is virtually ignored by all news outlets. Let me give you a tip. Every smart nation on earth is mining it. They are using hydroelectricity, commercial electricity, solar, nuclear, and who knows what's next. Bitcoin mining is the future on a global and industrial scale. This should be headline news every day on Bloomberg and CNBC. It is not. Why? I have no idea.
Bitcoin ATM's. This used to not be a thing. At all. The projection is that between now and 2023 we will see a 54% annual growth rate just in a Bitcoin ATM market. That is only a sliver of the overall market. What it shows us is trends. Market Trends help to shape the future.
The Network Effect On Price. The network effect of Bitcoin and other top cryptocurrencies can not be counted out for growth. The Facebook platform was started in a dorm room based on a simple idea. It grew organically just like we see Bitcoin doing today. This is further amplified by individuals, companies, and finally nation-states. The fact is that Bitcoin has been chosen by the people of the world to be the next major currency. The effects of inflation on many of the nation's currencies are forcing them into Bitcoin because of the viral nature.
Even as the prices drop, we see more people getting into the market. Now, why does the price drop so harshly? It is because, as of today, the Whales are able to push price percentages around with $1-10 Billion dollars, on a whim. In the future $10 Billion will be nothing to the price. I will be a .01 point market move. We are not there. The Network Effect through mass adoption will create an environment were moves are much more stable because everyone will be using it or bringing in more people to use it.
This is just a few reasons why I stay bullish on Bitcoin. I believe that Bitcoin mining and inflation are the two overall reasons why it will be here for decades to come. The ability to mine something with high profit margins is huge for any company. Also, having Bitcoin ATMs available for people in poorer countries to purchase it is a plus for me. Finally, the Network Effect has worked many times in the past and I believe the Bitcoin family will make adoption a reality in the future.
by Truthraider.com