is less of a view, and more just experience. You stop needing ‘views’ about Bitcoin after some time in crypto. The experience however is of an easy, reliable way to transmit value. You can send it directly to anyone with a pub btc address, without the worry of any intermediary letting you down. I’ve used the network often in trading, where its wide liquidity is comforting and also its more steady price. Or at least, its slower price action compared to other cryptos popping up and down.
I’m starting to use other networks to move Bitcoin, where it’s ‘wrapped’ or pegged. Why? It’s quicker, and fees are lower and you can also earn higher rates of interest on it in de-fi vaults, versus custodians like Blockfi. Keeping most assets liquid is important. If you need them in a hurry, then you don’t want them in Blockfi or under anyone else’s control.
The Bitcoin network needs to be there. It’s a safe zone, and it can hold surprises. Other networks may start tapping into its secure power.
Recently it’s been a lot more volatile since the start of the bull market, triggered by external events which make valuation more tricky. I use other coins which are more stable, not necessarily stablecoins.
Each market cycle brings new depth to the crypto rabbit hole and it gets harder to escape. Each wave brings a wave of new users, innovators and entrepreneurs. And people reading ‘views’ on Bitcoin, ignoring crypto as a whole incoming tide.
So, who needs another person rambling on about Bitcoin, again, or whether it’s going to be massive, or it’s all hype. People want to know, yes, but they can’t discover that by reading and writing, or using custodians. They have to get a wallet and see for themselves. Use Metamask for deeper, faster networks. Then they are awakened. Right now, Covid-19 is bringing more people in quicker perhaps. Price action triggered by whales helps fire the FOMO.
My ‘view’ is that Bitcoin is not hype, nor is it going to reach massive price heights so soon. But it’s here to stay, so you can’t argue with it. Because you can’t stop it! And… it is useful. Through Bitcoin’s gateway you’ll soon discover a larger world, of faster networks and projects which will soon get much more exciting for monetized… everything. Ownership, art and expression, control of data, investment, new money markets (killer dapps), and new forms of value. Many projects won’t make it. More will, since they are upgrading something already existing, making it more widely available or more direct to use. Ethereum will be huge.
The health of a network is important. The strength and interest of its community. And yes, how decentralised it is. However, the extent of the latter may not be as vital as: User experience, adoption and great projects. As long as its direction or intent is to become more decentralised. Often, a ‘core’ decision-making group of devs are vital and more effective in the early stages of any project.
News varies between countries, I’ve noticed. America is super-bullish and hungry for crypto, Britain more conservative and hand-holding, France quite liberal. ‘Crypto-twitter’ is immensely bullish, of course. And that is interesting. Twitter is where it’s at, really. People are very influential there.
Bitcoin as the new gold
I’ve said what my experience of Bitcoin is, and it’s not like gold. However, this narrative is interesting because it makes people respect their ownership of Bitcoin more, and I like that. So they should. You can buy any crypto with it right now. But no, it’s not digital gold. It’s more useful, when fees are low. And Bitcoin can still evolve and be surprising in (temporary) negative ways, but – more likely – in more positive ones, eg. its latest upgrade. Challenges can crash prices for a short while, but may be overcome. Threats or cold-water pourers from governments and temporary leaders do not worry Bitcoin, or its cold, truthful technology. For now, Bitcoin will allow the banks to disrupt themselves and embrace it!
But the focus should soon start to move away from Bitcoin, as other networks gain in significance. This will be a sign that crypto is taking over. No more stories about Bitcoin price. It might steady and slow down as it grows bigger and gets more boring.
Not just Bitcoin
Bitcoin is not an island. You can’t comment only about Bitcoin, discussing its value, because it is now deeply integrated with this whole fast-changing crypto network multi-verse. Or network-verse. Networks are growing beyond it, but are still interconnected with it. Its value lies in its interconnection and liquidity too.
Maybe you have other views. It doesn’t matter what your view is. Bitcoin has happened. It’s still happening. It uses energy and will incite greater moves towards greener energy. It still has challenges to face but its value cannot ‘crash to zero’ because it’s now too integrated. It’s not a particularly risky investment, nor has it ever been. Not so for its imitators. It has the power to retreat out of mind for a while. If you consider it risky, then you’re clearly new to crypto and this new money-verse.
That’s my final entry about it, on this blog at least. Let’s talk about what people are using, or what they’re excited about using….
Rare ownership, Blockstack, creating or trading, monetization, data, tracking, de-fi earning, token farming, insurance, gaming, discovering new projects… ‘Money’ is really starting to move now, at the same time remaining under the direct control of a growing, diverse array of commanders – us! you!
‘Professional financial advice’ already feels like an outdated term, for there will be new, crypto-focused portals. There will be temp. road-blocks, but if you ask me, and thanks to Bitcoin, we can begin to take our chances. We can be in charge and seriously ‘own’ our investments, if we put time aside to explore. There will still be risks, and scams, and hacks, but it won’t be Bitcoin’s fault. In fact, there will be less risk… that you will get burned by a middle-man, a ‘professional’ or your bank will fail.
And once crypto has completely changed the nature of money, no-one will be able to slow it down again, or stop it for very long. Crypto is now the spice. And the spice must flow. It’s been said before. Enjoy slow money – like TV before Netflix – while it lasts.
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