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INVESTING IN BITCOIN: IS IT A GOOD IDEA?.

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McMahan Galbraith
19 Oct 2021 · 4 min read
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bitcoin investment

Introducing Bitcoin ushered in a revolution.
There's always been the idea of having digital money. A proof-of-concept for
Bitcoin has been verified.
Money was only part of the equation. Cryptocurrency has played a vital role in
the creation of a multi-trillion dollar market filled with innovation and
creativity.



To determine if Bitcoin is still a profitable investment, we are analyzing this
report.
Score for the Crystallomix system: 97/100
Report the results:
31 out of 33 products are functional
33 / 33 community
I'm proud of your leadership 33 / 33
Product of the day
A bitcoin's sole purpose is to store value. As if it were money. Money fulfills
the three functions well.
Storage of value
The medium of exchange
Account unit
There is strong value stored in it. It is not possible for Bitcoin to exist
indefinitely. 21 million people will never be enough.
With people losing their passwords, and sending to non-existent addresses, the
circulating supply decreases.
Decrypt estimates that just under four million Bitcoins are going away forever.
Bitcoin is a powerful form of exchange. You can easily create a Bitcoin wallet
and start using it right away.
Especially when compared with traditional banks.
According to El Salvador, bitcoin will become legal tender during the first half
of 2021. In less than six months, 21 million people actively used a Bitcoin
wallet. The 18 million with bank accounts contrast starkly with this figure.
Additionally, Bitcoin is successful as a unit of account. Having the ability to
evaluate the value of a product or service.
Eight decimal places are available for Bitcoin. In case it ever needed to be
more, the core developers would easily be able to do it.
At the moment, Bitcoin struggles to function as a stable unit of account. In the
near future, it will likely happen.
Bitcoin's value fluctuates compared to US dollars and euros.
One of the earliest Bitcoin users bought pizza using Bitcoin. During that
period, he spent 10000 bitcoins. Those same Bitcoins are now worth millions of
dollars.
This problem can only be solved by widespread adoption. A stable Bitcoin price
can be achieved if everyone uses it natively.
Currently, the price is too volatile to serve as a unit of account. Hence,
money.
Merchants will measure Bitcoin's adoption in terms of USD (or their preferred
fiat) at first, and then US Dollars (or their preferred fiat).
A scalable and decentralized solution
A second problem with Bitcoin is its inability to effectively scale. There are
thus fewer possible transactions.
Bitcoin transactions are capped at roughly 10 million per month.
The problem has many solutions. They often come with centralization, however. It
departs from the principle of decentralization that underpins Bitcoin.
Despite its decentralization, the technology has been unable to scale.
The two possible outcomes are as follows.
The infrastructure behind Bitcoin enables scalable decentralization.
Technology advances allow competitors to render Bitcoin useless.
First scenario seems increasingly likely as Bitcoin's ecosystem grows. It is
easy to think of the Lightning Network.
There is a possibility of the second scenario. Over a decade ago, Bitcoins were
invented. It tells us something important that Bitcoin hasn't been dethroned yet
by a rival.
Someone could earn billions of dollars from creating a better Bitcoin. In spite
of strong financial incentives, no one has been able to succeed.
Technology does not allow it. Innovations, however, often surprise everyone.
Leaving this possibility out of the picture would be a mistake.
Either way, Bitcoin could replace our current monetary system in the long run.
Many banking professionals agree with this statement.
In summary, Bitcoin has a useful feature. It's not scalable, but will be in
time.
A working product with a score of 31 / 33
Communities that are active
Bitcoin enjoys an advantage over other cryptocurrencies because it was one of
the first to launch. Therefore, it has the largest market capitalization, most
adoption, and most public recognition.
Cryptocurrencies with the largest user bases are Bitcoin and Ethereum. It has so
many subcommunities that each has its own culture. There are a number of
countries, cultures, languages represented in them.
In this way, Bitcoin is the embodiment of its philosophy. No single central
authority exists. Mongolia's rural plains to Latin America's elected officials.
Bitcoin is trusted by millions.
As digital currencies continue to gain prominence, so will Bitcoin's community.
In summary, Bitcoin community will continue to flourish and grow in the
foreseeable future
This community has 33 active members (33/33).
Leadership is good
Bitcoin's goal is to establish a decentralized monetary system. Leading the
project with just one person would have disastrous consequences.
There is only one leader, and that would be Satoshi Nakamoto. Currently, no one
knows their identity. Inactive since years ago, it was a Bitcoin wallet.
Moreover, they are unlikely to become public figures.
It was a perfect execution by Satoshi Nakamoto.
The best scenario for Bitcoin is not to have a public face. Leadership in the
community is self-directed.
Bitcoin doesn't need anyone to represent it at the end of the day. This speaks
for itself: Bitcoin.
If leadership wasn't present, most projects would fail. Bitcoin is exactly what
makes it so great.
Summary: Bitcoin doesn't have a leader.
Score of 33 / 33 for leadership

In conclusion
It is Bitcoin that is leading the market. Thrives regardless of the metric you
use. Consequently, nothing can stop it.
Its benefits make it a great investment.
The final score for Cryptomix is 97 points out of 100


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