Causes why bitcoin looks even better than in 2017
Bitcoin ascended in a few short hours exploding over the $5,000 obstruction, and HODLers are massaging their hands with delight preparing for the next grand run. Below are the few reasons why Bitcoin looks even better now than in 2017.
- Better fundamentals: For any market to reach adulthood, it must go over various optimistic and bearish cycles. The current bear market for Bitcoin has been its longest to date, but great enough to shake out the weak hands, the strange speculators, and in-and-out investors. Those who saw Bitcoin as a possibility for getting wealthy overnight are out of the game.
Bitcoin utilization has been regularly climbing for 15 months. Transactions, hash rate are all up in spite of the ‘Crypto Winter’ and 1MB+ Bitcoin block sizes are now the current normal.
- More Fiat ON-RAMPS: Relying upon where you are based, you may have more problems, than others getting hold of bitcoins. But in spite that, there is now more fiat-on-ramps than in 2017–by a long shot.
That contains more exchanges arriving allowing for fiat to crypto trading, containing international powerhouses like Binance and OKEx. Square’s Cash App acquired the New York BitLicense in June 2018, making buying BTC over a mobile even simpler than Coinbase. And there are good services from existing U.S. exchanges like Coinbase and Gemini. They now list more coins and are simpler for users than before.
- Fewer scams: We began the year with QuadrigaCX whose continuous saga is still going on. It’s not proved whether the owner’s unexpected passing with the only knowledge of the location to the cold storage wallets is real or a spectacular trick.
While we have this little archaic way of storing personal keys and opportune hackers exist, your funds may still be at danger. Even if you keep them yourself, you’re not immune to your three-year-old picking up your Ledger and throwing it in the can.
- Proven use-cases: Bitcoin is trying its worth not just as a store of value, but also as a means of payment in many areas, especially Venezuela. In countries afflicted by huge inflation, like South Africa and Turkey, in fact, Bitcoin is proving to be a help to them as well.
In Venezuela, Bitcoin volume on sites like Local Bitcoins has seen exceptional development over the last year or so. Bitcoin grants them to get payment from family members, shield their money from hyperinflation, and pay for important products.
- More bitcoin ATMs worldwide: There are now way more Bitcoin ATMs all over the world than there were in 2017. Indeed, the number increased last year to over 4,000 in 2018.
While the current one in Dubai made a brief arrival because of regulation, it’s a matter of time before it ticks enough boxes to come back.
- More key personalities at the top: From ‘Crypto Mom’ holding up the flag for Bitcoin at the SEC to U.S. Presidential candidate Andrew Yang being Bitcoin-friendly, BTC’s got friends in huge areas. Let’s also not forget that Bitcoin was properly announced not security since the wild days of 2017.
Bank scandals and unsavory attitudes from the consolidated body like Facebook and Google, coupled with greater development in infrastructure have led to more people uniting in the revolution.
image source: Google