May 22, 2020 - Happy Bitcoin Pizza Day
Much ink has been spilled on the question of Bitcoin’s energy footprint. But amid the clarifying details and the energy mix calculations we have lost sight of the most important questions. Anyone who wades into this muddy debate must consider the fundamentals before making a final assessment.
Bitcoin is by far the world’s most popular cryptocurrency. Whether you’re looking at liquidity, on-chain transaction volume, or practically any other metric, Bitcoin’s dominance is clear.
Yet for technical reasons, Ethereum is often viewed as a more attractive platform for developers. This is because it offers much more flexibility in the kinds of applications and smart contracts that can be built right now. There are many platforms that have focused on advanced smart contracting capabilities over the years, but Ethereum is clearly the leader in this particular field.
Bitcoin is too volatile. It will never be a true store of value, let alone a currency. Like me, you must have read or heard opponents of Bitcoin state these untruths loud and clear.
Earlier this year, Deutsche Bank’s research department published a three-part report on the Future of Payments. I will spare you the details of that report, but one of the things that came out of it was the following:
“Bitcoin is too volatile to be a reliable store of value.”
— Deutsche Bank Report on Future of Payments in 2020
This type of completely false assertion about Bitcoin’s volatility is unfortunately too widespread. The problem is that the general public tends to take everything that politicians, bankers, or economists say at face value.
This article wants to revisit the myth and reality concerning Bitcoin's volatility.
October 2019 article by Charles Edwards that I present here. It is particularly relevant now that Bitcoin's third Halving has just taken place.
In his article, Charles Edwards explains that the surrender of the miners is one of the most powerful bullish signals for Bitcoin.
Iranian President Hassan Rouhani has ordered the government to draw up a renewed national approach for the emerging crypto industry.
In the face of U.S. sanctions, Iran has no choice but to find an alternative to the omnipotence of the U.S. dollar. That alternative lies in Bitcoin and mining.
In the future, many other emerging countries will follow this path in my opinion.
The current economic crisis, and all the decisions that are being made by central banks and governments, is already setting the perfect stage for Bitcoin’s adoption to explode in the coming months.
By going even further, with negative interest rates, the Fed would be taking another historic step. Bitcoin would probably be the big winner in the end.
We can therefore better understand why Jerome Powell is so reluctant to answer Donald Trump’s recurring calls for negative interest rates.
This book is somewhat different from the previous ones. Indeed, “Confessions of a Crypto Millionaire” is a more personal book written by Dan Conway in which he recounts his improbable journey to escape from the corporate America.
For Dan Conway, the world of Bitcoin and cryptocurrencies is not only about money. The quest for freedom and salvation is central to his book. “Confessions of a Crypto Millionaire” is therefore a non-technical book that will show you how the very idea of decentralization based on the Blockchain has convinced a whole generation of innovators.
Dan Conway’s book is very easy to read because it is exciting and you never really know if he will succeed in making history or if he will finally lose everything.
I therefore advise you to read this book to open your mind and discover the kind of adventures that the world of cryptocurrencies can offer to those who are fully committed to it.