WORLD OF PAIN: Bitcoin FREAKING OUT – Mute The Noise!
Bitcoin has come back every time people declared it dead – and they can’t stand it because crypto’s success doesn’t fit into their paradigm of the government controlling the money supply.
It’s amazing to think that October 31st marked the 11th anniversary of Bitcoin inventor Satoshi Nakamoto’s original Bitcoin white paper. The idea of money that exists entirely in the private sector has become a reality because of Bitcoin, along with a 100% trustless network without anybody being in charge – unimaginable 11 years ago.
All these years later, we can take a closer look at Bitcoin and see its progress – and the mounting evidence that crypto and the blockchain are here to stay:
- As I’m writing this, Bitcoin’s market capitalization is an astonishing $168 billion and growing. That’s bigger than the market cap of McDonald’s stock ($144 billion), to give you an idea of its success.
- The circulating supply of BTC is 18 million. Only 21 million will ever be mined, and the law of supply and demand suggests that a fixed supply could send the price much higher in the long run.
- Around 60% of Americans have heard of Bitcoin, but only 5% actually own it. That leaves a lot of room for growth and adoption.
- China has gone from banning ICOs and Bitcoin exchanges in 2017 to declaring its intention to develop the blockchain in 2019.
- Bitcoin has survived multiple “forks,” along with price declines of 80% or more; BTC’s consolidation above $9,000 indicates that volatility may be decreasing.
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The greatest hurdle to overcome today is getting the word out and educating the public on Bitcoin.
The push to get everyone to adhere to crypto safety best practices – such as never to keep your cryptocurrency on an exchange for long periods of time – is gaining traction with the second annual Proof of Keys event:
The Twitter hashtag “ProofOfKeys” is spreading the message that all cryptocurrency holders should take their crypto off exchanges on January 3rd and keep it in a secure storage space such as a hardware wallet. Once again, the idea is to keep the power in the hands of the people: hold your own private keys, and don’t place all of your trust in third parties because this is your money, after all.
If you need a reminder of what can happen if you don’t abide by this guideline, take a look at the history of major crypto attacks:
- $460 million stolen in the infamous Mt. Gox attack of 2011 to 2014
- North Korea’s “Lazarus Group” attempting to hack into Macs with fake cryptocurrency software
- Over $18 million in funds lost from Bittrex exchange hack, and Bitcoin Gold delisted from that exchange
- $27.9 million stolen from 55,000 users in Bitpoint exchange hack
- Attack on Slovenian-based Bitcoin mining marketplace NiceHash resulting in $64 million stolen
Those are just the highlights.
Taking control of your own Bitcoin means fully owning your money: no third parties needed, no government intrusion, no central banks wresting control of your capital.
The death of Bitcoin was declared true many times and the haters are still out there – after 11 years, they know deep down that they’ve already lost the battle.
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.