Are We on the Verge of Running Out of Bitcoin?
With BTC enjoying a little more volatility than usual in recent days, many YouTubers have once again resurfaced after their extended periods of absence. For sure, crypto news coverage in general is most certainly picking up as of late. However, a couple of articles stood out for me more than the rest, highlighting the fact that Bitcoin itself could soon be running out of supply for the masses, especially once demand returns to it's previous fever pitch levels.
And I can certainly see that happening, as we have a theoretical 17 million in circulation, of which an estimated 6 million have been lost due to poor security measures from their respective wallet holders. An interesting take, I feel, as I can easily envisage a world where this fast becomes a reality, given the billions of potential adopters on this planet. And those with deep pockets will be at a substantially greater advantage to everyone else. In the past, Bitcoin has been touted by many as being a "store of value" in the future. A digital form of gold, if you will. So maybe that is the path that the crypto currency market leader will be taking.
Another interesting thought is what effect this will have on the alts. Should the world really see it's inherent value and we all bare witness to a global digital cash grab forBitcoin, the price must surely skyrocket. And also, for the majority of "the era of cryoto currencies" during the last decade or so, the correlation between all the alts and Bitcoin has been rock solid. So assuming that link is upheld, being invested in any half decent altcoin should indirectly prove to be highly profitable as well. Hence it's seems like a mighty exciting opportunity to obtain some huge rewards down the line. But this, of course, needs all the right variables to remain consistent throughout. That being the growth demand for Bitcoin and its correlation with the alts.
Well, seeing as I'm mostly invested in STEEM, I'm hoping this scenario does indeed plays out. For our price to rise nicely, we need a combination of reliable and justifiable project development as well as the ultimate success and mass adoption of BTC too. And the climate appears ripe for a synergy of these two important factors, to spark the breakout we are waiting for. Another great thing is that a multitude of other cryptos could also enjoy the same favourable outcome too. An incredible time to be alive, I'm sure you'd agree.
Crypto currency being the possible evolution of money and finance itself, just makes too much sense to me. So I honestly don't see these alluring outcomes I described above as being outside the realms of possibility. If anything, it's just a matter of time. And a short amount, at that.
Ecosystems continue to expand and are being built into economies now which will provide the demand needed for worthy projects to create and distribute value!
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Yep... It's all about the evolution of the space. :)
Us early adopters might be prepared to take the risk of losing our money, if we lose our keys but I don't think the masses will. That needs to be addressed, as its fine telling people to write their owner key on a piece of paper but many will mess that up. Most of the people losing Bitcoin so far are probably going to be more careful than the average person, so how much are they likely to lose?
These are very early days in the space where most people still need to discover "and" understand the technology. However I see a time in the future where securing your private digital wallets will be as common place as typing in an e-mail address. It'll just take time to happen, as with most things in life.
Do you hold any BTC at all or only Steem?
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I hold BTC, STEEM and a few others I think have some potential. Although the majority is definitely in STEEM.
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