BlogWhy you should buy bitcoin: Reason

Why you should buy bitcoin: Reason

Why you should buy bitcoin? A lot of reasons in my opinion to buy bitcoin to try and accumulate a nice stash of bitcoin and it seems that people are definitely taking advantage of the dip. With 893,000 addresses, there are now more addresses than ever before that have at least one bitcoin.

So you can see for a little bit of time although it was always kind of trending up for a little bit of time the rate at which people were accumulating one bitcoin wasn’t increasing that much until the last few months. The report shows that the rate is increasing from May 2020 until February 2022 there is zero percent chance of people holding one bitcoin. The number of people who own one bitcoin increased by 4.8% between February 2022 and early June 2022.

There will be a 5.1% rate of change between early June 2022 and early August 2022, which is only two months as opposed to four months or 21 months. This is something to watch out for.

Something else to keep an eye on is bitcoin’s network settled  2 trillion worth of bitcoin in July all-time high was 8 trillion last November. A total of 62 trillion dollars’ worth of bitcoin have been settled on the network in the last 12 months, which is three times the US GDP. So people are using the network people are buying in. The leaderboard for bitcoin treasuries issued by both public and private companies are Grayscale bitcoin trust, block one, micro strategy, tesla, the Tezos foundation, and more and more people are realizing that they probably need to own some bitcoin because the regulations have changed for the positive over the last few years bigger and bigger entities can buy bitcoin.

Thanks to people like sailors thanks to politicians actually making some reasonable changes. We all heard the rumblings about large asset managers coming into bitcoin in mid-2021 and some did but it turns out they weren’t going to enter end mass until 2022. Sometimes it takes an extra year or two to get over the hump but what really matters is not one year or two it’s not when they come in it’s that they come in at all. 

Undoubtedly, the trend of large asset managers entering the market has continued over the past few years. Well, who are the ones that have come in in the past year we have Blackrock we have franklin we have an arc. Some of them were in the year before but they’re increasing their exposure or they’re increasing their commitment.

Why you should buy bitcoin

The bitcoin ecosystem is experiencing rapid growth, and Jack Dorsey’s Square has committed to developing a bitcoin hardware wallet. We are aware of this and have more information. We have decided to create a hardware wallet and service in order to increase the adoption of bitcoin custody. The wallet will be multi-signature and prioritize mobile use. So they want to bring in the general public with their wallet and this is a breakdown of what they’re building in the short to mid-term.

Block, a company run by Jack Dorsey, has provided some information regarding their upcoming hardware wallet. The fact that they intend to use a multi-sig setup excites me greatly. You’ll be given a bitcoin wallet controlled by three keys, but only two of the three signatures are required to broadcast a transaction. Three keys will be used: one in the app, one in the hardware wall you purchase from them, and one that will be kept in their company’s safe custody by a block.

The concept is that you can broadcast your transactions by signing them with the keys from your hardware wallet and your app. You can back up both the app and the hardware wallet keys on your own and never depend on them; Block is not required for this as long as you don’t lose your keys. In the event that you misplace one of your keys, you can ask them to sign a transaction on your behalf in order to move your funds to a new wallet that you create since they are unable to do so with the sole key they possess.

Related: Is the Bitcoin Bear Market over?

This is advantageous in many ways. It reduces the value of each key and eliminates the possibility of one key being the sole point of failure. You can safely email one to a friend to hold in case because it is easier to backup. As a result, it is clear that bitcoin is getting better and expanding steadily.

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