What Is Bitcoin
Bitcoin is a digital coin of which there are 21 million of. Some are lost, some are not mined yet and the rest are in circulation. There are approximately 15M-18M coins that are in circulation/on cold wallets/on exchanges. Individual nodes on the network are made up by miners who devote their computer to solving many problems that is required for a functioning blockhain.
The price of Bitcoin has soared from $120/coin to $60K/coin, a 48,000% price increase, or 480x returned on every dollar.
- It’s a simple product, and it’s finished
- Decentralized – not one node dominates, checks and balances
- Does not go through ACH networks, DTCC (depository trust and clearing corp)
- It cannot be blocked, it cannot be stopped
- Large corporations, hedge funds, bulge bracket Wall St firms have not began buying BTC
- USD is weakening and may be displaced from world reserve currency
- Lighting network allows for network effect and faster transactions
- Volatile – moves fast
- Less coins on exchanges, more volatility
- Somewhat correlated to the stock market
- If the whales dump (holders of 1,000+ BTC) then prices can crash
- GOV can ban Bitcion
- Is this coin the winner or will something else win?
- Will compete with gold
- Reserve Asset Of The World-Will replace USD/EURO
- Will decouple from the economy
- Is my insurance policy against failing of the system