Bitcoin The Driving Force Of Cryptocurrency
Right now the world of cryptocurrency revolves around Bitcoin and how well it does on the market. When the coin goes up the rest of the market usually follows and attention returns to the space. With that attention you start to see more users on dapps and more developers make applications on the blockchain. Bitcoin is what started people being interested in cryptocurrency and once it breaks the ATH of 20k it should be lead to a big wave of users into the crypto space.
Why Bitcoin Has Value
Bitcoin is a pretty foreign concept as it literally is a new invention. It is the same as understanding the internet when it came out, you didn't have a proper comparison to anything. You could say it was like mail or tv or that really did not do it justice. The same can be said for Bitcoin. You can say that it is digital gold but it is more than that. It can be a stock and a currency at the same time. It can have benefits just for holding and there is an international community that is running nodes to keep it secure and decentralised. The answer to why it has value if simple, scarcity. Blockchain technology has made it so you can have a digital good that is scarce in number. Think about how big this is. Although it has its benefits one of the problems with the internet is how easy it is to copy things and thus they would have no value. But this technology fixes that and makes it so you can only have so many of an asset. Bitcoin will only have 21 million units and this means as inflation goes up, in theory the value of the coin should go up in comparison. With more and more people accepting it as a type of gold-like asset it should continue to rise in the years to come.
The Face Of Cryptocurrency
Bitcoin is also the face of the entire space at the moment when it comes to outsiders. If you ask people about crypto who are not in the field or what do they know about blockchain they will probably talk about Bitcoin. This is the way people find out about other coins and it is up to Bitcoin to open the door up to the masses. We need bitcoin to reach new highs in price to shake off the doubts from the last crash and then hopefully from there more people will be interested.
How To Get Bitcoin To The Masses
Price is one way but making it user friendly is the other. Many people do not want to learn about it or know how to manage their wallet. We need apps and wallets that are as easy to use as an email (and some are) so that anyone can just open one and use bitcoin. We also need places to accept it as an option so that is gets a lot more exposure. Ppaypal should go a long way to help with this and when it launches all its crypto products we should see a surge of new users. The other option is easy to use dapps so people can use crypto without even knowing they are using crypto. Rewarding people with wrapped bitcoin can be a way for users who are not on the bitcoin blockchain.
The Market Today
On a final note I want to talk about the future of bitcoin and how we are looking good today for the rest of the year. Today the stock market is in the red but Bitcoin is not. This means it is breaking free from the market and starting to climb even on really bad days. If we don't have to depend on the market doing well and bitcoin can grow independently it really bodes well for the currency is the days to come.
There is still a ways to go to make it to the mainstream but bitcoin is in a good position right now and if we continue to work hard as a group we can see it make major strides in the year 2021.
And this post is powered up for the contest and also includes my price prediction.
The price of bitcoin (btc) will be 13956.20
This is just a random guess and not investment advice.