I first knew bitcoin in early 2013. I was managing a fleet of virtual assistants and one remote worker requests to get paid in Bitcoin. The exchange then was ~$80 = 1 BTC. Out of curiosity, I set up a CPU miner in a local work PC, and created an online wallet. At work, I also set-up online stores that accept bitcoin payments, using coinbase as gateway. I was advised by my clients to HODL bitcoin by buying what I can, every chance I can. I shrugged it off as cash is just more convenient.
Now look at Bitcoin’s speculated value. Playing at P550,000 – 750,000, it could easily reach 7 digits again when they activate the lightning network upgrade. And could even at least double before the end 2019. Wanna bet?
Currently, there are 1300+ cryptocurrencies, but what makes BITCOIN standout?
- It is the first and original cryptocurrency.
- It is dominant, with highest market share – getting more than 1/3 share of the whole crytopie.
- It has mainstream adoption, with millions of merchants already accepting Bitcoin as mode of payment.
- It has fixed supply, a deflationary currency – means following the law of supply and price, we expect gradual increase in its valuation.
- Deregulation, decentralization, anonymity – no one will know how much coin you have, nor where you get or spend your coin. Hah, if it can’t be tracked, how could it be taxed? That’s why governments are allergic to it, and banks are afraid of it.
- Trending financial technology. Due to the exponential growth of Bitcoin users and traders, many major cryptocurrency exchanges need to suspend accepting new users. As per research of the University of Cambridge, there are already around 5.8M unique Bitcoin users worldwide in 2017.
Is Bitcoin a bubble? Yes it is! But it’s not gonna pop anytime soon. Perhaps, dollar will crash to the ground before Bitcoin will. Look at Fiat money, it is just paper, yet it existed for more than 3 centuries and people believed the value printed on it. Also with Bitcoin, as long as its userbase perceives value on it, it will always be valuable. Governments can impose regulations on exchanges and merchants, yet users will find a way somehow. Look at thepiratebay, the darkweb and wikileaks, they are even supposed to be illegal – yet there they are, haha! Bitcoin is embraced in the Philippines, with two major exchanges recognized by the central bank. You can get rich with Bitcoin – yet – this is not a financial advise. Take caution, and put in only what you can cry over and get away with.
Bitcoin – anyone?New to Bitcoin? Want to start with Bitcoin? I can help you. Let’s chat.