Home Bitcoin News Bitcoin (BTC) Nothing Without Exchanges Community Should Push It

Bitcoin (BTC) Nothing Without Exchanges Community Should Push It

Bitcoin Protocol

The Bitcoin protocol is about mining bitcoin, it has nothing do to with pricing bitcoin. There is nothing in the protocol about establishing a market price for bitcoin.  Bitcoin needs a market.  Now, what if all the exchanges are shut?

BTC is in its very early days, and it is an artificial currency, but whether it is creating new money, whether it is sustainable, whether it would survive – there are many questions about it.

The world is a global economy. However, we don’t have a unifying currency.  Bitcoin crashed many times and it had the resistance to recover. The community was strong enough to push it through again. That’s really exciting about decentralization and it is proof of the craving that people have for an alternative currency.

There are several circles, where there are a large group of people who will take Bitcoin as a legal tender.  They will even accept debt settlements very happily.  Well, this is why they are known as peer to peer cryptocurrency.

At the end of the day, what’s going to make bitcoin successful is more people making more interesting things, just like the beginning of the Internet.

Think of examples of free market transactions between peaceful people using Bitcoin and the Internet.  It is a wonderful thing and it’s going to make the world a better place. However, when regulators and jurisdictions step in?

If Bitcoin is a better gold or seen as a type of gold-like asset, then it could be in the trillions on a market cap. Some state that the best that Bitcoin can hope for is to be a second version of gold (SoV).

Other state, Silicon Valley is a great place for Bitcoin, since everyone understands computers, and there are lots of libertarians running around.

Need to accept that bitcoin solved the double-spend problem. The key problem was payment confirmation without central clearing. While Bitcoin solution was ingenious but wasteful as it’s fairly slow, and you can’t put other things on it.

There came other technologies which made it possible to make use of the value of Bitcoin with Layer 1 and other kinds of solutions. Being a ‘Permissionless innovation’ anybody who has an idea and has a solution can tap into or can leverage the Bitcoin blockchain.

So many are left wondering:  ‘Why are you investing in bitcoin and VR? Those markets don’t exist.’ You mean they do not exist – yet.

The next phase of the journey is to move from speculation to actual use cases – people getting into Bitcoin because they want to use it.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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