{"id":2446,"date":"2018-10-16T13:12:56","date_gmt":"2018-10-16T12:12:56","guid":{"rendered":"http:\/\/www.wasteyourtime.co\/?p=2446"},"modified":"2020-07-12T17:12:21","modified_gmt":"2020-07-12T16:12:21","slug":"why-now-bitcoin","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2018\/10\/why-now-bitcoin\/","title":{"rendered":"Why now Bitcoin (end of 2018, after major drops)?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/why-now-bitcoin\/#The_simplest_answer_is_why_not_but_here_is_a_more_complex_one\" >The simplest answer is why not, but here is a more complex one.<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/why-now-bitcoin\/#By_Guy_Avtalyon\" >By Guy Avtalyon<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/why-now-bitcoin\/#More_about_survey\" >More about survey<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/why-now-bitcoin\/#Anonymity\" >Anonymity<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/why-now-bitcoin\/#What_is_Bitcoin\" >What is Bitcoin?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/why-now-bitcoin\/#Interesting_explanations_about_what_Bitcoin\" >Interesting explanations about what Bitcoin:\u00a0<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/why-now-bitcoin\/#More%E2%80%A6\" >More&#8230;<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/why-now-bitcoin\/#Anonymity_matters\" >Anonymity matters<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/why-now-bitcoin\/#Do_you_exactly_know_how_your_mobile_device_works_Maybe_some_of_you_but_the_majority_dont\" >Do you exactly know how your mobile device works? Maybe some of you, but the majority don\u2019t.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/why-now-bitcoin\/#Number_of_users\" >Number of users\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/why-now-bitcoin\/#Why_use_bitcoin\" >Why use bitcoin?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/why-now-bitcoin\/#BTC_has_a_global_acceptance_and_is_less_volatile_than_cash_local_currency\" >BTC has a global acceptance and is less volatile than cash \/ local currency.<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"The_simplest_answer_is_why_not_but_here_is_a_more_complex_one\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1249 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/07\/bitcoin-explications-768x384-e1539691719321.jpg\" alt=\"Why now Bitcoin (end of 2018, after major drops)?\" width=\"700\" height=\"350\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/07\/bitcoin-explications-768x384-e1539691719321.jpg 700w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/07\/bitcoin-explications-768x384-e1539691719321-300x150.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/07\/bitcoin-explications-768x384-e1539691719321-370x185.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/07\/bitcoin-explications-768x384-e1539691719321-424x212.jpg 424w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><br \/>\nThe simplest answer is why not, but here is a more complex one.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><span class=\"ez-toc-section\" id=\"By_Guy_Avtalyon\"><\/span><a href=\"https:\/\/www.linkedin.com\/in\/guy-avtalyon-67941b54\/\">By Guy Avtalyon<\/a><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p><span style=\"font-weight: 400;\">Why now Bitcoin? Honestly, I did not meet statistics and exact figures on this topic. But in 2017 the number of searches in the Google search engine on the topic bitcoin &#8211; increased by 450%, compared with the previous year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The last time such a large survey was conducted in the USA, back in 2013 by the firm On Device in preparation for a London conference. At that time bitcoin awareness by Americans was about 25%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By 2018 bitcoin awareness has jumped by more than twice that number according to Survey Monkey and Global Blockchain Business Council. And though bitcoin acknowledgment is growing, actual participation seems somewhat low. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nearly six in ten respondents revealed they\u2019d at heard of bitcoin. That up some 33 points from 2013\u2019s measure. The two surveys are not linked. More than 5,000 people participated in the current questionnaire.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"More_about_survey\"><\/span><strong>More about survey<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">According to the same survey, only 5% hold a digital asset. But 21 percent of that number claim to be \u201cconsidering adding it to their portfolios.\u201d The majority of holders are male, under 34 years of age (58%), white. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The results basically show ten percent of millennials own bitcoin while older Americans barely break one percent. Bitcoin holders\u2019 politics are politically independent by half. Less than 20% trust their government more than the Bitcoin network (almost a quarter). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">That&#8217;s the reason why now bitcoin!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Asked about possible 2018 asset crashes, 38 percent of all Americans (and 41% of owners) see BTC as a bubble poised to pop this year. \u00a0Still, the survey did note that almost 70 percent expect BTC to increase in value over the coming half of a decade. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A little more than 10 percent believe it will die out.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to data compiled by Bitinfocharts.com, there are almost 22 million bitcoin wallets. However, most bitcoin users have several BTC wallets and use multiple wallet addresses to increase their financial privacy when transacting in bitcoin. Therefore, the number of bitcoin users is likely less than 22 million.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Anonymity\"><\/span><strong>Anonymity<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">A 2017 study by the Cambridge Centre for Alternative Finance suggests that the \u201ccurrent number of unique active users of cryptocurrency wallets is estimated to be between 2.9 and 5.8 million.\u201d <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is important to note that this study focuses on active users as opposed to bitcoin holders or \u2018hodlers\u2019. This gives us insight into how many individuals are actual users as opposed to buy-and-hold investors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This surveys also show that the end of 2018 is the right time is the time to get to know BTC. So, let start!<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Bitcoin\"><\/span><strong>What is Bitcoin? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For the majority, it is still an open question. The first step to understanding Bitcoin is admitting you don&#8217;t understand Bitcoin.<\/p>\n<p><span style=\"font-weight: 400;\">Let&#8217;s say, Bitcoin is a protocol. But, honestly, the protocol itself is just our best try to describe what BTC actually is. No one can be sure of the protocol&#8217;s final form.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin is a digital currency created in 2009 by a mysterious figure using the alias Satoshi Nakamoto. You can use it to buy or sell from people and companies that accept bitcoin as payment. But it differs in several key ways from traditional currencies.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most obviously, bitcoin doesn\u2019t exist as a physical currency. There are no actual coins or notes.<strong> I<\/strong>t exists only online.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Interesting_explanations_about_what_Bitcoin\"><\/span><strong>Interesting explanations about what Bitcoin:\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b><i>Mental construct <\/i><\/b><span style=\"font-weight: 400;\">&#8211; Because value is subjective and we feel value for Bitcoin units.<br \/>\n<\/span><b><i><\/i><\/b><b><i>Social construct<\/i><\/b><span style=\"font-weight: 400;\"> &#8211; <a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/06\/financial-freedom-viva-la-crypto\/\">people feel value<\/a> for Bitcoin units. And they become an intermediate commodity suitable for exchange, accounting, and store of value.<br \/>\n<\/span><b><i><\/i><\/b><b><i>Legal construct <\/i><\/b><span style=\"font-weight: 400;\">&#8211; As an intermediate commodity it serves to cancel formal agreements such as debts, purchases, and pay taxes.<br \/>\n<\/span><b><i><\/i><\/b><b><i>Economic construct<\/i><\/b><span style=\"font-weight: 400;\"> &#8211; As it may be used to cancel debts and pay taxes it may be used as money facilitating commerce between untrusting strangers in different incompatible jurisdictions.<br \/>\n<\/span><b><i><\/i><\/b><b><i>Technical construct <\/i><\/b><span style=\"font-weight: 400;\">&#8211; It is just software that enables a network. But that network organically emerges as a useful system or technical tool for the other constructs.<br \/>\n<\/span><b><i><\/i><\/b><\/p>\n<h5><span class=\"ez-toc-section\" id=\"More%E2%80%A6\"><\/span>More&#8230;<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><b><i>Protocol construct <\/i><\/b><span style=\"font-weight: 400;\">&#8211; The technical system is actually the system of rules imagined and designed to maintain a highly secure Nash Equilibrium between node operators and users.<br \/>\n<\/span><b><i>Mechanical construct <\/i><\/b><span style=\"font-weight: 400;\">&#8211; Although many see Bitcoin as a social construct only, it is as much of an objective mechanical system as it is subjective. Although people design and run it, it is immutable, just like the laws of physics in nature.<br \/>\n<\/span><b><i><\/i><\/b><b><i>Physical construct<\/i><\/b><span style=\"font-weight: 400;\"> &#8211; Bitcoin is designed to mimic gold in nature, but in a computer system and transferable thru communication channels. This is why we call it &#8220;digital commodity&#8221;.<br \/>\n<\/span><b><i><\/i><\/b><b><i>Natural construct<\/i><\/b><span style=\"font-weight: 400;\"> &#8211; All of the above emerge from nature. They are not imaginary or magical things, they are as natural as energy, matter, or living organisms.<\/span><\/p>\n<p>We can play with semantics here, you can say that it&#8217;s a protocol. And also the open-source project that implements the software needed to fit the protocol. Or you can try to call Bitcoin as a kid in the adults&#8217; world.<\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin has no central bank and isn\u2019t linked to or regulated by any state. The supply of the cryptocurrency is decentralized. And can only be increased by a process known as \u201cmining\u201d. For each BTC transaction, a computer owned by a bitcoin \u201cminer\u201d must solve a difficult mathematical problem. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The miner then receives a fraction of a bitcoin as a reward. At present, the mining power of Bitcoin\u2019s network is 300 times more powerful than the world\u2019s top 5 supercomputers combined<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Anonymity_matters\"><\/span><strong>Anonymity matters<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A record of each transaction, using anonymized strings of numbers to identify it, is stored on a huge public ledger &#8211; blockchain. This is necessary to ensure the integrity of the currency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For most people, it is strange that bitcoin doesn&#8217;t exist as a physical currency. There are no actual coins or notes. It exists only online. And it is hard for the majority to imagine such a thing. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But can you imagine the internet? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">We all use the internet in every segment of our lives but we can\u2019t point out the finger and say <strong>\u201cHere! This is the internet!\u201d <\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Or how some understand the universe is infinite and how they understand the meaning of infinite, you would be surprised by the answers. <\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Do_you_exactly_know_how_your_mobile_device_works_Maybe_some_of_you_but_the_majority_dont\"><\/span><strong>Do you exactly know how your mobile device works? Maybe some of you, but the majority don\u2019t. <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Frankly, for me is a total mystery how my dishwasher works but it will not stop me to use it.<\/span><\/p>\n<p>&#8220;Writing a description for this thing for general audiences is bloody hard. There&#8217;s nothing to relate it to.&#8221; wrote Satoshi, July 5, 2010.<\/p>\n<p><span style=\"font-weight: 400;\">Fiat money is managed by a central bank, which manages the money supply to keep prices steady. They can print more money or withdraw some from circulation. Yes, if they think it\u2019s needed, as well as using other monetary policy controls such as adjusting interest rates.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">My teachers taught me how interest was compounded. The reasons may not be so clear. If we would learn banking history and monetary theory in schools, no one would use the fiat system. It is so obvious. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, BTC is a lot simpler than the fiat system. And people are legally compelled to adopt fiat. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The people teaching youngsters these days have grown up under Keynesian economic theory. Also called Keynesianism. So, they strongly believe that money is defined as money only if you can touch it, smell it or hear the sound of counting money.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Number_of_users\"><\/span><strong>Number of users\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The most popular BTC wallet and exchange provider, Coinbase, reportedly has over 13 million users. This would suggest that the number of bitcoin users is between 13 million and 22 million. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">We can assume that the number of bitcoin users outside of the 32 countries that Coinbase services, will be several million. But this data doesn&#8217;t include major bitcoin economies in Asia.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So we can conclude that around 20 million bitcoin users globally can be considered as a fair estimate.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_use_bitcoin\"><\/span><strong>Why use bitcoin?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">With Bitcoin people get the liberty to exchange value. Without intermediaries which translate to greater control of funds and lower fees. It\u2019s faster, cheaper, more secure, and immutable.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The banks control the cash while bitcoin has owners.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin is very useful as a service for fast remittances for an international system of payments, for example. It can help us do online shopping. It\u2019s like an e-wallet which makes <a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain-technology\/\">blockchain technology<\/a> to store, track, and spend digital money.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"BTC_has_a_global_acceptance_and_is_less_volatile_than_cash_local_currency\"><\/span><strong>BTC has a global acceptance and is less volatile than cash \/ local currency. <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Due to this feature, it becomes easier to conduct transactions across boundaries and online. You can use this crypto all over the world without going through a conversion process. It is par with Gold and combines the best of cash and gold.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400;\">By providing an open market and no restrictions imposed by banks or governments. Bitcoin is peer-to-peer and open, but <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/monetizing-bitcoin\/\">secure<\/a>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin is making the biggest revolution in the finance industry in the last 200 years. Leading all cryptocurrencies, Bitcoin is at the forefront of the bleeding edge of blockchain innovation. I think it is necessary to stay patient and witness history first hand.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nothing can stop that!<\/span><br \/>\n<b><\/b><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The simplest answer is why not, but here is a more complex one. By Guy Avtalyon Why now Bitcoin? Honestly, I did not meet statistics and exact figures on this topic. But in 2017 the number of searches in the Google search engine on the topic bitcoin &#8211; increased by 450%, compared with the previous [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1015,1012],"tags":[75,76,109,234,562,563,2208],"class_list":["post-2446","post","type-post","status-publish","format-standard","hentry","category-cryptocurrencies","category-traders-secrets","tag-bitcoin","tag-crypto","tag-cryptocurrencies","tag-cryptocurrency-market","tag-fiat","tag-satoshi-nakamoto","tag-why-use-bitcoin-now"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why now Bitcoin (end of 2018, after major drops)? - Traders-Paradise<\/title>\n<meta name=\"description\" content=\"Why now (end of 2018, after major drops) is the time to get to know BTC? 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