Bitcoin Investment Overall Score: B
Bitcoin Growth Potential: B-
Bitcoin Sustainability Score: A+
Bitcoin Brains Behind Currency: A-
Bitcoin has largely benefitted from being first to market in the cryptocurrency space, and in the case of valuation, it has risen to the very top of the space. Coinbase began its offering with Bitcoin. Binance trades primarily in bitcoin and it’s recommended that you transfer into it with Ethereum or Bitcoin. That’s a story you can read more about here in the near future.
You can read more about Bitcoin (BTC) from their official site found here
Bitcoin’s market cap to date has outreached any of the other coins. It’s scarcity is largely considered a major driver of this as primary investors are known for holding onto their shares. It is also notorious for the term HODLR which represents bitcoin’s hardcore initial investors who will not sell at any price.
In terms of pricing, Bitcoin has seen it’s price fluctuate rapidly to the upside. In January 2017, Bitcoin could be had for just over $1000, much like where Ethereum is positioned at the very moment. At the end of December 2017, Bitcoin was known for being a 1,900% gainer, settling near $13,000. Bitcoin touched $20,000 at points in Q3 of 2017. Pretty impressive for a currency that is massively questioned for its scaling capabilities.
Bitcoin works to be a sort of digital gold. There is a limited quantity of the coin which can be acquired either on the exchanges or by mining the coin with a cryptocurrency mining rig. These CPU’s are largely powered by high powered gaming chips produced by the likes of NVIDIA, Advanced Micro Devices (AMD), and IntelCorp (INTC) . There’s more on that topic to come. Look at NVDA’s stock to see what type of influence this stuff can have on the stock space. Robinhood is a great place to go to get some early investing experience. There’s nothing better than fee free trading.
Hypothetically, Bitcoin can be an extremely useful storage of wealth if everything goes correctly for it. Gold does nothing more than sit in a vault. It is said that gold is a helpful place to run when things go poorly and unrest is seen in the economy. It is common to see investors run to gold in times of worldwide crisis like 2008 or the .com bubble in the early 2000’s. People are expecting a bubble for CryptoCurrency as well. I think you’ll see more of a correction, but over time, you’ll see Gold with functionality. I think that will be really cool for the alternate coin space.
Bitcoin is limited by the fact that it only allows 7 transactions per second. If you’re looking for bitcoin to become the US Dollar, it’s less than likely you’ll get your wish. Unless VISA finds a way to engineer transactions on the currency that leverage blockchain technology, I just don’t see it. You would need transactions of a VISA’s scale to find Bitcoin at your local supermarket. VISA in comparison does 24,000 transactions per second which is truly impressive when you wrap your head around everything that goes into it.
So invest accordingly. I like Bitcoin in the $8,000-$15,000 range because it has shown the ability to go up. I also think we will see an entire new generation adopting the coin as we see Keeping Up with the Jones’ theory take full effect. Some of Bitcoin’s early adopters may have been called dreamers at first, but if they have appropriately trimmed their stacks, you are seeing them with new cars and new tax bills.
There’s something to that and the psychology of humans. We here at ReviewCryptoCurrency.cm think BTC is here to stay. It’s part of the reason we created the site. Unlike Tulip Mania, which we will cover a full article on, and the craziness your Mom and Dad talk about, Bitcoin has functionality and thus value outside of a flower which has an expiration date. I hope you studied Tulip Mania. It’s a good story to know. I think it applies to SOME of Cryptocurrency. But Bitcoin doesn’t seem to have an expiration date. Instead, many people think it’s the future without an end date. We agree.
Look for short term rotation off of BTC. It will probably go to some of the alternate cryptocurrencies and digital coins that we have listed here. All cryptocurrencies should begin to get off of their synchronous parabolic pattern if functionality and industry value begin being considered. At that point, Bitcoin will still maintain value. Something has to maintain as the mainstay of US currency given that the USD, Yen, Peso, or other national currency, does not apply in Crypto Exchange. Because Bitcoin is first to market, it is the staple behind any number of digital precious metals that you, the investor, will decide the value of.
Turkey and Argentina view Cryptocurrencies to be crucial to global economic stability, with Argentina even considering opening it’s services up to the use of digital currencies, a step considered highly validating of the space.
So, Frank Holmes is CEO of US Global Investors and Chairman of HIVE Blockchain Technologies (TSX:HIVE.V). He’s basically crushed gold his whole life and he’s one of the main backers of HIVE, which backbones BTC. The Russian Finance Minister who’s name is Anton Siluanov has gone on public record with the fact that he thinks that crypto currencies, and Bitcoin in particular, will be traded as normal securities. Roger Ver is known as Bitcoin Jesus, and he doesn’t think Bitcoin can be stopped. Even if the China Bitcoin ban is something to be considered, Ver thinks that Bitcoin can only be stopped if the internet is turned off. That’s a pretty difficult proposition.
With Bitcoin being added to the CBOE futures trading platform, the avenue for truly hating on Bitcoin has been made available to the general public. It was considered a big step when CME began offering the futures trading of Crypto’s largest currency in late 2017, but the CEO of CME is quite bearish on Bitcoin itself. He’s concerned about a bubble and claims that it is his responsibility after 37 years to protect the public in the face of added risk. He seems to think that there is added risk here, an understandable position for something that has seen unheard of growth. We could talk all day about Jamie Dimon, JP Morgan Chase CEO and known hater of crypto currencies. He thinks governments will crush the currencies and that people invesing in them are “stupid.” I know quite a few people who probably want to prove him wrong. This is probably why Jamie’s buddies over at Goldman Sachs Group Inc. Lloyd Blankfein, the acclaimed CEO of Goldman, had one of my favorite quotes around the currency. “I know that once upon a time, a coin was worth $5 if it had $5 worth of gold in it… maybe in the new world, something gets backed by consensus.”
Where to buy Bitcoin?
We recommend buying Bitcoin here at Coinmama if you are looking to invest. It is safest and transfers back to USD and back to your bank account. Transfer your balance of USD into Ethereum (ETH), Bitcoin Cash (BCH), once you’re ready to take the next step. BTC is known to be the primary measure of value there, though the service will also give you estimates into US Dollars so you can eye your stack. Here, the world becomes your oyster.
At Binance, you can see some of the ICO’s that are truly tulip mania. These coins have gone to zero. But those that are real maintain and there are plenty left to grow. Get a few bitcoin if you can, even half of one when it’s swinging. It’s a great way to start learning how this crypto world works.