Bitcoin is not in the moon, it is simply spreading out to the planet Earth
Hello, steemians and bitcoiners. We have 7 things to talk about today.
Trace Mayer explains each of the 7 network effects of Bitcoin
1st Network Effect: Speculation
People trying to ride the Godzilla. Buying to make quick profit over volatility. Buying in and raising the momentum peremptorily. We then see the surge of exchanges such as Kraken, Poloniex, Bitsamp usw. These are channels opening for input of value into the system.
2nd is Commerce
Merchants start to accept it. Merely because they understand it can be accepted and will not incur debt or fraud of any kind. Many services start also to facilitate the entrance of the payment technology. We have bitpay, shoppify and so on.
3rd is Consumer Backtrack
This effect is somewhat like Newton's Third Law of Motion, i. e. cause and effect. So, because merchants start accepting it, more consumers start to use it provide they start searching and understanding the immediate advantages of using it. For instance, services like purse.io are direct consequences of the 3rd network effect
4th is Security by Mining
As the network grows and spreads, the amount of processing power injected into the system starts to become unfathomable. It surpasses all major computational conglomerates together. Even first confirmations start to become extremely reliable.
5th is Software Compliance
Developers integrate their softwares into the blockchain and begin upgrading old software to be able to interact with the network. More and more APIs to interact with Bitcoin and the blockchain are created and improved.
6th is Financial Mingling
Wall street starts to step in. Major investors begin to allocate part of their wealth into the system. Major investors begin to buy startup companies that are thriving in the ecosystem. Venture capital percentage begins to point majorly to blockchain environment.
7th is Settlement
It's the final phase. The realization of change. It is when people will start pricing things directly in bitcoins and start cashing in not in dollars or euros but in bitcoin itself, realizing it has permanent value, security, validity, usability and so on.
EDUARDO CAPANEMA
@bitworkers
Good info on Bitcoin.
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Thank you very much @contentguy @bitworkers
Great article, I agree more money is flooding into crypto than ever before, mass adoption is right around the corner and bitcoin scaling issues coming to a resolution is the icing on the cake
Yes, mass adoption, Japan, South Korea and India. Yes, resolutions over the debate. We are watching with keen eyes!!
Cheers!
Thanks, @bitcoinman @bitworkers
nice, thank you for sharing
Cheers,
Thanks, you're most welcome @riostarr @bitworkers
good post, thank you, i will watch this
Resteems, upvotes and follows are always very much appreciated! I'm glad you liked our content!!
Cheers,
Thank you @psywalker @bitworkers
I thank you!
Already done
using this example in relation to the metals marker. if bitcoin is the Gold in the market . what is the silver? because silver always follows gold either up or down.
Cheers,
Litecoin is supposed to be silver @bdl1165 @bitworkers
Cheers.
We just met on Facebook
Really glad you came in!!!
Cheers,
Yes, @jonny-clearwater @bitworkers
Thank you @bitworkers ! Everytime I think bitcoin has bubbled I'm wrong every-time! I'm in it for the long haul...btc to da Moon!
You're on the 7th network effect then just like me!!
Cheers @bitcoinsky @bitworkers
or maybe bitcoin is the platinum,so then which one will be the gold and then which one will be the silver? i think part of the rise in ether and a few others is a two point argument. on a lot of echanges you are limited to "cashing out" at 2000.00 a day so if you own bitcoin then you would have to exchange it for a lower valued coin to turn it back into a fiat currency. and i think a lot of speculators are trying desperately trying to find the next over achiever, cash our a couple of bitcoins and spread them over a few of the better known cryptos and see if lightening can strike twice .
Well, this is a little misleading. One of my Elon Musk's favorite quotes is "I don't make analogies" - Surely these 7 network effects I pointed out here are happening and they surely point out to the fact that in a short future Bitcoin will become mainstream.
Cheers @bdl1165 from @bitworkers
First gave this as an impromotu talk (the speaker failed to show up). Enjoy!
Thank you very much for all you have been doing throughout these years!!!
It is an honour having you commenting here @tracemayer @bitworkers
Thanks.
This was great, as usual! @tracemayer @bitworkers
Cheers!
Thanks for resteeming it, Eugene @bitcoinandcoffee @bitworkers