Bitcoin (BTC) has been around since 2009; however, there are very few people who understand the token better. There are a lot of videos and explanations already available about where to buy bitcoin, how to store it, and what Bitcoin is practically about.
Sydney Ifergan, the crypto expert, tweeted: “Taking Bitcoin (BTC) security into one’s own hands is crucial. There are countless examples of cryptocurrency exchange hacks. Else identify secure exchanges.”
It functions through a network of people sharing data related to values of transactions based on a protocol. It works like a channel through which the transfer of reserves takes place. The network itself is not Bitcoin. The network is the infrastructure through which Bitcoin transactions are handled. Just like the BTC, there are several other networks, each of them transacting value using their native cryptocurrency.
While people have the liberty to choose any of the network or BTC, it is expected that overtime Bitcoin will prevail. It exists in the digital form, it is decentralized, and the total amount of BTC is limited. The value delivered is highly volatile; it is intangible, and therefore several people are not sure of dealing with it. BTC is clear and revolutionary, and it is hailed by many as the future of money.
Just like any product, there are good and bad stories to BTC. The bad stories are due to lack of discretionary investment practices. And, of course, some of whom keep over-promising. Bitcoin is just what it is at any point in time. There is no sure-fire number it can touch. The predictions are just probabilities. The value is driven by speculation.
One of the commentators tweeted: “Just what we need. Our email provider telling folks how to buy Bitcoin. My elderly neighbors lost most of their life savings in it a couple years back when the Bitcoin Prophets were raving about it &Crazy Man McAffee was talking about $500k.”
Investors are now aware of the volatility and related risks.
Bitcoin (BTC) People Will not Care to Understand
Someone rightly said, “Bitcoin is not for everybody, certainly not yet. What % will bother to read Satoshi white paper? What fraction of those will understand it? Very few understand how fiat works, or electricity for that matter. Big players will have to make it very transparent to save and use.”
Investors have now progressed to investing in Bitcoin and a range of Altcoins. In reality, people do not need to understand how the work of the crypto to use it. People will not care to understand it for as long as it will work for them.
While several investors call for mass adoption, in reality, BTC was created for a niche. The Mass will get to know it when they are angry with the high transaction fees.
Credit: Source link