Eleven years ago, the Bitcoin white paper was published, changing forever technology, finance, and our relationship with money. In these 10 years, Bitcoin has become more valuable than gold, we’ve developed blockchain and other cryptocurrencies and seen a possible decentralized future where people are no longer required to trust an organization, but rather are given the opportunity to create trust, transparency and verify whatever they want. Decentralization introduced the idea that organizations can’t be evil.
Ilias Louis Hatzis is the Founder at Mercato Blockchain Corporation AG and Weekly Columnist at Daily Fintech.
Bitcoin’s price dropped below $9,000 pulling down the entire cryptocurrency market. For many analysts, such a move was not surprising because it was predicted. Now, it seems like BTC could be prepping for a further downward trend. There are so many people on opposite sides of the fence expressing their opinions.
Some say it was due to extra Tether being minted. Others because Mark Zuckerburg gave testimony in Congress. And others say that it was expected, the charts predicted it (my favorite). “All I know is that I know nothing.” — Socrates
From a macro-perspective, Bitcoin is still bullish despite the recent downturn. While this downward price has made some analysts talk about further drops, Bitcoin may be coiling up for another leg upward. In fact, a leading analyst has shown that the cryptocurrency’s recent price action has validated a bullish chart pattern. which implies another surge to the upside.
high n' tight flag
crazy, probably, but i've seen crazier pic.twitter.com/zRIbzdwwk4
— Josh Olszewicz (@CarpeNoctom) November 8, 2019
A few days ago, a friend asked me can I make money with Bitcoin? Is it too late for me to get into Bitcoin? Well, that’s not the right question to ask.
Before I or anyone else can answer this question. we need to discuss the difference between trading and investing.
Investing is something all of us should be doing, with the goal that the value of the assets we invest in, will increase over time. If you’re an investor, what you invest on, should be long term decision. When you pick the asset classes you want to put your money in, you should plan to stay with them for a while. On the other hand if you’re a trader, that means that you’re going to get in and out of the market quickly. Right now if you get involved with Bitcoin, you are a trader. At the current price and volatility levels, it’s not really an investment. You have to put up a sizable amount to make an investment and to see any kind of significant future returns.
Yo can expect Bitcoin to shoot up to crazy heights and come down crashing to crazy lows. If you don’t know how and when to get in and out of the market and if you don’t have the guts… if don’t have the stomach to handle seeing something losing half it’t value in a short period of time, then you shouldn’t be in Bitcoin. Trading is one of the hardest things you will ever do. It’s easier to become a successful professional athlete than to become a successful trader. You’re competing against the smartest people in the world, you’re competing against hedge funds, you’re competing against everyone and their mother trying to make a buck. So if you’re getting into Bitcoin now, you’re a trader not an investor and make sure you understand what it means and you’re are prepared for it.
The crypto market may not be growing as quickly as many hoped, and we’ve certainly seen some unexpected twists and turns. Yet, blockchain is more mature now than it was two years ago. Needless fat has been removed and a leaner and meaner ecosystem has taken shape.
One of the important developments this year is Bitcoin’s Lightning Network, that has increased throughput. The number of Lightning channels has grown 19x in this year alone, and Lightning Network node participation recently surpassed 10,000 nodes in 83 countries around the world.
Everyday we read predictions about Bitcoin’s future. Some of these predictions are accompanied with charts and analysis, yet some are just ideas. For example Bill Gates is certain that Bitcoin will fail and soon be valued at zero. Jack Dorsey, Twitter’s CEO, hasn’t predicted any price, but thinks Bitcoin will become the Internet’s money. And John McAfee is dead sure that Bitcoin will hit $1 million in 2020.
While no one can make price predictions with any certainty, we do know that 1.4 billion people are behind Bitcoin. In June, Kaspersky Lab released key findings of a survey named “The Kaspersky Cryptocurrency Report 2019.” The firm interviewed nearly 13,500 people in 22 different countries about their familiarity with cryptocurrencies.
Fear of the unknown often holds people back from many aspects in life, and the same can be said when it comes to adopting new technology. In our 2019 #Cryptocurrency Report, we look at why consumers are wary of adopting cryptoccurency
— Kaspersky (@kaspersky) July 12, 2019
The research by Kaspersky showed that 19% of the world’s total population had purchased cryptocurrencies. This is approximately 1.4 billion people, which aligns with the comments that Binance’s CEO made about who is behind the price of Bitcoin: “Lol, price predictions are easy. It’s just hard to be right about the timing. We will see $16k soon-ish. 1.4 billion people working on it as we speak.”
Google has a famous motto “Don’t be evil.” Companies like Google, Facebook, Amazon, Microsoft and Apple have the power to shut down websites or block specific users, but they don’t flex that muscle. Until they do. Following Google’s corporate restructuring under Alphabet Inc in October 2015, Alphabet changes the motto to: “Do the right thing.” Well, doing the right thing, doesn’t mean that you will. Earlier this year, the NYTimes, wrote a story about “Google’s Shadow Work Force: Temps Who Outnumber Full-Time Employees“, showing how much the company has strayed from its original motto. No company should have so much power, they can get away with murder. Decentralized systems are designed to leave behind, the flaws of centralized systems. Yet, jumping to completely decentralized world with zero governments and autonomous corporations would be a huge shock. Not everything needs to be decentralized, not at least today.
Hal Finney the computer developer who was the recipient of the world’s first Bitcoin transaction, said: “the computer can be used as a tool to liberate and protect people, rather than to control them.” Bitcoin is the world’s first global currency that harnesses the power of computers and humankind’s innate need to innovate, to enable worldwide economic freedom. I am looking forward to what 2020 brings, in Bitcoin and Blockchain adoption and innovation that can’t be evil.
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