Posted 2 years ago | by Ben Armstrong
Currently the Bitcoin price is $9,986.43 according to Coin360. After minimal gains yesterday, it seems as if things have shifted back into a bullish direction for the leading coin in the cryptosphere. Currently Bitcoin dominance is sitting at 64.8% and looks to cross 65% soon. It seems unlikely we will see BTC dominance come back to earth anytime soon.
3 Reasons Why Bitcoin is Here to Stay
1. Bitcoin is Unstoppable
This week the U.S. Senate Committee on Banking, Housing, & Urban Affairs held a hearing on crypto & blockchain regulation. This was a very interesting conversation between lawmakers and educated blockchain professionals. One thing became clear during these hearings: lawmakers would not be able to ban a piece of open source software. As many have called for a ban, it is becoming very unlikely that that will be accomplished because it is impossible to stop a decentralized software. As long as there is a desire for people to use Bitcoin then it will exist. Many legislators such as Brad Sherman from California, have suggested that cryptocurrency & Bitcoin will weaken the U.S. Dollar. While this may be true, there is little that can be done to prevent it.
This quote from Circle CEO Jeremy Allaire spoke volumes:
“I think the challenge that we all face with this is some of these cryptocurrencies — they’re literally just a piece of open-source software. There’s nothing else. It exists on the internet, it’s open-source software, anyone can implement it, it runs wherever the internet runs, and these have a monetary policy where these assets are algorithmically generated . . . That is a challenge that every government in the world now faces — that money, digital money, will move frictionlessly everywhere in the world at the speed of the internet.”
While banning Bitcoin may be next to impossible, that has not stopped law enforcement agencies from continuing to push for bans on encryption technology. This is very similar to when lobbyists tried to stop the automobile industry because automobiles put people's lives in danger. We all know how that turned out and how dumb those people look now. It's time for people to embrace this technology instead of shunning it.
2. Major Players on the World Stage are Embracing Bitcoin
While the United States is debating on the validity and usability of Bitcoin, other countries are working to embrace it. Countries such as Russia and China are already seeing an opportunity to embrace the digital currency while the United States is caught up in the red tape of crypto regulation. Many smaller countries like Singapore and Switzerland are already working hard to emerge as some of the leading countries for blockchain. But if we are honest, it is going to take a major country embracing Bitcoin to really take adoption to the next level.
China could be that country. The People's Bank of China blockchain platform has already passed $4B in transactions processed. There is also a push in China to embrace digital cities and to move utilities onto the blockchain. China's economy is about 60% of the size of the United States' economy. Could blockchain and Bitcoin be the tool that China will leverage to try to lessen the gap between the two economies? It seems like at least the Chinese government believes that could be the case.
3. Bitcoin Can Restore Privacy in a World Where Data is a Weapon
Blockchain technology has the ability to keep information private while storing it on a distributed ledger. This includes financial transactions. While many people have pointed out that Bitcoin transactions are actually traceable, there are ways in the future that Bitcoin developers could implement changes to the protocol in order to regain that privacy. However, even in its current state, it is much more private than any debit card, credit card, or bank account that exists today.
It seems as if every day we are hearing stories of hacks & data breaches. Just yesterday, we reported on a story involving a Capital One hack where 220,000 bank accounts and social security numbers were compromised. We all know about the massive Cambridge Analytica scandal involving Facebook where millions of people's information was stolen by hackers. As a society, we crave both attention and privacy at the same time. We want to share our lives through pictures on social media, but we do not want every purchase to be made public. As private data has become easier to track, many people have allowed themselves to give their privacy up in return for attention and convenience. Bitcoin allows for us to restore that balance as a society.
Facebook's Libra Could Be Solving a Huge Problem
While the debate continues to rage on about Facebook's Libra coin in both crypto and regulatory circles alike, there may be one thing in the whitepaper everyone could come together on. Along with creating a stablecoin, Facebook will also be creating a digital currency wallet named Calibra. Through Calibra they are trying to create and promote and open identity standard. Facebook believes that, "decentralized and portable digital identity is a prerequisite to financial inclusion and competition."
An open digital identity standard would allow people to drop their wallets and instead keep their identity on their phones or other digital devices. This makes so much sense for so many reasons. Most of all this works because what man likes to sit on his wallet in his back pocket? I know I don't.
But in all seriousness a digital identity standard fits together with digital currency like peanut butter and jelly, Turner and Hooch, or altcoins and losing money. Can you actually imagine people trading pieces of paper and metal coins as currency in the future? I know I can't. That is a lot of the reason why I fell hook, line, and sinker for cryptocurrency. It just makes sense on a technological level. The same can be said for identity. In the future, we will not be carrying physical cards that are easy to forge as our identities. So maybe Facebook is the company that can solve that problem.
Crypto Adoption News
- XRide is producing a mobility device called the Blockchain Scooter. This will be part of a mobility ecosystem similar to the one Bird Scooters are operated upon. However, this one will be as the cliche goes, "on the blockchain."
- Wyoming is a state known for being crypto friendly. In fact, the state's legislators have passed 13 pro cryptocurrency laws. This started due to former Morgan Stanley employee Caitlin Long. She wanted to donate cryptocurrency to her undergraduate university, The University of Wyoming. However, she discovered due to her state's money laws, the institution could not legally accept crypto. This caused her to work hard at helping Wyoming change its outdated digital assets' policy. And thanks to her and other Wyoming level-headed legislators, Wyoming is the most cryptocurrency friendly state in the union.
- The Middle East now has its first licensed crypto exchange. The exchange called Rain is a Bahrain-based cryptocurrency exchange. It seems as if the Middle East is now on the path to becoming the next hotbed of crypto. There is a lot of money in countries such as the U.A.E., Kuwait, Saudia Arabia and others that could push the crypto market cap up quite a bit. Iran has also recently loosened some of its laws regarding crypto.
- Public transportation users in Fortaleza, Brazil will soon be able to pay for their rides using a Bitcoin QR code. Hopefully the transactions get confirmed quick enough so that everyone on the bus is not late for work! However, we have seen other positive adoption stories out of South America such as Uber in Argentina accepting Bitcoin that turned out to be either false or misreported. So while this is expected to happen soon, it has not actually happened yet.
To see more details on all of these stories, make sure to check out BitBoy Crypto's latest video!