Bitcoin's Latest Price Stability Indicates A Growing Maturity For The Innovative Crypto-Currency
Bitcoin's Latest Price Stability Indicates A Growing Maturity For The Innovative Crypto-Currency
The digital money, which rose to $1,000 last year from about $13 at the beginning of 2013, is on the road to stability now, according to Nicholas Colas, chief market strategist at ConvergEx in New York. Bitcoin’s price rose 6.2 percent in the last month to $794 on Bitstamp, one of the more active online exchanges where Bitcoins are traded for dollars and other currencies.
More merchants are starting to accept Bitcoins, which can be used to buy everything from gummy bears to cars. Electronics-retailer TigerDirect Inc. said yesterday that consumers will be able to use Bitcoin to buy more than 200,000 products on the site. Online-retailer Overstock.com Inc. and social-games developer Zynga Inc. now accept Bitcoins as well. Lower volatility is critical if Bitcoin is to be used widely in online and offline retail transactions, Colas said.
“We have no doubt that merchants will adopt Bitcoin simply to access newly minted high net worth individuals,” Colas said in the note. “But to keep them in the fold and increase the usage of Bitcoin in other parts of their business, they will need to see some greater stability in the price.”
Bitcoins exist as software, which contains the rules governing their supply and can only be created by solving complex problems embedded in the currency, keeping total growth limited. After speculators rushed in and drove prices higher, Bitcoins attracted the scrutiny of regulators in China and India, adding to volatile swings in the virtual currency’s value against the dollar and other currencies.
“The wider acceptance of Bitcoin from retailers certainly could drive up the price of Bitcoin, but it’s also fair to note that there’s still a great amount of speculators trading in Bitcoin -- so there may be quite a bit of volatility in the future,” Ugo Egbunike, director of business development at IndexUniverse, wrote in an e-mail.
Bitcoin is Freedom For Money
Let me explain: Bitcoin is the third “democratization” that I’ve had the privilege of living through.
The first was the Internet of course, the democratization of communication. No longer did you need a printing press, runners, trucks, call boys in order to make your voice heard. Now all you needed is WordPress and a good story. Look at Matt Drudge. He has singlehandedly revolutionized political reporting. His influence is at times stronger than the New York Times. And it’s just him and an assistant and a very, very simple website.
The second democratization is 3d printing, or “additive manufacturing”. It is the democratization of manufacturing and its in full swing. You no longer need a factory to make a product. You can already manufacture in plastic from your desk. In less than 10 years you’ll be able to do it in metal, in color with moving parts.
Bitcoin is the third democratization, the democratization of money. Right now, your money, the money you worked for, saved and earned isn’t really yours. The banks charge you fees for holding it (and sometimes lose it). Governments have confiscated it at times (remember Cyprus?). If you want to move it, there are restrictions as to how much and when, and if you want to spend large amounts of it, you must account for how you got it.
Bitcoin, and crypto currencies in general solve this problem. They are in essence a “trusted distributed public transaction ledger”. Imagine a hotel register. Guests sign in, date, room, etc … That is a transaction ledger. Distributed means that the machines that process that ledger, the “book” if you will, are spread throughout the world with many different ownership hands so that it is very, very difficult for them to collaborate to cheat. Public, because it is open for anyone to inspect.
And trusted, because that is the most important thing of all. Do I trust that you really have the money? That you haven’t spent it already, maybe even a second ago? Ensuring all of that is what the “mining” machines really do. The miners are the unseen heroes of Bitcoin. Without miners there is no coin.
The adoption of Bitcoin will drastically reduce the amount of financial control anyone can exert over your money. And without that control they can’t tax you and if they can’t tax you they can’t control you. They know this, they are scared and they should be.
With Bitcoin there are no borders to money. It flows as easily as water from a spilled cup upsetting the plans of the bankers to monitor, control, restrict, tax and otherwise devalue YOUR money.
Bitcoin is freedom for money. Switch to Bitcoin, free your money.
Tip BTC: 1PS6CChKz1LdAwMzS7W3GqMXryb4FQZm9p
Tip LTC: La5fSfLfnA2Ls3HYeaigqQQMovQr74K2xh
Tip BTC: 1PS6CChKz1LdAwMzS7W3GqMXryb4FQZm9p
Tip LTC: La5fSfLfnA2Ls3HYeaigqQQMovQr74K2xh
Thanks to Bitcoin’s YouTube Missionaries
My road to discovering the new world of economic redemption started one evening last March. An article linked from BuzzFeed’s website entitled "Is it Time to Take Bitcoin Seriously?" written by Alec Liu was revealed to me. As I investigated further I found my heart inexplicitly racing; some deep-rooted primitive part of my brain connected with this article. I had discovered an obvious truth that just clicked. Alec Liu, without knowing it, was the messenger that lit the spark that started my personal obsession to this revolutionary technology. Rarely can we predict the power of our words and ideas. I doubt he could have predicted when he wrote that article for the on-line magazine Motherboard Vice who he might inspire or even that he had the power to do so. Could he have prophesied the course of life he would someday change?
My “a-ha” moment arrived. Yet I had to convince my skeptical side so I did what millions of others do when they want to know more about something – I consulted the “experts” on YouTube. There were quite a bit to choose from both pro and against the idea of digital currency. I reasoned out their best arguments as I’m sure our readers have done. Slowly and diligently I found reasonable answers to each of their arguments against the technology. It mostly boiled down to “it’s never been done before”. I’ve yet to see any great new invention or technology built, designed or conceived by skeptics. Think about any of the great inventors in history and you won’t find a skeptic among them. My expedition through the YouTube passageways was led in part by the following bitcoin technology “missionaries”.
World Bitcoin Network
Subscribers: 7,500s
Channel views: 190,000
James D’Angelo hosts this informative show which gives an especially persuasive ‘Bitcoin 101” teaching guide. In his own unique style using a digital chalkboard he illustrates visuals to help illustrate complex ideas. He comes across like the big brother or eager little league coach you never had. The channel’s biggest video views dealt with the subject of why Bitcoin is not in a bubble. This video alone has received over 45,000 views. It should be 450,000 views. In this link he explains brilliantly why the growth in bitcoin price should actually be considered normal.
My road to discovering the new world of economic redemption started one evening last March. An article linked from BuzzFeed’s website entitled "Is it Time to Take Bitcoin Seriously?" written by Alec Liu was revealed to me. As I investigated further I found my heart inexplicitly racing; some deep-rooted primitive part of my brain connected with this article. I had discovered an obvious truth that just clicked. Alec Liu, without knowing it, was the messenger that lit the spark that started my personal obsession to this revolutionary technology. Rarely can we predict the power of our words and ideas. I doubt he could have predicted when he wrote that article for the on-line magazine Motherboard Vice who he might inspire or even that he had the power to do so. Could he have prophesied the course of life he would someday change?
My “a-ha” moment arrived. Yet I had to convince my skeptical side so I did what millions of others do when they want to know more about something – I consulted the “experts” on YouTube. There were quite a bit to choose from both pro and against the idea of digital currency. I reasoned out their best arguments as I’m sure our readers have done. Slowly and diligently I found reasonable answers to each of their arguments against the technology. It mostly boiled down to “it’s never been done before”. I’ve yet to see any great new invention or technology built, designed or conceived by skeptics. Think about any of the great inventors in history and you won’t find a skeptic among them. My expedition through the YouTube passageways was led in part by the following bitcoin technology “missionaries”.
World Bitcoin Network
Subscribers: 7,500s
Channel views: 190,000
James D’Angelo hosts this informative show which gives an especially persuasive ‘Bitcoin 101” teaching guide. In his own unique style using a digital chalkboard he illustrates visuals to help illustrate complex ideas. He comes across like the big brother or eager little league coach you never had. The channel’s biggest video views dealt with the subject of why Bitcoin is not in a bubble. This video alone has received over 45,000 views. It should be 450,000 views. In this link he explains brilliantly why the growth in bitcoin price should actually be considered normal.
Subscribers: 3,200
Channel Views: 103,000
The show is in a podcast format and was originally hosted by Adam Levine, Andreas M. Antonopoulos and Stephanie Murphy. I discovered it last summer and found it reminded me of the NPR (National Public Radio) with its low key segments and slow jazz intros. It started out with the three main hosts mentioned above. Of the three, Andreas appears to me as the most passionate, energized, and engaging in my own opinion. Much of his forward thinking predictions and explanations brought clarity and focus to my understanding. He’s now a sought after public speaker who does a fine job representing the bitcoin community ideals.
The Bitcoin Channel
Subscribers: 12,000
Views: 397,000
This channel has been around for a few years as well beginning in June 2011. The channel specializes charting the Bitcoin price with an effort to make short term predictions using formulas common to that specialty. The narrator’s commentary is the interesting portion to me. If charting is your thing, you might find it interesting, but for me – I’m more interested in the back story and theory added to give more meaning to price movements. One particularly interesting episode was from June 19, 2011 captured the “flash crash” of Bitcoin from $30 to almost zero in real-time as the Mt.Gox exchange was hacked. This event had a longer term effect of causing many people to lose faith in the currency and brought about many greatly exaggerated reports of bitcoin’s death. It turned out to be an important moment of bitcoin history was captured while it was happening. It’s important to see that at the time it was happening it was scary and confusing to those invested in the new technology. Put in perspective, it’s fascinating.
These channels of course are not alone on YouTube. In this short article it would be impossible to name them all. My journey led me to other helpful beacons of knowledge and discovery. I did, however, find myself returning to these sources repeatedly and eventually subscribed to their channels. To put things in perspective, others around the world are only now hearing about Bitcoin for the first time or only now reading or hearing something that spiked their interest. To much of the world, their first source of knowledge will be to turn to YouTube for influence. Their path will likely lead them to the many of the same places and to the same channels I found. We do well to recognize these efforts and thank them for introducing the newly curious population just now experiencing their “a-ha” moment.
Tip BTC: 1C6LXez44MSvsVzzuFuP4yXXeyc7Muo7i8
Tip LTC: LL672hS4sTzs9F6h6gAw8s4YUvTJbx5QVx
Monty Henry, Owner
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