Hey guys! This is my first post on steemit and just want to share my thoughts on why I think bitcoin is not a bubble! I just had to write a post like that because I've been talking to my friends about bitcoin and everyone is just quite stubborn on how it is a bubble and it doesn't help that the media aggravates that mentality.
But I just want to say that I'm still new to the crypto space, and have only been exploring bitcoin the past few months, and I do not hold any BTC.( Literally saw the price go from $200 to what is is today thinking it was in a bubble the entire time. Bummer.)
I've been thinking recently about why I DO NOT think that its a bubble, and how high can the market cap go..and then it hit me.
There is only one main reason which I think its not going to crash.
Yes, the very thing that is bitcoin's bane, is actually it's saving grace. Which is, the time that bitcoin takes to confirm a transaction.
As I am writing this post it takes approx 42mins to confirm a transaction on the blockchain.info site, and at it's peak, in June 2017, the average waiting time for a confirmation would be more than 2500mins, which would equate to waiting at least more than 41 hours to wait for your coin to travel from your wallet to the exchange!!
I mean, just imagine how much it would be of a turn off , to have to(not even factoring in the transaction fees yet) more than 41 hours to send your coin from your wallet to the exchange, which I feel in this case, would definitely have a transaction time which would double that in June, if everyone were to decide to sell their coin off. Not to mention that the miners were to be extremely happy earning those transaction fees.
But then Coinbase comes along and adds BCH without any heads up, which in my opinion was a big sucker punch to everyone who owns BTC.
But thinking back..it might actually be a good thing...but we'll see!