Below are some very easy to watch videos that will give you a greater understanding of Bitcoin.
Bitcoin has taken the world by storm – This is why I believe it’s going up in value – long term.
1. It’s limited to 21 Million – only this many can be created in total. We have about 16.5 million Bitcoin created already and the remainder will be drip fed to us over the next 100 years. It’s estimated that there are only 5 million of the existing Bitcoin in circulation and that 4 million of the existing 16.5 million Bitcoin are permanently lost or destroyed. That means demand will always be greater than supply.
2. High cost to produce one Bitcoin – approx $500 – $1000 at the time of writing compared to 3 cents for printed fiat currency.
3. It’s used as an asset and store of value like gold – it’s digital gold. This can be seen easily in countries that are experiencing political instability – Zimbabwe in 2017. Countries where it’s citizens are attempting to transfer money out from like China.
4. Bitcoin has been around since 2009. It has longevity, transparency and a clear and “open to inspection” history via the block chain – this gives people faith in the Bitcoin system.
5. Digital currency is here to stay. There are over 700 other digital currencies with more being created everyday. Most of these are speculative and doomed to eventually fail. These digital currency are traded against Bitcoin, measured against Bitcoin and purchased through Bitcoin.
6. There is a dramatic increase in publicity around Bitcoin and digital currency due to increased use and fast rise in price. Increasing public adoption and acceptance is happening at lightening pace. This includes the current announcements that “Wall Street” will start trading in “Bitcoin Futures”
7. Liquidity – without liquidity larger players and institutions cannot participate. Bitcoin is by far the most liquid of the digital currencies.