Bitcoin is the largest community in Web 3 with lots of users and holders outside of government control. The community is so saturated and crowded that, Bitcoin as a Proof-of-Work coin, you can hardly get the opportunity to mine it and get paid.
The more people join the community, the stronger it becomes. More community members, more holders.
However, what if they start leaving? The strength of Bitcoin will begin to drop. You automatically leave a community by selling its currency. It is just like swapping dollars to pounds, which will weaken the US Dollar.
More holders, more believers, more growth.
One of the things that spiked up the price of Bitcoin is the fact that it was used for purchases and transactions more frequently than any other coin.
People view it as an asset, a digital commodity like gold that was discovered and adopted to have value.
Since all commodities are discovered and mineable, this implies that all Proof-of-Work coins that are not tied to any company or central control and can be found in an open space are a commodity.
We have Proof-of-Work coins like:
- Vertcoin: It is mineable, accessible to everyone, and has no central control.
- Litecoin: It is mineable, accessible to everyone, and has no central control.
- Dogecoin: It is mineable, accessible to everyone, and has no central control.
Just like we have a community of gold miners who valued gold, exchanged gold for other products, and hyped the value of gold and silver, in the same way we also have a community of Vertcoin, Litecoin, and Dogecoin miners who value these currencies, transact in them, and hype the value.
Gold was once used as a means of exchange in many countries until they moved to paper currency.
Since the world is always evolving, we are gradually transitioning into the digital era, and the importance of adopting digital currencies is beginning to unfold.
What cryptos do you think will stand the chance to get qualified to be a country's currency if not Proof-of-Work coins that act like gold, silver, and bronze, with no central issuer?
Trump announcing a crypto reserve confirms how fast the world is willing to transition into digital currencies and reserve.
Thanks for your feedback