Bitcoin: My Views On It
It is amazing how things are taken by people. I had a conversation where i was accused of being anti-Bitcoin. The truth is that I do not believe that Bitcoin is the answer and be all to everything.
In this video I express my views of Bitcoin, its utility, and where it is going to be positioned in the future.
▶️ 3Speak
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STOPDo not miss the last post from @hivebuzz:
I think you have some very good point. I think bitcoin will go up for sure, but I see the upswing for smaller currencies and especially hive is greater. One thing's for sure, this is an exciting time to be alive.
This comment was given as part of the #xfor1 initiative.
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Exactly... they'll just put Bitcoin up as collateral and buy the car on credit.
Very exciting for sure. Always appreciate your point of view Task. Now, to figure out how i changed my steem to other coins. Did it once, lol too bad i have to relearn gow to do it again, it's so complicated LOL. 😑 oh well. This does all bode well. We all want more BTC. Be glad you have a lot more than i do. Nonetheless, i am grateful to have some :) Hive on man!
Summary:
In this video, Task discusses his perspective on Bitcoin, emphasizing its role as digital gold and a store of value rather than a form of currency. He delves into the limited supply of Bitcoin, its potential value compared to gold, its utility in the digital age, and the challenges it faces as a payment system. Task expresses optimism about Bitcoin's long-term prospects and encourages having at least some Bitcoin in one's investment portfolio. He also touches on the growing acceptance of Bitcoin on Wall Street and potential price projections for the cryptocurrency.
Detailed Article:
Task in this video acknowledges the recent positive performance of Bitcoin, particularly in the context of his personal trades using GBTC, which is tied to Bitcoin through grayscale. He explains his rationale for using GBTC within a retirement account and the potential value he sees in this investment. Task confronts the notion that he is anti-Bitcoin, stating that he holds the actual token and believes in its potential for price appreciation, not discounting the various price forecasts circulating in the market.
He argues that Bitcoin's primary utility lies in being a store of value akin to digital gold rather than as a transactional currency. Task illustrates this by presenting a scenario where individuals would be reluctant to use their Bitcoin to purchase a car, highlighting the speculative nature of Bitcoin. He emphasizes Bitcoin's scarcity due to a limited supply capped at 21 million coins and perceives it as a valuable asset, potentially surpassing gold in the future.
Task critiques Bitcoin's effectiveness as a payment system, describing it as outdated technology compared to newer cryptocurrencies like Hive, Dash, or Ethereum, which offer faster transactions and lower fees. Despite this, he remains confident in Bitcoin's status as a store of value, acknowledging its role in the digital age and the increasing interest from institutional investors on Wall Street.
He addresses the ongoing development efforts within the Bitcoin community to improve its payment system capabilities through solutions like the Lightning Network. While some remain hopeful about these developments, Task remains skeptical about their practical utility. He sees Bitcoin's strength lying in being a long-term investment option, potentially yielding significant returns over time, aligning with his stance on including some Bitcoin in every investment portfolio.
Task further dismisses extreme views like Bitcoin maximalism or the belief that Bitcoin will dominate all aspects of the digital economy. He predicts a future with a diverse range of cryptocurrencies coexisting, with Bitcoin holding a prominent position as a store of value. He concludes by expressing optimism about the enduring nature of Bitcoin and the broader cryptocurrency trend, suggesting that early adopters stand to benefit from this evolving financial landscape.