Does Bitcoin make a good investment?
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Bitcoin was the catalyst for the revolution.
In the past, there was talk about digital money. The proof of concept was verified by Bitcoin.
Although, it did not stop with money. Blockchain has created a multitrillion dollar market filled with creativity and innovation.
This report will analyze whether Bitcoin is still a wise investment.
Final score for Criptonomix: 97/100
Here are the results:
30 / 33 Product functional
Community aspect: 33 / 33
Leadership 33/33
Product of Work
There is only one purpose for Bitcoin. The state of being money. Money fulfills the three functions well.
A place to store values
An exchange medium
The account unit
It is an excellent store of value. The number of Bitcoins that can exist is limited. No more than 21 million will live there at any given time.
Losing passwords and sending to nonexistent addresses causes the circulation supply to shrink.
About 4 million Bitcoins are gone forever, according to Decrypt.
It is a powerful way to exchange information. The process of creating and using a Bitcoin wallet is extraordinarily simple.
Comparatively to traditional banks.
In El Salvador, Bitcoin will be recognized as legal tender by the end of 2021. In less than six months, more than 21 million residents of the country had a Bitcoin wallet. This contrasts sharply with the 18 million individuals with bank accounts.
In addition to being a unit of account, Bitcoin has also proven to be successful. Having the ability to evaluate the value of a product or service.
Eight decimals are allowed when dividing Bitcoin. In the event that more are needed, then the core developers are easily able to help.
Bitcoin, though, has so far had difficulty establishing itself as a stable unit of account. Most likely, it will soon.
Bitcoin's value fluctuates compared to US dollars and euros.
The best example would be a Bitcoin user purchasing pizza. He invested 10000 BTC in it. Those same amounts of Bitcoin today are worth millions of dollars.
Only widespread adoption can solve this problem. A stable Bitcoin price can be achieved if everyone uses it natively.
To use the price as a unit of account, it is too volatile as it stands. As a result, money is generated.
The merchants that adopt Bitcoin will initially measure in US dollars (or their preferred fiat currency) and then in bitcoin.
Scalability & centralization
In addition, Bitcoin is unable to scale effectively. This limits the amount of transactions that can be executed.
Monthly transactions on Bitcoin are limited to approximately 10 million.
There are many solutions proposed. Nevertheless, they often involve centralization. The decentralization philosophy of Bitcoin has been abandoned.
The technology is not capable of scaling and staying decentralized at the same time.
The two possible outcomes are as follows.
Across multiple networks, developers create infrastructure that facilitates scalable decentralization.
Bitcoin is rendered ineffective by a competitor's technological innovation.
Bitcoin's growing ecosystem makes the first scenario seem more likely. One can think of Lightning Network, for example.
However, the 2nd scenario is not impossible. Bitcoin has been around for over a decade. There is an important reason why rivals have not yet dethroned Bitcoin.
A better Bitcoin would offer billions of dollars in profit to the creator. The financial incentive has not been enough to make anyone succeed.
The technology does not permit this. However, there is one funny thing about innovation: Everyone is always surprised by it. It is not a possibility we should rule out.
In either case, Bitcoin presents a serious threat to the current monetary system. Bankers generally agree on this point as well.
There is a functioning product with Bitcoins. In the short term it cannot be scaled, but over time it can.
Score: 31 / 33 for the working product
Community active
Bitcoin enjoys an advantage over other cryptocurrencies because it was one of the first to launch. The result has been the biggest market capitalization, most adoption, and most recognition by the general public.
Cryptocurrencies that have the largest communities include Bitcoin. The city is so big that there are sub-communities. Languages, cultures and countries differ among them.
This is the spirit of Bitcoin. There is no single centralized authority. The Mongolian countryside and Latin American elected officials. Bitcoin is a belief held by millions.
Bitcoin's community will grow as cryptocurrency adoption continues.
In summary, there is considerable growth to look forward to for the Bitcoin community in the near future
This community has 33 active members (33/33).
Leadership is crucial
Decentralizing Bitcoins is the goal of the currency. It would be harmful to have only one person overseeing all aspects of the project.
If there were a leader, Satoshi Nakamoto would be it. However, their identities remain unknown. Inactive since years ago, it was a Bitcoin wallet. And they probably won't become famous.
Satoshi Nakamoto executed everything flawlessly.
The best scenario for Bitcoin is not to have a public face. Leadership takes place within the community.
At the end of the day, Bitcoin does not require advocacy. It speaks for itself.
Projects that lack leadership will usually fail. But it is precisely that which makes Bitcoin so unique.
It is not the best option to follow a leader in Bitcoin.
Leadership score: 33 / 33
Last Thoughts
The Bitcoin market is the leader. By any metric you measure, it thrives. It cannot be stopped.
A portfolio that includes it will not regret making this investment.
Final score: 97/100 for Cryptomix
Bitcoin was the catalyst for the revolution.
In the past, there was talk about digital money. The proof of concept was verified by Bitcoin.
Although, it did not stop with money. Blockchain has created a multitrillion dollar market filled with creativity and innovation.
This report will analyze whether Bitcoin is still a wise investment.
Final score for Criptonomix: 97/100
Here are the results:
30 / 33 Product functional
Community aspect: 33 / 33
Leadership 33/33
Product of Work
There is only one purpose for Bitcoin. The state of being money. Money fulfills the three functions well.
A place to store values
An exchange medium
The account unit
It is an excellent store of value. The number of Bitcoins that can exist is limited. No more than 21 million will live there at any given time.
Losing passwords and sending to nonexistent addresses causes the circulation supply to shrink.
About 4 million Bitcoins are gone forever, according to Decrypt.
It is a powerful way to exchange information. The process of creating and using a Bitcoin wallet is extraordinarily simple.
Comparatively to traditional banks.
In El Salvador, Bitcoin will be recognized as legal tender by the end of 2021. In less than six months, more than 21 million residents of the country had a Bitcoin wallet. This contrasts sharply with the 18 million individuals with bank accounts.
In addition to being a unit of account, Bitcoin has also proven to be successful. Having the ability to evaluate the value of a product or service.
Eight decimals are allowed when dividing Bitcoin. In the event that more are needed, then the core developers are easily able to help.
Bitcoin, though, has so far had difficulty establishing itself as a stable unit of account. Most likely, it will soon.
Bitcoin's value fluctuates compared to US dollars and euros.
The best example would be a Bitcoin user purchasing pizza. He invested 10000 BTC in it. Those same amounts of Bitcoin today are worth millions of dollars.
Only widespread adoption can solve this problem. A stable Bitcoin price can be achieved if everyone uses it natively.
To use the price as a unit of account, it is too volatile as it stands. As a result, money is generated.
The merchants that adopt Bitcoin will initially measure in US dollars (or their preferred fiat currency) and then in bitcoin.
Scalability & centralization
In addition, Bitcoin is unable to scale effectively. This limits the amount of transactions that can be executed.
Monthly transactions on Bitcoin are limited to approximately 10 million.
There are many solutions proposed. Nevertheless, they often involve centralization. The decentralization philosophy of Bitcoin has been abandoned.
The technology is not capable of scaling and staying decentralized at the same time.
The two possible outcomes are as follows.
Across multiple networks, developers create infrastructure that facilitates scalable decentralization.
Bitcoin is rendered ineffective by a competitor's technological innovation.
Bitcoin's growing ecosystem makes the first scenario seem more likely. One can think of Lightning Network, for example.
However, the 2nd scenario is not impossible. Bitcoin has been around for over a decade. There is an important reason why rivals have not yet dethroned Bitcoin.
A better Bitcoin would offer billions of dollars in profit to the creator. The financial incentive has not been enough to make anyone succeed.
The technology does not permit this. However, there is one funny thing about innovation: Everyone is always surprised by it. It is not a possibility we should rule out.
In either case, Bitcoin presents a serious threat to the current monetary system. Bankers generally agree on this point as well.
There is a functioning product with Bitcoins. In the short term it cannot be scaled, but over time it can.
Score: 31 / 33 for the working product
Community active
Bitcoin enjoys an advantage over other cryptocurrencies because it was one of the first to launch. The result has been the biggest market capitalization, most adoption, and most recognition by the general public.
Cryptocurrencies that have the largest communities include Bitcoin. The city is so big that there are sub-communities. Languages, cultures and countries differ among them.
This is the spirit of Bitcoin. There is no single centralized authority. The Mongolian countryside and Latin American elected officials. Bitcoin is a belief held by millions.
Bitcoin's community will grow as cryptocurrency adoption continues.
In summary, there is considerable growth to look forward to for the Bitcoin community in the near future
This community has 33 active members (33/33).
Leadership is crucial
Decentralizing Bitcoins is the goal of the currency. It would be harmful to have only one person overseeing all aspects of the project.
If there were a leader, Satoshi Nakamoto would be it. However, their identities remain unknown. Inactive since years ago, it was a Bitcoin wallet. And they probably won't become famous.
Satoshi Nakamoto executed everything flawlessly.
The best scenario for Bitcoin is not to have a public face. Leadership takes place within the community.
At the end of the day, Bitcoin does not require advocacy. It speaks for itself.
Projects that lack leadership will usually fail. But it is precisely that which makes Bitcoin so unique.
It is not the best option to follow a leader in Bitcoin.
Leadership score: 33 / 33
Last Thoughts
The Bitcoin market is the leader. By any metric you measure, it thrives. It cannot be stopped.
A portfolio that includes it will not regret making this investment.
Final score: 97/100 for Cryptomix
Public Last updated: 2021-10-21 03:35:39 PM