RE: Our audience is demanding cryptocurrency explainer videos...
i would have to disagree with the statement that bitcoin is a medium of exchange. Most people are not buying things with bitcoin. People realize that is not smart since the price is continuously rising, for now. I believe bitcoin has become more of an investment. It is not easily transferable and the fees are ridiculous. Bitcoin was meant to be a currency that could replace real money and have low fees. But it is impossible to transfer small amounts of the coin for smaller purchases.
Therefore I believe Bitcoin holders have changed the intention of bitcoin and what is supposed to be doing. Bitcoin cannot keep rising like it. It is not feasible. The value of bitcoin is based solely on the desire of buyers to make the price increase. adding Wall Street investors would be great in the short term, but in the long run it will cause trouble to the Crypto Economy and cause further destabilization. Not to mention that huge regulations come with this.
As of writing this there is over 346,000 transactions posted in the last twenty four hours. In every transaction someone is sending BTC to someone in exchange for goods or cash. While it is strange for people to be buying stuff right now at least some people might be hedging their positions by exchanging BTC for BCH or ETH or Dash etc.
Bitcoin will continue to be used to buy stuff as long as businesses such as Bitpay continue to support it as a payment gateway. Bitcoin hasn't been particularly useful for micro-payments for quiet a while and that role has been offloaded to other currencies.
BTC is the main currency traded on many exchanges. I was going to confirm with Coinbase to see if it has added a number of alternatives lately but apparently they have been trashed by the number of people trying to get on.
I agree that Bitcoin is crazy right now because of Bitcoin fever. I actually wish that Wall Street would avoid Bitcoin. In that sense I would like to see a great divide in our societies - those people who continue to be manipulated in the stock market vs the next generation of people who understand and embrace the new technologies.
I agree. I want Wall Street investor types to not be involved. They will add money to these coins and create more pump and dumps. There are no regulations and buying and selling crypto like there is in stock, so they can literally buy millions of dollars of a coin at a low price and let other people keep the price rising, and then sell off, causing people to lose their money.
Bitcoin is being opened up to more pump and dump scenarios and more whales. I dont believe this is going to end well in the long run, but short term it will be great. Thanks for replying to my comment, I appreciate the dialogue. You earned a follower in me
Happy Steeming!!!!