Hello fellow Steemians, today I'm continuing the Ninelives series with Bitcoin. Why 9 lives? Because cats are said to have 9 lives due to thier survivability-we don't actually ressurect from the dead. Bitcoin is the undisputed king of the cryptos and although it probably has more than 9 lives I'm just going to list 9 of them because cats have better things to do than ramble on.
Bitcoin is Decentralized: Bitcoin was the first decentralized cryptocurrency. There is no administrator, no bank, no institution and no one authority. We don't even know who created it. It could have been created by cats! I mean crazy theories are known to exist.
Bitcoin was the first cryptocurrency: dating back to January 3rd, 2009, every 10 minutes, more Bitcoin is created and recorded on it's blockchain. The use and popularity of Bitcoin has been increasing and only recently it has become well known. Although most people and almost no cats own Bitcoins, so it may still be in it's infantcy.
It's finite: the supply of bitcoin is limited at 21 million, they are being 'mined' at a decreasing rate and will all be mined by about 2140. Most currencies are infinite, like the US dollar. The amount of dollars multiplayer faster than stray cats and if people knew how quickly and easily dollars are created, they'd probably want to to get rid of them faster than a rabid dog.
Digital Asset: bitcoin is a digital currency. Some cryptocurrencies aren't really currencies but are tokens than represt some share of utility or smart contracts (see Ethereum), Ethereum is a name, Ether is the token. Bitcoin is just a currency, the unit is a bitcoin. It's a store of value, it's fungible, digital gold...like you all know, I'm just a cat.
Bitcoin can be lost forever: seriously, if you lose your private key, and/or lose the ability to recover the key, it's gone. It can't be recreated and it's taken out of circulation. Just like me, except I'm unique and the supply of cats isn't as restricted as Bitcoin.
Means of transaction: Just like hard cash, you can exchange bitcoins for many things. Recently people have been exchanging houses, pizzas and luxury vehicles for bitcoins. It's also faster and cheaper (with exceptions) than sending money, especially abroad. Bitcoins also have 8 decimal places so there's room for change.
It's annoyomous: you have no idea who owns what wallet. Although you can see and look into every wallet, unless someone tells you they own the wallet or connects their name or ID to it, you really have no idea whose it is. Basically whomever holds the private keys owns the coins. Just like a cat, you have no idea if the cat has a hooman, whose hooman the cat owns, or really anything about the relationship unless you can somehow connect the dots.
Unalterable: once a transaction has been made, you cannot reverse it. The blockchain or ledger cannot be altered. This is probably the best thing about Bitcoin. No fudging the numbers or taking back your word, you do something, it's done. Trust isn't required. Cats love Bitcoin, because we don't trust anyone, except while they're feeding us.
Volatile: bitcoin is very volatile, right now it is half the price it was a couple months ago but about 4 times as pricey in terms of USD than it was a year ago. Its price movement is an unsolvable math riddle. Often people try to predict where the price is going but they have less idea of where Bitcoin is going than where a cat is going.
I think technical analysis is nonsense, and reading charts gives me a headache. If someone really could predict price movements, even slightly more than 50 percent of the time, it wouldn't take long for them to be the richest whale on the planet. So if there is one thing you take from this, it's that TA on bitcoin is nonsense, Bitcoin price movements are too volatile and random to predict.
Hope you enjoyed reading my blog. Feel free to upvote or comment. If you follow me and comment I will follow you as I am a very social cat. If you have anything intelligent to say or wish to argue with me about Technical Analysis feel free to do so.
This is not financial advice and I don't recommend you buy Bitcoin, unless you are willing to risk losing all your investment.
Bye for meow mRrrrrrrrrr....😸
