What's the best way to invest in Bitcoin?.
is bitcoin a good investment 2021
Bitcoin was the start of a revolution.
You've always heard about digital money. Bitcoin confirmed the proof of concept.
Money was only one part of it. Bitcoin ushered in an innovation-filled market worth multiple trillion dollars.
In this report, we will review Bitcoin and determine whether it is still a lucrative investment.
A final score of 97/100 was achieved by Cryptonomix
This is the report:
33/31 functional product
33 / 33 community
Leadership that exemplifies 33 / 33
Product of the day
A bitcoin has only one purpose. As if it were money. Money fulfills the three functions well.
Array of value stores
Message medium
An account unit
It is a solid store of value. It is impossible to have infinite amounts of Bitcoin. More than 21 million will never exist.
People lose their passwords, and send to non-existent addresses, which drops the supply.
According to Decrypt, just under 4 million Bitcoins have been lost forever.
There is no doubt that bitcoin is a popular means of exchange. Bitcoin wallets can be easily created and used.
Particularly when compared to traditional banks.
As an example, the Central American country of El Salvador announced it will recognize Bitcoin as legal tender in early 2021. In less than six months, 21 million citizens have actively used a Bitcoin wallet. In stark contrast, 18 million Americans have bank accounts.
As a unit of account, bitcoin also succeeds. It is the ability to quantify the value of a product or service.
A Bitcoin can be divided into eight decimal places. Even more can be added by the core developers very easily.
At the moment, Bitcoin is not a strong unit of account. In the near future, it will likely happen.
Bitcoin's value fluctuates compared to US dollars and euros.
An early Bitcoin user buying pizza is the best example. During that period, he spent 10000 bitcoins. Bitcoins worth the same amount today would be worth millions of dollars.
The only answer to this problem is widespread adoption. A stable Bitcoin price can be achieved if everyone uses it natively.
Due to its volatility, the price cannot be used as a unit of account at present. As a result, money is generated.
With increased adoption, merchants will first measure using dollars (or their preferred fiat) and then bitcoin.
In a nutshell, Scalability and Decentralization
Bitcoin is also unable to effectively scale. There can be only one transaction at a time.
Bitcoin is capped at approximately 10 million transactions per month.
Many solutions have been proposed. Nevertheless, they usually come with centralization. Decentralization does not match Bitcoin's philosophy.
Scaling and decentralizing on the same time is impossible for this technology.
There are two possible scenarios from here.
The infrastructure behind Bitcoin enables scalable decentralization.
A competitor discovers a technological innovation that makes Bitcoin obsolete.
With the growing Bitcoin ecosystem, it seems almost certain that the first scenario will come to pass. I think of projects such as Lightning Network.
Unlikely but possible, the second scenario. Almost a decade has passed since Bitcoin's inception. It tells us something important that Bitcoin hasn't been dethroned yet by a rival.
A better Bitcoin would offer billions of dollars in profit to the creator. However, no one has made it despite the powerful financial incentive.
Technologically, it is impossible. Yet, innovation always manages to surprise everyone. Leaving this possibility out of the picture would be a mistake.
No matter how we view Bitcoin, it is a real contender to eventually replace all currencies. Banking professionals are also in agreement.
In summary, Bitcoin is a useful product. In the short term it cannot be scaled, but over time it can.
Score: 31 / 33 for the working product
An active community
It has the advantage of being the first cryptocurrency to launch. Consequently, it has the biggest market capitalization, the most adoption, and the greatest public recognition.
Cryptocurrencies have a small community compared to bitcoin. Because of its size, there are different sub-communities. Their cultural and linguistic diversity makes them unique.
As such, Bitcoin embodies its philosophy. No single central authority exists. In Mongolia, elected officials serve as members of the rural plains. Billionaires trust Bitcoin.
And as crypto adoption grows, so too will the Bitcoin community.
Despite the challenges, the Bitcoin community continues to grow, and it will do so for a long time to come
This community has 33 active members (33/33).
Leadership is important
Decentralizing Bitcoins is the goal of the currency. A single person who is responsible for leading the project would be detrimental.
In the absence of a leader, Satoshi Nakamoto would be an appropriate choice. As it stands, nobody knows who the person is. The Bitcoin wallet has been inactive for years. You won't be able to see them in the media.
Satoshi Nakamoto executed everything flawlessly.
Bitcoin's best case scenario is to have no public figurehead. Leadership in the community is self-directed.
At the end of the day, Bitcoin does not require advocacy. The bitcoin speaks for itself.
Leadership is crucial to the success of most projects. Nevertheless, that's what makes Bitcoin so special.
Summary: Bitcoin has no leader that is the best option.
Having good leadership scores: 33/33
Observations
It is Bitcoin that is leading the market. No matter how you measure it, it thrives. There is no stopping it.
The factors listed above make it an excellent investment.
A final score of 97/100 was achieved by Cryptonomix
Bitcoin was the start of a revolution.
You've always heard about digital money. Bitcoin confirmed the proof of concept.
Money was only one part of it. Bitcoin ushered in an innovation-filled market worth multiple trillion dollars.
In this report, we will review Bitcoin and determine whether it is still a lucrative investment.
A final score of 97/100 was achieved by Cryptonomix
This is the report:
33/31 functional product
33 / 33 community
Leadership that exemplifies 33 / 33
Product of the day
A bitcoin has only one purpose. As if it were money. Money fulfills the three functions well.
Array of value stores
Message medium
An account unit
It is a solid store of value. It is impossible to have infinite amounts of Bitcoin. More than 21 million will never exist.
People lose their passwords, and send to non-existent addresses, which drops the supply.
According to Decrypt, just under 4 million Bitcoins have been lost forever.
There is no doubt that bitcoin is a popular means of exchange. Bitcoin wallets can be easily created and used.
Particularly when compared to traditional banks.
As an example, the Central American country of El Salvador announced it will recognize Bitcoin as legal tender in early 2021. In less than six months, 21 million citizens have actively used a Bitcoin wallet. In stark contrast, 18 million Americans have bank accounts.
As a unit of account, bitcoin also succeeds. It is the ability to quantify the value of a product or service.
A Bitcoin can be divided into eight decimal places. Even more can be added by the core developers very easily.
At the moment, Bitcoin is not a strong unit of account. In the near future, it will likely happen.
Bitcoin's value fluctuates compared to US dollars and euros.
An early Bitcoin user buying pizza is the best example. During that period, he spent 10000 bitcoins. Bitcoins worth the same amount today would be worth millions of dollars.
The only answer to this problem is widespread adoption. A stable Bitcoin price can be achieved if everyone uses it natively.
Due to its volatility, the price cannot be used as a unit of account at present. As a result, money is generated.
With increased adoption, merchants will first measure using dollars (or their preferred fiat) and then bitcoin.
In a nutshell, Scalability and Decentralization
Bitcoin is also unable to effectively scale. There can be only one transaction at a time.
Bitcoin is capped at approximately 10 million transactions per month.
Many solutions have been proposed. Nevertheless, they usually come with centralization. Decentralization does not match Bitcoin's philosophy.
Scaling and decentralizing on the same time is impossible for this technology.
There are two possible scenarios from here.
The infrastructure behind Bitcoin enables scalable decentralization.
A competitor discovers a technological innovation that makes Bitcoin obsolete.
With the growing Bitcoin ecosystem, it seems almost certain that the first scenario will come to pass. I think of projects such as Lightning Network.
Unlikely but possible, the second scenario. Almost a decade has passed since Bitcoin's inception. It tells us something important that Bitcoin hasn't been dethroned yet by a rival.
A better Bitcoin would offer billions of dollars in profit to the creator. However, no one has made it despite the powerful financial incentive.
Technologically, it is impossible. Yet, innovation always manages to surprise everyone. Leaving this possibility out of the picture would be a mistake.
No matter how we view Bitcoin, it is a real contender to eventually replace all currencies. Banking professionals are also in agreement.
In summary, Bitcoin is a useful product. In the short term it cannot be scaled, but over time it can.
Score: 31 / 33 for the working product
An active community
It has the advantage of being the first cryptocurrency to launch. Consequently, it has the biggest market capitalization, the most adoption, and the greatest public recognition.
Cryptocurrencies have a small community compared to bitcoin. Because of its size, there are different sub-communities. Their cultural and linguistic diversity makes them unique.
As such, Bitcoin embodies its philosophy. No single central authority exists. In Mongolia, elected officials serve as members of the rural plains. Billionaires trust Bitcoin.
And as crypto adoption grows, so too will the Bitcoin community.
Despite the challenges, the Bitcoin community continues to grow, and it will do so for a long time to come
This community has 33 active members (33/33).
Leadership is important
Decentralizing Bitcoins is the goal of the currency. A single person who is responsible for leading the project would be detrimental.
In the absence of a leader, Satoshi Nakamoto would be an appropriate choice. As it stands, nobody knows who the person is. The Bitcoin wallet has been inactive for years. You won't be able to see them in the media.
Satoshi Nakamoto executed everything flawlessly.
Bitcoin's best case scenario is to have no public figurehead. Leadership in the community is self-directed.
At the end of the day, Bitcoin does not require advocacy. The bitcoin speaks for itself.
Leadership is crucial to the success of most projects. Nevertheless, that's what makes Bitcoin so special.
Summary: Bitcoin has no leader that is the best option.
Having good leadership scores: 33/33
Observations
It is Bitcoin that is leading the market. No matter how you measure it, it thrives. There is no stopping it.
The factors listed above make it an excellent investment.
A final score of 97/100 was achieved by Cryptonomix
Public Last updated: 2021-10-18 05:17:18 PM
