A Foolproof Formula On How To Get Maximum Benefit From Bitcoin As A Cryptocurrency.

“Make hay while the sun shines"

The essence of an excellent business management lies in prediction. The eyes of an excelling business entrepreneur focusses beyond the present and sees clearly into the future as in a well ventilated room. Focussing beyond the present and seeing the future might be the only way into a successful business oriented individual.

The way we see things as they are now in cryptocurrency, is the way some individuals pictured it decades of years ago. It may have began as a dream which was developed intoba tangible enterprise. The Bitcoin idea may have come into creation in 2009 yet it was dreamt very many years before. In 2010, the Bitcoin had reached an overwhelming one million dollars. This year, 2017, it is a boom and on an upward trend. This is what a dream idea realizes.

Bitcoin therefore becomes 'the digital gold' as it is lovingly called. It has stood over the other cryptocurrencies just the wayva king stands over his subjects. In comparison, Ethereum remains not only as a digital currency but a platform of companies who use the Ethereum blockchain to build applications and raise funds for businesses through Initial Coin Offering(ICO). It therefore is no comparison to the bitcoin.

What Is The Bitcoin?

"It is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds operating independently of a Central Bank."

An important point to note here is that Bitcoin operates independently of a Central Bank. It therefore goes without say that its control solely depends on its network and not on any central authority.

Why Is Bitcoin Value Skyrocketting?

Here is a good question that is posed by many valuable businessmen. As discussed earlier, the Bitcoin control is based on its network. It then goes without say that its value depends on three things viz scarcity, utility and supply/demand. Once a commodity is rare or scarce and has utility then its value goes up following the supply and demand. It is a known fact that currently, there is just over 16.2 million Bitcoin in circulation. It is projected that it will only reach a maximum of 21 million in circulation. This makes Bitcoin rare, full of utility with a high demand and thus its aporeciation in value.

How Is The Bitcoin And Other Cryptocurrency Managed?

Cryptocurrency is nanaged by blockchain.

"Blockchain is a digital ledger in which transactions made in Bitcoin or other cryptocurrency are recorded chronologically and publicly."

It may also mean:

"A global network of computers which uses blockchain technology to jointly manage the database that records Bitcoin transactions."

Therefore the management of Bitcoin and other cryptocurrency lies with Blockchain. Steemit is a Blockchain based on social network.

Other Cryptocyrrencies

Litecoin
Namecoin
PPcoin
Phenixcoin
Feathercoin
Worldcoin
Devcoin
Freicoin
Terracoin
Mincoin
Primecoin
And many others.

You can even make your own cryptocurrency.

The Ultimate Foolproof Formula

When I began this blog, I mentioned that the essence of good business management lies in prediction. Unless one has insight and predicts good profits, he cannot managecin business. Business is profitability. Majority of the business fraternity are projecting that the Bitcoin will continue appreciating over the dollar. In 2018 which is just a couple of months away, it might exchange at 10,000 dollars. That is some huge profits bearing in mind that it is worth between $4,000-5000. If you invest now and reap profits when it reaches $10,000, aren't you in business? However, there is something that may soar at the same time dampen your spirits.

"A 'Fraud' it may be but Bitcoin could reach $100,000 before it collapses."

The above are words from J.P Morgan, CEO Damie Dimon. He predicts great success but does not remain at that. It may start "COLLAPSING". That is it. 'Make hay while the sun shines', that is my foolproof ultimate formula.