So my question for the day is this – Is Bitcoin still a “thing”?
My answer is YES!!
It is still very important, it is still a game changer, it is still being disruptive, and this is why the price is so low!!
This time last year, 2 December 2017, the Bitcoin price was busy increasing and no one knew at that point, that it was going to smash through $10 000, then $12, $15 and eventually top out at $19800 just before Christmas and then pull back almost 80% of those gains.
People were buying it in a frenzy hoping to get rich overnight, and in reality the only guys that got rich were the guys that had bought Bitcoin when it was as 25c, $1 or even $300. They bought lots of coins and held onto them, sold when it was high, and made a killing. The guys that bought at $12000, or higher are sitting with the same amount of Bitcoin but only at a cost of $4100 today.
But why am I still positive about Bitcoin, well, I mine it. I collect Bitcoin every single day, little by little, building up reserve that will be worth a lot more when the price goes up again, and it will.
The cycle will be the same, the price will start building, it will break $10 000, then $15 000 and as people get excited again, it will keep going up. It is also gaining more wide spread adoption for use, France’s coffee shops are going to start accepting Bitcoin for their products in the new year, Bitcoin ATMs are springing up around the world, there are about 5 in South Africa now, 3 in the Northern parts of Johannesburg, 1 in Rosebank, 1 in Sandton City and 1 in the Northwold Spar.
There is a new Bitcoin or crypto debit card coming from Bitclub Network where we will be able to load the card and spend bitcoin without having to change it into FIAT currency to spend it, you swipe just like a normal card and pay for your goods with Bitcoin, the retailer will only see it has been paid, and not even know you paid with Bitcoin – BOOM awesome!!!!
If you are thinking that you should get some coins for your crypto wallet, now is the time, not in a week or so when, who knows, the price will go up again.
They are still speaking of $250 000 by 2020 for these reasons, more adoption, a halving of the mining reward and another economic worldwide crash similar to 2008, only they say this one will be worse. Remember this with Bitcoin, if there is another crash and there are runs on the banks, your bitcoins will be safe in your private wallets, because you control those wallets. No one can take those coins and pay another person the money they are demanding, because the banks do not have access to your crypto wallet, like they have access to your money in your bank account. If your bank account says you have R10 000 in it, and there is a run on the bank and you get there late, either the doors will be closed, the ATM will be offline, or you will be limited in the money you can withdraw because the bank does not have your money in a special box with your name on reserving the money only for you, that is not how it works – ever!!!!
The majority of people at the moment do not see the big picture, they do not understand how money works, how it is manipulated to keep you in debt, keep you working for a boss, and keep you dependent on a government for “support”. If, what the economists are saying, turns out to be true, how will you support yourself in a downturn that could be the worst the world has ever seen?
During the last downturn, the governments in Europe and the US turned to a system called quantative easing, what this was in reality was the continuous printing of money to supply to the banks so that they would not run out of money as money became scarce through salary increase freezes, unemployment and tax reduction. Basically printing money to pay for the money that was being paid out that wasn’t actually available. The inflation rates in some countries went negative, savers lost money, lenders lost money because the money they lent out was receiving no interest when paid back, central banks just kept printing more and more, and economics 101 teaches that if something becomes an oversupply value falls. And so it was with currency, these easing practices have now been stopped, 9 to 10 years after it started!!! If there is an economic crash again, these same countries will not be able to do easing again, it will not rescue their economies but rather destroy them for years to come, like in Zimbabwe, Venezuela, Greece and some other countries in the world.
Most of these opinions are facts which you can google in your own time that is where I read most of the details on what I have mentioned above.
If you would like to know more about mining, Bitcoin or how you can get involved in crypto currency, drop me a note or email and let’s chat.
