What's really driving the price of Bitcoin through the roof- ZeroHedge and a comment
I just read this little article posted by one of my Steemit friends. The article is fine- I've duly noted. However, it was the first comment under the article that I really liked. It's quick, concise and sums up my feelings on things as well.
ZeroHedge Article:
"Although Bitcoin is electronic and moves quickly, the real world doesn't. Since Bitcoin (which is colloquially BTC/USD) has been in the news, millions have decided to put their own money into the Crypto world and press their luck.
So here's what's driving the price. Let's say you want to buy Golem, it's not offered on Coinbase, you need to first get an account at Bittrex or Cryptopia which are only fundable in Crypto. That means if you are not a hacker or computer expert, you need to first connect your Coinbase account to your bank account at Wells or BOFA and then buy BTC paying the egregious 7% fee (which ironically is similar to an FX transaction). Then, and only then, you can fund your Bittrex with BTC and buy XRP or whatever. So this is driving the price of BTC higher, as there is precious little supply of BTC.
We call this in FX 'real money flows' - as DB noted recently, Japanese men have become 'crypto day traders' - but the real upward pressure is by using BTC as a base/funding currency, which is only beginning.
Crypto exchanges are experiencing huge bottlenecks, which means this squeeze has only started. This week the price of BTC/USD can run up 100% or more due to this demand.
That means, millions of people investing thousands of dollars, is driving the price of BTC up, and will likely continue to do so, until there are viable alternatives, which there will be. Currently BTC is really the only choice for many - although it is slow, inefficient, and feature poor."
READ MORE HERE: http://www.zerohedge.com/news/2017-12-16/whats-really-driving-price-bitcoin-through-roof
THE COMMENT I LIKE:
Money moves away from capital controls.
People don't trust their Government.
Cyrptos market is small, it will only get bigger.
All businesses will incorporate blockchain technology.
Humanity is based on young Gen Y and Z, smart Gen X will go along.
-JibjeResearch Dec 17, 2017 12:39 PM
As soon as there is a good competitor to Coinbase (which is only a matter of time) then it should explode.
I only used Coinbase for the first week (even though I'm an IT guy) because I didn't understand all the flashing numbers and scariness of the exchanges. Once I got my head around it, it was simple, but it is intimidating. Coinbase is so easy, and honestly, without it I'm not sure Crypto would haven't gotten anywhere close to where it is now.
Do you use Coinbase @sunsquall? I use both it and Bittrex, but I'll be looking to move away from Coinbase once I start putting more money into Crypto...
Yes- I use Coinbase and would use GDAX to exchange and trade. I am not a techie at all. I plan on getting a hardware wallet and should have already done so.
I agree that without Coinbase making it so easy- it wouldn't be where it is now.
Do you have one of the Trezor or Ledger hardware wallets? Please tell me they are super easy and to go ahead and get one. lol.
Yes! Get the Ledger hardware wallet! The Nano S!
I got one on the Cyber Monday sales... and it took a while for them to actually ship it, but once shipped I got it super quick.
It's super easy to set up... I've just got to jump through all Bittrex's hoops to get my coins out. Get a Ledger Nano S! Get one now!!
Thank you! ok- will do! Have a great day!
I bought my crypto at a bitcoin ATM with cash. They charge 5%. You can buy $6000 per month this way. The one in Eugene Oregon sold bitcoin, ethereum, litecoin and dash. Once you have it on your Jaxx wallet you can use Shapeshift to exchange for a wide variety of token/coins. Maybe everyone already knows this but I don't hear anyone mentioning it.
Whoa! That's so close to me... but not quite close enough!
Do you know what the ATM is called so I can look it up? Maybe there is one in Portland.
Great tip!
I just google bitcoin ATM. They are all over.
upvote and following you. Thank you.
Thank you! I upvoted and followed you as well. Nice to meet you! :)