Since it is currently very popular, I would like to announce that I will be launching my cryptocurrency next week.
Let’s call it “kingcoin”.
Nah, this is too self-serving.
What about “muttcoin”? I’ve always had a weak spot for mixed breeds.
Yes, that’s perfect – everyone loves dogs.
This will be the biggest thing since fidget spinners.
congratulations! Everyone reading this will get 1 motocoin when my new coin is launched next week.
I will distribute 1 million motoins evenly. Feel free to spend it wherever you want (or anywhere anyone will accept it!).
What is that? The cashier at Target said they wouldn’t accept our currency?
Tell these skeptics that muttcoins have a dearth of value – there will only be a million muttcoins in existence. Moreover, it is backed by the full faith and credit of your desktop computer’s 8GB RAM.
He also reminded them that a decade ago, bitcoin couldn’t buy a pack of gum. Now one bitcoin can buy a lifetime supply.
And just like Bitcoin, you can safely store your muttcoin away from hackers and thieves.
It is basically a replica of the properties of Bitcoin. Muttcoin has a decentralized ledger with crypto that is impossible to hack, and all transactions are immutable.
Still not convinced that our muttcoins will be worth billions in the future?
Well, this is understandable. The truth is that launching a new cryptocurrency is much more difficult than it seems, if not completely impossible.
That is why I believe Bitcoin has reached these levels against all odds. And because of its unique network of users, it will continue to do so.
Sure, there were setbacks. But each of these setbacks eventually led to higher prices. A recent drop of 60% would be no different.
Bitcoin’s success lies in its ability to create a global network of users willing to transact now or store it later. Future prices will be determined by the pace of network growth.
Even in the face of extreme price fluctuations, bitcoin adoption continues to grow at an exponential rate. There are now 23 million wallets open globally, chasing 21 million bitcoins. In a few years, the number of wallets could rise to include 5 billion people on the planet connected to the Internet.
Sometimes the new cryptocurrency converts were motivated by speculation; Other times they were seeking a store of value away from their local currency. In the past year, new apps like Coinbase have made it easier to get new users on board.
If you haven’t noticed, when people buy bitcoin, they’re talking about it. We all have that friend who bought bitcoin and then didn’t shut up about it. Yes, I’m guilty of this – and I’m sure very few readers are either.
Perhaps subconsciously, holders become heralds of code because persuading others to buy serves their self-interest of increasing the value of their property.
The preaching of bitcoin – spreading the good word – is what has miraculously led to a price surge from $0.001 to a recent price of $10,000.
Who would have imagined that its pseudonymous creator, fed up with global banking oligopoly, launched an intangible digital resource that rivaled the value of the world’s largest currencies in less than a decade?
No religion, political movement, or technology has ever seen these growth rates. Then again, humanity wasn’t nearly as connected.
Bitcoin started as an idea. To be clear, all money—whether it was fake money used by primitive islanders, an alloy of gold or the US dollar—began as an idea. It is the idea that a network of users will value it equally and would be willing to part with something of equal value for your money form.
Money has no intrinsic value; Its value is purely external – only 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, polka dots and signatures of important people.
To be useful, society must view it as a unit of account, and merchants must be willing to accept it as payment for goods and services.
Bitcoin has demonstrated an uncanny ability to reach and connect a network of millions of users.
One bitcoin is only worth what the next person is willing to pay for it. But if the network continues to expand at an exponential rate, then finite supply argues that prices can only move in one direction… higher.
Bitcoin’s nine-year rise has been marked by massive bouts of volatility. That was a correction of 85% in January 2015, and a few more of over 60%, including a massive 93% decline in 2011.
However, through each of these corrections, the network (measured by the number of wallets) continued to expand at a rapid pace. As some speculators saw their value dwindle, new investors on the sidelines saw value and became buyers.
The abnormal levels of volatility are in fact what helped the Bitcoin network grow to 23 million users.
Hey, maybe we just need some price swings in muttcoin to attract new users…