Bitcoin soared in just a few hours today, breaking through the $5,000 mark, and HODLer is eagerly eager to prepare for the next epic bitcoin boom. But will this be a replica of the bull market in 2017? No, it's better. Bitcoin now looks better than 2017 for the following seven reasons:
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Any market that has to mature must go through several bull and bear cycles. Bitcoin's recent bear market is the longest in its history so far, but it is enough to get rid of those weak, curious speculators and investors who come in and out. Those who see Bitcoin as a chance to get rich overnight have withdrawn from the game in this bear market.
The key conclusion we got from this cycle is that bitcoin has been accumulating despite the bear market, and the fundamentals are much better now than it was two years ago.
The use of bitcoin has been steadily rising for 15 months. Although the "encrypted winter" and 1MB + bitcoin block size have become the new normal, the transaction volume and computing power are rising.
More legal currency entry
Depending on the geographical location, each person has different degrees of difficulty in obtaining and holding Bitcoin. However, despite this, the legal currency entry to Bitcoin today is still much larger than in 2017.
This includes more exchanges that allow for fiat currency crypto transactions, including international giants such as Binance and OKEx. "US version of Alipay" Square's Cash was used in June 2018 to get the New York Bitcoin license BitLicense, making it easier to buy Bitcoin via mobile phone than through Coinbase. The existing exchanges such as Coinbase and Gemini in the United States also provide better services. They are now offering more coins, which is more convenient for users than before.
In addition, there are more ways to earn Bitcoin, and more suppliers are willing to pay for Bitcoin. With Trezor, Mycelium, Exodus, and Blockstream Green Wallet services, making money with Bitcoin is easier and safer than buying Bitcoin from the start.
In addition, platforms such as Bakkt for institutional investors will eventually settle BTC futures contracts in bitcoin rather than cash in the same way as CME or CBOE.
Of course, this means that if Bakkt is approved for official opening, more legal tender will flow into Bitcoin, not just the futures market.
Well, in 2019, we started a new year with QuadrigaCX, and the story of the exchange continues. It is unclear whether the owner of the exchange (which has suddenly passed away) is really the only one who knows the cold wallet, or whether the whole event is a compelling trick.
Although we are still using this somewhat outdated way to store private keys, and there are hackers, your funds may still be at risk. Even if you keep your own currency, you can't prevent your three-year-old child from picking up your Ledger hardware wallet and throwing it into the trash.
However, compared to 2017, the SEC and other regulators have done a pretty good job of eliminating fraud.
Ponzi schemes such as BitConnect, Pincoin, Onecoin, Centratech… and various criminals were cleared. As people become more aware of the dangers and realize the importance of controlling their private keys, investing in bitcoin is becoming more and more secure.
Proven use cases
Bitcoin is proving its value not only as a means of storing value, but also in many places, especially in Venezuela, as a means of payment. In fact, Bitcoin has also proven to be their lifeline in countries affected by high inflation, such as South Africa and Turkey.
In Venezuela, the amount of Bitcoin transactions on websites such as LocalBitcoins has grown at an unprecedented rate in the past year or so. Bitcoin allows them to receive remittances from family members, protect their wealth from hyperinflation, and pay for necessities.
Organizations like BitGive make it easier for charities to accept BTC donations and improve hospitals and orphanages across the country.
Bitcoin is expanding
The Lightning Network is making amazing progress and has reached a capacity of 1000 BTC (about $4.2 million). This bitcoin second-tier extension solution has seen an incredible amount of progress over the past year or so.
Once large-scale adoption, bottlenecks, high commissions, lengthy transaction waiting times, and network crashes that we must have experienced at the time, this will no longer exist.
More Bitcoin ATMs worldwide
Today, the number of global Bitcoin ATMs is much higher than in 2017. In fact, this number doubled last year, with more than 4,000 in 2018.
Although the recent Bitcoin ATM can only be debuted in Dubai for regulatory reasons, it is only a matter of time before it appears again.
Government executives have more Bitcoin supporters
From the US Securities and Exchange Commission (SEC) holding the "encrypted mother" of the bitcoin banner, to the friendly attitude of US presidential candidate Andrew Yang to Bitcoin, Bitcoin has friends at the political high level. Let us also not forget that since the crazy days of 2017, Bitcoin has been officially declared to be no longer a securities product.
The unpleasant behavior of bank scandals, centralized entities such as Facebook and Google, coupled with greater growth in infrastructure, has prompted more people to join the Bitcoin revolution.
$20,000+ is realistic
Don't forget, Bitcoin has touched a high of $20,000. No one at the time thought it was possible. Now, this is just another goal waiting for bitcoin to break, just like the previous key psychological level of $1,000.
For all of the above reasons, this is why Bitcoin looks better than 2017. Let us together "To the moon"!