Since it’s currently in vogue, I’d like to announce that I’m launching my own cryptocurrency next week.
Call it “kingcoin”.
No, it’s too useful.
How about “muttcoin”? I have always had a soft spot for mixed breeds.
Yes, it’s perfect – everyone loves dogs.
It will be the biggest since the fidget.
Congratulations! Everyone who reads this will get one mutcoin when my new coin comes out next week.
I’m going to evenly distribute 1 million mutcoins. Feel free to spend them anywhere (or wherever you take them!).
What is it? The cashier at Target said they wouldn’t accept our mutcoins?
Tell those who doubt that mutcoins are lacking – there are only 1 million mutcoins. In addition, it is backed by the full faith and merit of 8GB of RAM on my desktop computer.
Also, remind them that ten years ago bitcoin couldn’t buy you even a pack of chewing gum. Now one bitcoin can acquire a lifetime stock.
And, like bitcoin, you can safely store mutcoin offline, away from hackers and thieves.
Basically it is an exact copy of the properties of bitcoin. Muttcoin has a decentralized book with impossible hacked cryptography, and all transactions are unchanged.
Are you still not sure that our mutcoins will be worth billions in the future?
Well, that’s understandable. The fact is that launching a new cryptocurrency is much harder than it seems, if not impossible.
That’s why I believe bitcoin has reached these heights despite all odds. And thanks to its unique network of users, it will continue to do so in the future.
Of course, there were setbacks. But each of these failures eventually led to higher prices. The last drop of 60% will be no different.
The miracle of bitcoin
The success of bitcoin lies in its ability to create a global network of users who are either willing to make transactions with it, or store them for later. Future prices will be determined by the growth rate of the network.
Even in the face of wild price fluctuations, bitcoin adoption continues to grow exponentially. There are now 23 million wallets in the world that pursue 21 million bitcoins. In a few years, the number of wallets could increase, including 5 billion people on the planet connected to the Internet.
Sometimes the motivation for new crypto converters was speculative; other times they sought a stock of value away from their own national currency. Last year, new apps, such as Coinbase, made it even easier to include new users.
If you haven’t noticed when people buy bitcoin, they talk about it. We all have a friend who bought bitcoin and then didn’t want to keep quiet about it. Yes, I’m to blame for that – and I’m sure a lot of readers too.
Perhaps subconsciously owners become crypto-evangelicals, as persuading others to buy is in their own interest to increase the value of their possessions.
The evangelism of bitcoins – the spread of the good word – is what has miraculously led to a rise in prices from $ 0.001 to $ 10,000.
Who would have thought that the creator of the pseudonym, tired of the global banking oligopoly, launched an intangible digital resource that in less than ten years was equal to the value of the world’s largest currencies?
No religion, political movement or technology has ever witnessed such growth. On the other hand, humanity has never been so connected.
The idea of money
Bitcoin started as an idea. To be clear, all the money – be it money used by primitive islanders, a gold bar or the US dollar – started as an idea. The idea is that the network of users evaluates it equally and is willing to part with something of equal value for your form of money.
Money has no value of its own; its value is purely external – just what others think it is worth.
Take a look at the dollar in your pocket – it’s just a fancy piece of paper with a one-eyed pyramid, a colorful portrait and the signatures of important people.
In order to be useful, society must view it as a unit of account, and merchants must be willing to accept it as a payment for goods and services.
Bitcoin has demonstrated an amazing ability to reach and connect a network of millions of users.
One bitcoin is worth only what the next person is willing to pay for it. But if the network continues to expand at an exponential rate, limited supply argues that prices can only move one way … higher.
The nine-year rise of bitcoin has been marked by huge bouts of variability. In January 2015, there was a correction of 85%, and several others over 60%, including a colossal drawdown of 93% in 2011.
However, through each of these fixes, the network (as measured by the number of wallets) continued to expand rapidly. As some speculators saw their value go down, new margin investors saw the price and became buyers.
In fact, the abnormal level of volatility has helped the Bitcoin network grow to 23 million users.
Hey, maybe we just need price fluctuations in muttcoin to attract new users …