Bitcoin Thrives Against All Odds

 It's very popular right now so I would like to announce that I will be launching my own cryptocurrency next Wednesday.

Let's call this "kingcoin."

That's just too self-serving.

What about "muttcoin?" I have always loved mixed breeds.

That's great! Everyone loves dogs.

This will be the most important thing since fidget spinners.

Congratulations! Everybody reading this will receive one muttcoin next week when my new coin launches.

1,000,000 muttcoins will be distributed evenly. You can spend them anywhere you want (or wherever they will be accepted). You can.

What is that? Target's cashier said that they would not accept our muttcoin.

Do not be afraid to tell those in doubt that muttcoin is scarce. There will never be more than 1 million of them. It's also backed by 8GB of RAM on my desktop computer.

Remind them that a decade back, a bitcoin could not even buy you a packet of chewing gum. One bitcoin can now buy you a lifetime supply.

You can also store your muttcoin offline, just like bitcoin.

It is basically a exact replica of bitcoin's properties. Muttcoin is a decentralized ledger that uses impossible-to-crack cryptography. All transactions are immutable.

Are you still not convinced that our muttcoins are worth billions of dollars in the future.

It's easy to understand. It's not easy to launch a new cryptocurrency, but it is possible.

This is why I believe that bitcoin has surpassed all expectations. It will continue to grow because of its unique user community.

Yes, there have been setbacks. Each setback has ultimately led to higher prices. The 60% plunge that occurred recently will not be the last.

The Miracle of Bitcoin

Bitcoin's success is dependent on its ability to build a global network that allows users to either transact now or store it later. The network's growth rate will determine future prices.

Despite wild price swings bitcoin adoption continues to grow exponentially. Globally, there are 23 million bitcoin wallets that are open. 21 million bitcoins are being chased by them. The number of wallets could grow to 5 billion in just a few years.

The motivation of new crypto converts can be speculative or practical. Other times, they are looking for a way to store value outside their local currency. Coinbase, a new application that makes it easier to sign up for new users, has made it even simpler over the past year.

You may not have noticed that people talk about bitcoin when they buy it. Everyone has a friend who bought bitcoin, and then won't stop talking about it. Yes, this is me. I know many readers who are guilty.

Perhaps subconsciously, crypto-evangelists are holders who convince others to buy their holdings in order to increase their value.

Bitcoin evangelizing, spreading the good word about Bitcoin, is what has miraculously caused a price rise from $0.001 up to a recent $10,000 price.

It is hard to believe that the pseudonymous creator of this digital resource, fed up by the global banking oligarchy, launched it in less than a decade.

These growth rates have never been seen in any religion, political movement, or technology. Humanity has never been more connected.

The Idea of Money

Bitcoin was an idea. All money, whether it be shell money for primitive islanders or a U.S. Dollar, started as an idea. It is the idea that everyone in the network values it equally and would trade for something equal.

Money does not have intrinsic value. Its value is only extrinsic.

Look at the dollar in your hand - it's nothing more than a fancy piece paper with a pyramid-shaped head, signatures of important people and a sketchy portrait.

It must be used by society as a unit for account and merchants as payment for goods or services.

Bitcoin has shown an amazing ability to connect millions of users.

One bitcoin is worth only what the next person will pay. However, if the network expands at an exponential rate, then the limited supply means that prices cannot move in any other direction than upwards Crypto Currency Alarm

The bottom line

The nine-year climb of Bitcoin has been marked by huge bouts volatility. In January 2015, there was a correction of 85%, while others were over 60%. There was also a huge 93% drawdown in 2011.

The network, as measured by the number of wallets, continued to grow at an impressive pace despite each of these corrections. New investors saw the value in margin investments and became buyers as speculators' value fell.

Bitcoin's unusual volatility is what allowed it to grow to 23,000,000 users.

Maybe we need to increase the price volatility of muttcoin in order to attract new users...