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Is Bitcoin gradually starting to enter the mainstream?
We're in the middle of August and considering the huge influx of money into Bitcoin this past several weeks in particular, it's safe to say that this has been a pivotal period for Bitcoin. Granted, we can't be 100% certain just yet, because we don't know what the next few weeks will bring, but it does appear as if Bitcoin has turned the corner.
Gone are the days Bitcoin was regarded as a contrarian currency, espoused only by a small niche minority comprising Libertarians, anarchists and computer geeks. On the contrary, the secret appears well and truly out. Clearly, Bitcoin is becoming mainstream.
Right now, everybody and their mum is waxing lyrically about Bitcoin. Acceptance of Bitcoin is now well underway by incumbents, up to and including a number of pillars of the established financial industry. Such
What's more, the Bitcoin space is seeing its community of investors increase hand over fist. Coinbase, one of the leading US Bitcoin exchanges recently stated that it's seeing an influx of 40.000 individual customers per day
! That's a considerable amount of funds being pumped into Bitcoin daily.
So what was it that caused this about-turn? We know that investors, advisors and financial pundits have grown more confident now, given Bitcoin's resilience and immense potential. But how come the tide has changed so suddenly?
The answer is this: critical mass
. Bitcoin started as a tiny insignificant project, but has grown over the years, not just in size but in stature and reputation too. And it's now reached the number of people required to tip the scales.
In all likelihood, Bitcoin will grow exponentially from here.
And why not? If there's anything we've learned from the past, it's that Bitcoin is not just bark. It truly does have amazing bite to back up the bark.
Best of all, whilst continuing its meteoric rise and ubiquitous acceptance, Bitcoin's success as a global currency and a sound store of value is all but guaranteed.
Sure, there are still plenty of skeptics. Some claim that Bitcoin only exists on computers, which renders it too intangible to be real, and that all Bitcoins will disappear during a power outage. Now, whilst this makes for a great soundbyte, these naysayers seem to have forgotten that their savings only exist on computers too.
Come to that, payments by Visa, Mastercard or any other credit or debit card, are nothing more than computer-based data exchange. Every single one of our daily life transactions that doesn't involve paper money or coins is just data - zeros and ones whizzing from computer to computer. And it's not an issue at all.
So let's face it: 1) In this day and age, a digital dollar is considered as real as a fiat dollar held in our hands and 2) Computer-based funds, regardless of currency, do not disappear if the power goes down.
Other doubters spread the irrational and uninformed fear that Bitcoin is being chased by other cryptocurrencies. They assert it's only a matter of time before Bitcoin is made obsolete the same way the first generation of search engines, like Altavista and Lycos, were eventually eclipsed by latecomer Google.
This assertion comes forth from ignorance, or perhaps there's a hidden agenda at play. Whilst it's true that there are many other cryptocurrencies now, these are by no means mere Bitcoin clones hell-bent on superseding it. But more critically, Bitcoin has much more than just the network effect going for it.
Bitcoin's comprehensive and fast-expanding ecosystem has a huge headstart over that of the next largest cryptocurrency, Ethereum, let alone the countless lesser altcoins.
But more importantly - and this cannot be stressed enough - Bitcoin and Ethereum are very different from each other and neither is trying to be the other. Similarly, each of the many alternative coins in the cryptocurrency space was designed and developed with a very own niche forte in mind.
Now, whilst we don't know what the future holds, we do know that for any other digital currency to "supersede" Bitcoin as the global digital currency of choice, it would need to overcome the billions and billions of skin in the Bitcoin game poured into it by both the early adaptors, the countless intrepid followers and, more recently, the financial incumbents that have now joined the fray.
Switching global currency is nowhere near as feasible as switching search engine. Bitcoin is more likely than not destined to become the de facto global digital currency.
Meanwhile, as we speak, Bitcoin's lead as number 1 cryptocurrency is grower ever-wider. The first cryptocurrency-exposed ETFs that have been approved are both exclusively a Bitcoin ETF!
Better still, Bitcoin is becoming more and more liquid with every passing day. This is exactly the kind of thing institutional investors want to see, because it not only makes Bitcoin more accessible in their realm, i.e. larger order quantities, but its also tends to dampen volatility, whilst minimizing rate manipulation.
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I wrote the above article myself and it expresses my own personal opinions and views on Bitcoin. I am unable to guarantee that the information and/or results will be correct. Furthermore, whilst I own some cryptocurrencies, I do not receive compensation for my writing and I have no business relationship with any of the companies mentioned in above article. In addition, I am not an investment advisor and above article is for purely informational purposes. Investors are advised to personally undertake adequate due diligence, or to consult a financial advisor in order to determine what assets - if any - are appropriate to invest in.
Bryan, a Singapore PR, has spent two separate stints in Singapore, spanning close to two decades. As is the case for most non-techies, although Bryan's first exposure to Bitcoin was around 2010, it wasn't love at first sight. However, Bitcoin's impressive resilience, meteoric rise and world-changing potential have converted Bryan, to the extent that he has now pivoted to fully commit to Bitcoin.
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