As I have said many times that the Bitcoin is the enemy of the Banksters and their States. So don’t expect them just to sit on their hands seeing their days are numbered. They will do anything. everything to destroy the Bitcoin (or any public alt-coin e.g Bitcoin Cash). And the current Bearish assault on cryptocurrency as a whole is just half of their way, You haven’t seen it in full yet.
However, despite of that, the Bitcoin itself will face its own problem once the 21millionth Bitcoin is mined.
But first let me making several things clear before we’re going to discuss that “future”.
1- How many time have you heard this stupid mantras “the Bitcoin is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections”? This moronic propaganda has been repeated as if something is not backed by government then must be a terrible thing!
In reality! The opposite is true!
The Bitcoin was born for exactly just that: to get rid of governments and banksters’s destructive control and interference. Bitcoin is designed in such a way in order to have nothing to do with government and banksters. This is the raison d’être of the Bitcoin. Not only does it need no government backing but literally bans/prevents the banksters and government from taming it. That is the way the Bitcoin is designed to be: deflationary, decentralized, public, and free.
I can make a joke now that even if Governments want to back the Bitcoin, they just can’t, and they don’t know how. Because Bitcoin is beyond any control!
|Bitcoin – $14 Billion Market Cap in Jan 2017 | Asset Class: Cryptocurrency|
|Bitcoin is an independent digital currency (just as digital as the money numbers in your bank account). The difference is that YOU have the control over this number, not the banks. Bitcoin is NOT controlled by any government or any bank. It works on the same idea as BitTorrent, but instead of broadcasting files, transactions are broadcast to thousands of servers that check on each other to make sure the transactions are valid by means of advanced cryptographic algorithms. You also can run a Bitcoin node/server at your home.
Bitcoin has become the fastest appreciating asset in human history. In November 2013 for a brief time, each Bitcoin was worth over a $1000 dollars, in contrast to 2010, when the first Bitcoin transaction recorded was for two Pizzas at a price of 10,000 Bitcoins. Bitcoin’s value has been extremely volatile since it’s inception.
Bitcoins can be bought or created. Creating Bitcoins requires a computer to calculate and solve for a key, that releases the Bitcoins. At first it was easy and anyone could create Bitcoins on a regular home computer, but the Bitcoin ecosystem automatically adjusts so only 12.5 Bitcoins (12.5 for now) are released every 10 minutes systemwide, no matter how many computers are solving for the key. Today to make any serious money on mining Bitcoins, it requires specially designed one-purpose computers/servers in huge arrays, like shown in visualization above.
Why Bitcoin? Bitcoin can not be created out of thin air, unlike Dollars and Euros. Bitcoin follows the laws of thermodynamics- Bitcoin requires input (computer tech investment and electricity) to create/mine Bitcoins, just like Gold requires equipment and fuel for mining/extraction. Bitcoin is finite, with only 21 million coins that will ever be created. Bitcoin is deflationary versus Dollars and Euros that are inflationary. You have total control of your funds,you can transfer it globally near instantaneous speed with immutability- something neither Dollar, Gold or any other storage of wealth can offer. Long term outlook for Bitcoin is that it might do to Money what the Internet did to Communication.
Potential Risks: Bitcoin was created by the mysterious figure Satoshi Nakamoto (pseudonym), the identity of the creator is still argued to this day.
There are now many Cryptocurrencies like Bitcoin, still Bitcoin is most dominant. Bitcoin created an idea, but competing crypto currencies with better implementations could possibly overtake Bitcoin in the future, just like Facebook overtook MySpace.
2-Thus, the Bitcoin is for the liberty loving people. Bitcoin offers its users the total ownership /control of and the full responsibility for their money (property).
Therefore, one must understand that, in this public cryto world. if you do not hold it, you do not own it. So if you are greedy and stupid enough in surrendering your crypto ownership (privatekeys) to the Banks and the bank-like Coinbases, you literally already give up and give away your Bitcoin. When it’s declared that you lost your Bitcoin because of being hacked. Or to be correct they just robbed you your coins. Then that’s your fault, your stupidity, not the Bitcoin’s!
- The honest crypto exchange is the one that does not need setting up your Web-base Wallet, just your Wallet receiving address will do.
- Do you know this book? “The Best Way to Rob a Bank is to Own One: How Corporate Executives and Politicians Looted the S&L Industry
- Yes! The best way to “hack” a Coinbase is to own one! “Hacking” a coinbase Exchange is much easier than robbing a bank!
Just like Government paper money and gold , bitcoin as medium of exchange allows parties to exchange value (good, services.) But Bitcoin is better than Fiats and even superior to gold, for they are crypto (generated by no one but mathematical algorithm), deflationary, and decentralized. One can say that Bitcoin is virtual gold. And that makes Bitcoin even better than gold in functioning as medium of exchange. Unlike gold, Bitcoin has no weight, no bulkiness. A large amount of Bitcoin can be stored in any tiny device (micro usb, cellphone or cloud base etc) and be moved and accessed everywhere, anywhere in no time without restriction.
For the first time in history, people can exchange value without intermediaries, without direct government interference and permission. All of these have been proven since 2009 up till now.
Blessing in Disguise
The current Bearish assault on Bitcoin, to me, is a blessing in disguise. Why is that?
As I have analyzed the dollar price of the Bitcoin was suddenly hyped up to nearly 20K/BTC and then rapidly drop. It’s because some actor bought up a huge amount of Bitcoin and then flood them back bearishly into the market. And that has been done by the only “actor” who has both the infinite amount of fiat dollar (printing press) and the evil motive toward its arch-enemy Bitcoin for carrying out such an destructive action.
Bitcoin is no bubble. I cannot be a bubble. It’s not a commercial product, not a commodity. Bitcoin is a currency. A people backed global currency! Yes, it can be manipulated. It has been being manipulated by its enemy: the Government. It’s a tool after all. But it not a bubble. A public crypto currency only die or collapse when the people, not bloody government or banksters, reject it.
Anyway, the above 10K dollar price of Bitcoin at this time of low number of participants in global market, does make difficult for the normal new comers to join in. The majority of Bitcoiners are those small owners (around 1-3 bitcoins). This bearish assault will open good opportunity for more bitcoin new participants.
Who are selling out Bitcoin now?
The answer is obvious: The Actor a.k.a the Fed, and the Coinbase-thieves a.k.a Mt GOX. Both of them had to sell bitcoins out to drive the Bitcoin down and to recover their Fiat papers. All the legal threats and banning threats from governments around the world are not the main culprits! They orchestrated this destructive move so as to look like it. They want to show off their “power of the State”.
Of course, there are quite a few traders who took high interest loans to buy/ invest in Bitcoin, and now they have to sell it to pay their debts and making some profit on the way.
For the majority of small bitcoin holders, please don’t panic, Be patient. keep them tight, Bitcoin will rise. Remember the number of Bitcoin they hold is limit, this selling out will end very soon!
Don’t forget that the US Dollar has been losing its exclusive position as global currency as every day goes by. That’s why they had to do something. But they will fail.
Future of Bitcoin
At the moment We have no accurate data on how the Bitcoin has been used. We don’t know what is the volume of bitcoin that has been use as medium of exchange (payments). we only know a lot about the volume of Bitcoin moving as commodity in term of USD at Coinbase Exchanges.
At any rate, the future of Bitcoin totally depends on its main function as medium of exchange. The more people use it the better (acceptability) . Bitcoin will be an excellent asset if it is an excellent medium of exchange.
Apart from the eternal assault from Governments, which I don’t ever care for neither can they destroy nor control Bitcoin successfully. And there is no way that Government can force me to ask its permission to use Bitcoin or to stop me from using Bitcoin. It’s beyond their power. However, Bitcoin does have a problem of its own by its design. It is Bitcoin transaction verification process which totally depends on the miners.
Will miners still have good incentive to deliver transactions after the 21 millions were mined? Because running a mining machine is at the moment very costly. Without financial incentive there will be no miner. Without miner there will be no bitcoin verified transaction. No transaction, Bitcoin system will collapse.
As I suggest previously that I hope Bitcoin developers will come up with an algorithm which will automatically verify a transaction one all requirement are met.
Or hopefully by the time the 21 millionth Bitcoin will be mined, the personal computer technology will be advanced and more powerful and cheaper, that in turn allows more individuals running full node wallet with solo miner mode in their PC and having the capacity to perform transaction verification easily. That’s problem solved!
The future of Bitcoin is not doom at all. In fact it ‘s very bright as it has proven since 2009. We’ve already known how criminal and how fraudulent this current statist monetary and financial system is. How many financial crisis and government’s banksters’ financial frauds do you know? At least you do remember 2008 crisis, don’t you? What kind of Government protection did people have? That’s why the Bitcoin was born! Free of government and banksters’ fraud! It’s quite revolution.
The future of Bitcoin lies in our hands, the liberty loving people on this planet. Please learn more about Bitcoin, crypto currency and blockchain. Then participate, join in, buy some Bitcoin now, and please run a full node wallet if you can.
Bitcoin needs only one backing: The liberty loving people, YOU!