Stock Markets Group - Last week it became known that one of the supporters of the cryptocurrency and the co-founder of the Bitcoin.com resource, Emil Oldenburg, criticized Bitcoin and sold all the assets that he had. Some, learning about this, we're just surprised, someone said that this is a commercial move, but experts know perfectly well why this happened.
Myths about the value and importance of Bitcoin as a payment item
There are several misconceptions about which we are increasingly hearing about this cryptocurrency. They, in our opinion, answer the main question of value.
1. Bitcoin is a digital currency. The first and most common misconception of the supporters of the "sect of crypto maniacs". You just need to know - in bitcoin, there is no interest rate, and this, as you know, is one of the most important regulatory characteristics of the value of any world currency. Therefore Bitcoin's currency is just an invention for the easy perception of its essence by inexperienced, and ignorant network members.
2. Bitcoin is digital gold, or bitcoin will soon replace gold. This is another deception, designed for inexperienced traders and investors money, which they try to get in the form of investments to make Bitcoin's market value higher. Gold is a resource on which the world economy depends. No one on earth can influence its quantity, and also create it from another material. Yes, and Bitcoin itself directly depends on gold and other precious metals involved in the production of electronics. Therefore, the myth that gold someday will be replaced by a program code, does not tolerate any criticism. In addition, in order to bitcoin become less or more, it is enough just to rewrite the program code.
3. Soon Bitcoin (BTC) will become an integral part of the global payment system. With this, you can agree, but only in part. The thing is that the time that will be needed for this can be calculated not by one year and not because there are technical problems that can not be solved. The problem, first of all, is that this is not beneficial to the big monopolies of the world financial system. Banks will never want to lose the lion's share of their earnings on commissions. Therefore, the use of blocking technology will be partial, for example, to protect transactions. But they will never accept Block-account as a settlement banking unit, it is unprofitable.
In conclusion, I would like to bring interesting facts to those who trade Bitcoin, trying to seek scaling where it does not exist.
The average daily turnover of the Bitcoin market is about 3 billion dollars, in the forex market the volume of trade operations per day is more than 5 trillion. Do you feel where the scale is?
Let's talk about the convenience of payments, which was drowned in the last crash of the market. Today, statistics indicate the total volume of Bitcoin transactions per day at $ 300 million, while everyone known Visa turns them around $ 17 billion. Imagine how much time Bitcoin needs to get out at least half of these volumes.
So how much is Bitcoin, you ask?
The answer is one - not at all. Bitcoin costs nothing and so it will be until technology, technology, and not the cryptocurrency, is firmly entrenched in the financial system and will not be recognized by banks for use.
The saddest thing about this is that if Bitcoin remains a mere tool of speculation, then it will never fulfill the mission for which it was created, to be a convenient and transparent tool when making payments. And it will go down in history as an ordinary financial pyramid, which today is very much.
