As it is in vogue right now, I would like to announce that I will be launching my cryptocurrency next week.
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Let’s call it “kingcoin”.
Nah, it’s too much for self-service.
How about “muttcoin”? I’ve always been a soft spot for mixed race.
Yes, it’s perfect – everyone loves dogs.
This will be the biggest thing since with fidget spinners.
Congratulations! Everyone who reads this will receive a muttcoin when my new coin is marketed next week.
I will distribute a million muttkoin evenly. Feel free to spend it wherever you want (or wherever anyone can accept it!).
What is that? Did the Target ATM say they wouldn’t accept our muttcoin?
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Tell these questions that muttcoin has a handicap value – there will be only one million muttcoin. In addition, they support the full faith and credit of the 8 GB of RAM on my desktop computer.
Also remember that a decade ago a bitcoin couldn’t even buy a little chewing gum. Now a bitcoin can buy a lifetime supply.
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And, like bitcoin, you can safely keep muttcoin offline away from hackers and thieves.
It is basically an accurate replica of the properties of bitcoin. Muttcoin has a decentralized cryptographic book with cryptography that is impossible to crack, and all transactions are immutable.
Are you still not convinced that our muttcoins will be worth billions in the future?
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Well, it’s understandable. In fact, marketing a new cryptocurrency is much harder than it seems, if not completely impossible.
That’s why I think bitcoin has come to these heights face to face. Due to the unique network of users, it will continue to do so.
Of course, there have been delays. But each of these setbacks has ultimately led to higher prices. The last 60% drop will be no different.
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The miracle of Bitcoin
The success of Bitcoin now lies in its ability to create a global network of users to connect to or store it later. Future prices will be determined by the rate at which the network grows.
Even in the face of wild price fluctuations, bitcoin adoption continues to grow at an exponential rate. There are currently 23 million wallets open worldwide, followed by 21 million bitcoins. In a few years, the number of wallets could increase, including 5,000 billion people on the Internet-connected planet.
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At times, the motivation for new crypto converters was speculative; at other times, they sought a storehouse of value away from their home currency. Over the past year, new apps like Coinbase have made it even easier to introduce new users.
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If you haven’t noticed, when people buy bitcoin, talk about it. We all have that friend who bought bitcoin and then didn’t shut up. Yes, I’m guilty of this – and I’m sure there are quite a few readers as well.
Perhaps subconsciously, holders become crypto-evangelists because convincing others to buy increases the value of their property.
Evangelizing Bitcoin – spreading the good word – has miraculously raised the price of the last $ 10,000 to $ 0.001.
Who could have imagined that its nickname creator, disgusted with the global banking oligopoly, had launched an intangible digital resource that matched the value of the world’s largest currencies in less than a decade?
No religion, political movement or technology has ever witnessed such growth rates. Once again, humanity has never been so connected.
The idea of money
Bitcoin started as an idea. To put it bluntly, all money – whether it was money used by primitive islands, the gold bar or the US dollar – began as an idea. It’s the idea that a network of users values you equally and would be willing to participate in something of the same value as your form of money.
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Money has no intrinsic value; its value is external, only what others deserve.
Look at the dollar in your pocket: it’s just a one-eyed pyramid, a small portrait, and a wonderful piece of paper with the signatures of important people.
To be useful, society must see it as a unit of account, and traders must be willing to accept it as a payment for goods and services.
Bitcoin has shown a unique ability to reach and connect with a network of millions of users.
A Bitcoin is worth what the next person is willing to pay. But if the network continues to expand exponentially, limited supply says prices can move in one direction … it’s higher.
The nine-year rise in Bitcoin has seen tremendous volatility. An 85% correction was made in January 2015, and more than 60% in others, including a colossal 93% drop in 2011.
Through each of these corrections, however, the network (as measured by the number of portfolios) continued to expand at a rapid pace. As some speculators saw their value diminished, new investors with a margin saw the value and became buyers.
Abnormal levels of volatility are what really helped the bitcoin network reach 23 million users.
Hey, maybe we just need the price volatility of muttcoin to attract new users …