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3. Bitcoin was the catalyst for the revolution.
4. The idea of digital currency has always been around. Proof of concept was validated by Bitcoin.
5. Nevertheless, it wasn't just about money. In the context of a multi trillion dollar market, Bitcoin brought innovation and creativity.
6. This report will analyze whether Bitcoin is still a wise investment.
7. Final score for Criptonomix: 97/100
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9. Please report the following results:
10. 31 / 33 functional product
11. 33 / 33 community
12. Leadership that exemplifies 33 / 33
13. Product of Work
14. Bitcoin serves a single purpose. Having to do with money. Money fulfills its three purposes well.
15. The value store
16. Media of exchange
17. Object of account
18. The stock market provides a stable store of value. Bitcoins are limited in number. 21 million will be the maximum.
19. By losing passwords, and sending emails to nonexistent addresses, circulation drops.
20. The company Decrypt estimates that less than 4 million Bitcoins are gone for good.
21. In terms of exchange, Bitcoin is among the most powerful tools. It is extremely easy to create a Bitcoin wallet and use it.
22. In particular compared to a traditional bank.
23. Announcing that Bitcoin will be a legal tender by early 2021, El Salvador noted that 21 million citizens had actively used Bitcoin wallets in the last six months. This is in stark contrast to the 18 million people with bank accounts.
24. Bitcoin can also be used as a unit of account. It is the ability to quantify the value of a product or service.
25. Bitcoin is decimalized to eight places. Additionally, if it was ever necessary for there to be more, the core developers could easily implement it.
26. In spite of this, Bitcoin struggles at the moment as a unit of account. Eventually, likely within the next year.
27. Compared to the dollar or euro, Bitcoins are volatile.
28. Pizza purchased early on in the Bitcoin era is a great example. It cost him 10000 bitcoins. Bitcoin in today's market is worth millions.
29. We can only solve this problem by spreading adoption. A stable price would be achieved if Bitcoin was used by everyone.
30. Due to its volatility, the price cannot be used as a unit of account at present. Thus, money.
31. During the adoption phase, merchants will measure US dollars (or another popular fiat) first, and Bitcoin second.
32. The Decentralization & Scalability of
33. Also, Bitcoin is not scalable. This limits the amount of transactions that can be executed.
34. About 10 million bitcoins can be exchanged per month.
35. There are a number of proposed solutions. Nevertheless, they often involve centralization. This departs from the philosophy of decentralization of Bitcoin.
36. Despite its decentralization, the technology has been unable to scale.
37. There are two scenarios that can happen from here.
38. Decentralized infrastructure for scalability is created on top of Bitcoin by developers.
39. The use of Bitcoin is rendered obsolete by a technological advance made by a competitor.
40. As the Bitcoin ecosystem expands, the first scenario becomes increasingly likely. There are projects like Lightning Network that come to mind.
41. It is unlikely, but possible, that the 2nd scenario will occur. Over ten years have passed since Bitcoin was created. It tells us a lot about Bitcoin that no one has yet dethroned it.
42. Anyone who could develop a better Bitcoin would profit billions of dollars. Even with strong financial incentives, nobody has succeeded.
43. The technology does not permit this. Nonetheless, innovation can sometimes surprise everyone. We shouldn't discard this possibility.
44. No matter how we view Bitcoin, it is a real contender to eventually replace all currencies. Many banking professionals agree with this statement.
45. In summary, Bitcoin has a useful feature. Currently, it is not scalable, but it will be in the future.
46. Working product rating: 31 / 33
47. Activate the community
48. It has the advantage of being the first cryptocurrency to launch. Due to its popularity, market capitalization, adoption, and recognition by the public, it has the largest market share.
49. Among all cryptocurrencies, Bitcoin has the largest community. The city is so big that there are sub-communities. Their cultural and linguistic diversity makes them unique.
50. This is the spirit of Bitcoin. There is no centralized authority. From the Mongolian countryside to Latin American legislators. Millions of people are convinced of Bitcoin's legitimacy.
51. Bitcoin's community is expected to continue growing along with cryptocurrency adoption.
52. For the foreseeable future, the Bitcoin community will flourish and grow
53. Score for active communities: 33 / 33
54. Leadership is a must
55. In essence, bitcoins are designed as a decentralized economic system. In the end, it would undermine everything to entrust everything to one person.
56. If there were a leader, Satoshi Nakamoto would be it. However, as of now, their identity remains a mystery. The Bitcoin wallet they have been using has been inactive since last year. They'll probably never become a household name.
57. Satoshi Nakamoto performed everything perfectly.
58. There is no public figurehead for Bitcoin, which is its best scenario. Community leaders lead themselves.
59. Bitcoin doesn't need someone to speak for it. There are no words to describe bitcoin.
60. Leadership is crucial to the success of most projects. But that's precisely what makes Bitcoin special.
61. Bitcoin has no best leader.
62. Good leadership score: 33 out of 33
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64. Lastly, a few words
65. It is Bitcoin that is leading the market. Whatever metric you use, it thrives. We can't stop it.
66. Due to all of these factors, it is an excellent investment for any portfolio.
67. The final score for Cryptomix is 97 points out of 100
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69. Homepage: https://btcminerfarm.com/