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Bitcoin data via CoinMarketCap
The best way to start your cryptocurrency wallet
The cryptocurrency industry is now bigger than ever. There are thousands of different platforms. Each of these blockchains brings a unique feature to the market. While many of these platforms will be successful, many will not. Bitcoin is the oldest, largest and most secure blockchain in the world. As a result, it’s a project that is sure to be around as long as the cryptocurrency holds value.
Limited supply (21,000,000 Bitcoins)
There will be only 21,000,000 Bitcoins ever created. These Bitcoins are issued as mining rewards to incentivize network nodes. New Bitcoin rewards are distributed approximately every ten minutes. In this way, Bitcoin provides the world with the first reliable global predictive currency.
The signs of change are evident in the market. This month saw investment metrics firm MicroStrategy shift its corporate reserves from fiat to Bitcoin. The decision to switch assets came after the US government issued trillions of dollars in stimulus packages to the market as part of the Pandemic stimulus package.
Discussing the decision, company officials said that due to the increased supply of fiat currency in the market and the general uncertainty surrounding the Coronavirus, Bitcoin has provided a better option. They explained that Bitcoin has many anti-inflationary measures that make it a better long-term investment.
This scarcity continues to drive Bitcoin prices to new levels. It has only been 11 years since this cryptocurrency entered the market and in that short period of time, Bitcoin prices have skyrocketed. Specifically, Bitcoin went from around $ 0.50 per coin to over $ 20,000 per coin. The market has corrected from those 2017 highs, but Bitcoin’s value remains over $ 10,000. This is an impressive ROI that has turned early investors into billionaires.
Bitcoin Trading – Analysis via CoinMarketCapBitcoin Trading – Analysis via CoinMarketCap
Of the 21 million Bitcoins, over 18 million coins are currently in circulation. Additionally, Nakamoto mined 1 million coins before disappearing without a trace. These Bitcoins have never moved since these early days. Furthermore, a large amount of Bitcoin was lost due to human error.
If you send Bitcoin to the wrong wallet address, it is lost forever. Studies show that around 4 million BTC is lost forever due to these mistakes. Together, all these factors mean that of the 18 million Bitcoins mined, only 13 million still exist.
Bitcoin network growing in size
The Bitcoin network is bigger than ever. There are multiple wallets, exchanges and platforms available for users. Additionally, more vendors accept Bitcoin. There are even Bitcoin debit and credit cards that allow users to spend their Bitcoins wherever Visa accepts.
These innovations, coupled with a growing Dapp industry, mean Bitcoin is set to expand for the foreseeable future. Additionally, various next-generation Bitcoin-based financial products, such as EFTs, are available to the public. Each of these products helps bring the traditional market into the cryptocurrency industry.
Institutional investors take note
Whenever a new Bitcoin-based product enters the traditional industry, it pushes Bitcoin adoption to a new level. These innovative financial tools allow users to participate in the Bitcoin market without directly owning Bitcoin. This strategy allows investors to avoid heavy regulations or taxes on cryptocurrencies.
Recently, it has emerged that some governments around the world have started accumulating Bitcoin. These countries recognize the excellent store of value represented by Bitcoin and have decided to hedge their bets. Many of these Bitcoins were confiscations that produced huge returns for government agencies.
For example, Bulgarian officials seized over 200,000 Bitcoins during an organized crime sting. Furthermore, Sweden, the United States and North Korea have strong holdings in Bitcoin. After these confiscations, some of the coins were auctioned for massive returns. In one case, the US Marshals Service auctioned more than 144,000 BTC to the public for $ 48 million.
Bitcoin adds new features
As the leading project in the market, Bitcoin continues to see innovative developments. The Lightning Network is an update that provides Bitcoin with a number of new features. The Lightning Network is an off-chain solution that uses private payment channels to eliminate on-chain congestion.
This revolutionary second tier protocol also allows Bitcoin to take advantage of new technologies on the market. For example, the Lightning Network introduces the use of oracles in the Bitcoin network. Oracles are off-chain sensors that can trigger on-chain actions. Oracles are one of the most interesting technologies on the market. They expand the usability of cryptocurrencies to new levels.
A Bitcoin investment is an investment in yourself
There is something else that powers the Bitcoin network besides blockchain technology. There is this belief that the people of the world deserve better. Everything about Bitcoin goes against the grain. It truly delivers a new level of financial empowerment and demonstrates how society can evolve beyond its current financial woes.
What does the future have to offer
No one can tell you with 100% certainty that Bitcoin will reach the heights expected by so many in the financial sector. However, all indications point to many more years of record adoption. Bitcoin is more than a cryptocurrency. It’s a vote for control of your financial future.
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