Happy 10 Year Bitcoin

Good Morning,

Halloween marked the 10 year Anniversary of Bitcoin. CNBC produced an article commemorating the achievement but made some points worth considering:

1. Per the title, the early investors were the real winners as they experienced Bitcoin go from nothing to 20k then back down to 6.2k.

2. Payment efficiency and security have been an issue

3. There are a plethora of direct and indirect competitors

Bitcoin had a lot of potential but to date has fallen short. It was initially created to be a medium to transfer value from one person to another anonymously. Before the price went parabolic in 2017 it had already had some adopters in the retail channels, but some of those companies have stopped accepting it. The difficulty of use, no type of FDIC organization to provide insurance, and payment system competition have stifled its projected growth.

Even if it never achieves its potential at the minimum it brought blockchain to the forefront which is changing the way we do transactions.



#financialliteracy #bitcoin #cnbc #FDIC #blockchain #financialfloyd #phillyfinance #blockchain

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