Hey Jessietherums
I'm not here to FUD you know I'm a bullish investor and really believe this space is the future but I have to be realistic about the practical use of the product. But How Can We Expect Bitcoin To Rally When It Offers A Poor Service?
A few days ago I purchased some Bitcoin to send to @fullcoverbetting and it took me an 50 mins to receive my fund sending it from a fiat to Bitcoin exchange and then exchanging the BTC via @blocktrades for STEEM so I could send some STEEM to his account.
To simply send him enough cash to buy a beer I had to pay
- Bank Transfer fees - $1.6 (20 mins to clear funds into my exchange wallet)
- Fiat exchange fees - Which they do not disclose (5 mins to purchase my Bitcoin)
- Transfer fees - 0.00014592 BTC (25 mins for it to be transferred to blocktrades and exchanged for steem)
Seems like an unnecessary amount of loops and fees to get into the crypto space, doesn't it?
When we earmark this payment system as a way to do micropayments in an instant its hardly doing its job with these high transaction fees and long processing times, I may as well us a central bank. For Bitcoin or rather cryptocurrency to succeed it cant be a little bit better it needs to be 1000 times better before normies even take a look at it.
The current price I do feel is inflated but I'd say $7500 seems like a fair price fo BTC to hang around at in its current state.
Image source - cointelegraph.com
We need speed & cheap thrills
Until we have a fully deployed lightning network and reduce fees and transaction times we cannot be ready for any sort of full run that even comes close to the previous 20k ATH everyone is holding their breath for.
Could a run of that nature happen as is? Absolutely it can but it would be a bubble of note as was the case with the previous run. If we can have a network that can handle more transaction volumes and lower fees, it will definitely make for an attractive use for the blockchain.
Halfing here we come
The Bitcoin halving is only a few months away and after May next year though, only around 900 new Bitcoin will be added each day, thereby reducing supply dramatically and driving up scarcity. While we think that BTC seems pricy now, wait till you see where we settle once the price spikes happen.
After the halfing, we will probably see people clamouring for BTC as per normal and the price will pump only for it to fall right back down and eventually level off. I'm not sure where the eventual level off number while is, but I'm pretty sure it should be above 10k.
I've been keeping this in mind and stacking as much BTC as I can at these low prices, I still have a few months to collect more and if we do have a crazy run I'll be sure to cash in but at the moment it's all about adding to my Satoshi value.
Atomic Swaps
This is probably the tool I am most excited about and most bullish about which I really think will revolutionize the space and make P2P trading reality and start to marginalise centralised exchanges as well as pushing forward the cause of DEX.
Atomic swaps will allow us to trade different currencies with one another using our wallets. To put it in simple terms, atomic swaps will enable people to directly trade with one another wallet-to-wallet.
If you have Bitcoin and I have Litecoin, we could swap the value agreed on by the market for it without having to visit exchanges or use trading tools, it can all be done inside your wallet.
If we can get this up and running a lot of wealth sitting in wallets can be unlocked and added to the system with so many tokens and coins sitting on exchanges not doing anything can now be converted into an asset class that is frequently traded.
Bitcoin is the gatekeeper
BTC is and will be the entrance for most cryptocurrency users looking to enter and exit the market and having such an over-reliance on once currency to get users into the wider eco-system alts really are at the mercy of its performance.
While I do think there is plenty of room for alts I feel most of them will eventually capitulate and we will see a consolidation in the top currencies as we've seen in the past, the top 100 looks very different from what it did a year or 2 years ago and so it will continue.
I think that if alts are to survive they will need to look at DEX and P2P trading to get more money and holders into the system and bypassing BTC in a sense and creating their own little market for trade.
There is plenty to be excited about when it comes to our beloved gal Bitcoin and for now there are 3 things that should be kept low, a woman's voice, my weight and the price of Bitcoin then I'm a pretty happy chappy!
See you on the other side of the halfing, hopefully, we will all be a lot richer and thinner too!
Have your say
Holla at me in the comments! All my commenters I will now refer to as Jessie. Jessie is a good friend of mine, but Jessies got a girl, and I want to make her mine.
So have at it my Jessies! If you don't have something to comment, simply comment "I am a Jessie."
Let's connect
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