After a disastrous 2018, the current year seems to be a much kinder one towards crypto prices. Bitcoin (BTC) is once again a hot topic, and thousands of new accounts are joining its networks. Not to mention that the coin has managed to grow quite a lot in the past several months. However, there are many out there, in the crypto industry, who believe that this is only the beginning — an early stage of a massive boost that has yet to come and launch Bitcoin’s price to the moon.
These are the people known as Bitcoin bulls, and they have many reasons to believe that BTC is only getting started.
Why is Bitcoin more valuable than it might seem
One of the reasons why BTC might reach a far bigger price than the one it currently sees is the fact that it had done it before. There is hardly a need to remind anyone that the coin had a price of $20,000 per unit less than a year and a half ago. While the surge was sudden, hype-driven and the following correction caused the entire year-long crypto winter, it displayed some of Bitcoin’s potential. And, if the coin managed to do it once — it can certainly do it again.
Next, it is important to note that Bitcoin is still the leading currency in pretty much every aspect. It has the largest market cap, as well as the highest price. It has a limited total supply, which is rather low, thus guaranteeing that the coin must have a high value, provided that it turns out to be useful. And, as luck would have it, Bitcoin has countless use cases, only a handful of which are currently being applied.
Of course, the coin does have its fair share of problems as well. Bad reputation due to its use on the dark web several years ago still follows it. However, Bitcoin is a tool — one that anyone can use. The fact that it was used by criminals, and potentially, terrorists, should not be viewed as a damning factor. It was not made to be used by these people, but it is universally available, just like any other form of money.
Bitcoin is also still struggling with scalability, although this issue is well on its way of getting fixed with the Lightning Network project. All that will remain after that is mass adoption, and this is a gradual process that will speed up tremendously after the crypto sector receives proper regulations.
This is a coin brimming with potential, and one of its major uses in the future might be the replacement of gold. Unlike gold, we know exactly how much Bitcoin there can ever be. It can be just as universal, much more valuable, but also easier to manage and distribute. It is more effective, more practical, and more available. It is also extremely modern, the next step in the financial evolution of the entire world.
Moving towards digital money is a big step; there is no denying it. It is the biggest step since replacing material assets with paper money, and even that is a corporeal currency, with which we were able to familiarize ourselves with more ease. BTC, and cryptocurrencies in general, are more complicated as a concept, but a much better way of managing funds once you understand how they work and what they truly are.
Because of this, Bitcoin literally remains digital gold — only one whose true value and potential have yet to be discovered.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Wisebitcoin Launches Professional-Grade Crypto Exchange
Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.
In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.
For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
Beyond leverage, Wisebitcoin additionally offers a simple and…