RE: Bitcoin $10,000: What Does It Mean?
BTC is kind of planning its own path though and when you start to look at it it seems like a solid and understandable plan. They look at bitcoin as a store of value (what is currently used to get into the markets and then start trading with) They believe other chains over top of BTC are what will be used for day to day transactions such as the lighting network. When you start putting all the peices together it increased the value of BTC because lets be honest here everything trades for BTC. Its going to be very hard and a long time till another coin overpowers BTC in terms of branding. Right now when you talk about crypto it always starts with bitcoin if you try and start it with Ethereum for example they have no idea what you are talking about. Love the input btw voted ya up :D
I again agree and disagree to a point. I believe that those with a good understanding see it as a long term store of value, not a payment method for everyday things. At a blistering 7 transactions per second, that is really all it can be. I also see a great many other players as well notably miners and governments whom in reality control the block chain, though we wish it were not so.
https://steemit.com/bitcoin/@pawsdog/is-bitcoin-really-decentralized-or-are-we-being-led-like-lambs-to-the-slaughter
Not being a conspiracy theorist, but I have to look at the finances of the miners and take that into consideration in terms of price, future growth and sustainability. As the blocks get more difficult, the costs to solve them will increase proportionately to a point of diminished returns that can only be offset by an exponential increase in transaction fees, appreciation in price and block rewards. At a point all the coins will be mined, so that well will run dry and be removed from the equation. Necessitating even higher fees, this will lower the total number of transactions, leading to further increases in fees to offset the fewer transactions etc. Which could force it into a long term store of value due to prohibitively high transaction fees. That however would also destabilize the rest of crypto market as who is going to pay $100 fee to trade for $100 worth of Alt Coins or Bittrex? I think the Concept shows so much possibility, but the business model needs work.
Enjoy the banter.. Your followed...
@pawsdog