After years of quiet whispers and mentions of Bitcoin and Cryptocurrency, it seems the mainstream has finally been broken into by the market. With every single mainstream media outlet reporting on Bitcoin over the past 48 hours, talk shows discussing it, financial expert discussing it, Local Radio is even asking exactly what Bitcoin is.
What’s the general reaction
Compared to a few years ago when Bitcoin would get an occasional mention in the press, the reaction is good. So called financial experts are of course struggling to not call it a bubble and they can’t help but mention the 17th century tulip mania, but actually many are more accepting of Bitcoin then they once were. There has been little mention of the Darkweb and the criminal activities that Bitcoin can be used for.
The public reaction is what you’d expect, a lot of people wanting to jump on the bandwagon, a lot of people who are in denial and just as many who are intrigued by this new ‘funny money’ but just don’t really have a clue how to get their head around it.
Don’t invest to get rich quick!
One great misconception out there is that if you buy Bitcoin you’ll become rich. Although many people have indeed become rich and there is potentially many more people even buying today that could become very wealthy, but this should not be your reason for getting involved in Cryptocurrency – if it is you’ve missed the point entirely.
By swapping your fiat currency for Bitcoin or even another decentralised currency such as Dash or Monero, you are making a statement, you are getting rid of blood money from these criminal financial terrorists (i.e the big banks) and in return you are holding a form of exchange that you control, is free from state theft, anonymous and free to do with what ever you wish, without consent.
We will all be rich if we can remove the power from the central banks, there is no need for such a divide in wealth, there is an abundance of wealth for all. However it’s all be ‘centralized’ for a select few.
Where do we go from here?
Well, believe it or not it’s still early days for Bitcoin and Cryptocurrency, don’t expect the volatility of the markets to improve anytime soon, adoption is still relatively small and so markets can swing dramatically very quickly, it’s also worth noting that it’s still incredibly undervalued as a currency. With more Bitcoin users than Bitcoins in existence it’s no hard to see what the value is increasing as rapidly as it is. We should see stabilization at around $100,000, though even at this range it is still incredibly undervalued.
2018 is set to be a busy year, we have futures markets being launched, the lightning network should start being implemented allow for quick micro-transactions across the bitcoin network and even across protocols allowing for quick, interchangeable payments with a multitude of Cryptocurrencies. We are likely so see some more hard forks, more push from the Bitcoin Cash community. But probably most importantly we are going to see more and more Governments share their stance on Bitcoin and Cryptocurrency and lay regulation down. This could push the value either way, however long term even harsh regulation will make little difference.
Historically the harder a Government try to clamp down a distributed, decentralised form of application the bigger their problem gets.
Just take a look at Napster which was shut down only to see the birth of bittorrent on the back of it’s closure.
Hold on tight, we are just warming up!