One of the largest Bitcoin miners in China has suggested that the price of Bitcoin could reach $10,000 or even as high as $1 mln.Speaking to ether.camp at the Clare Hall of the University of Cambridge, on the sideline of the Internet-of-Value: Digitising Social Conscience – roundtable debate, Chandler Guo emphasised that all an individual needs to do is invest in just one Bitcoin – as most people don’t invest in it and yet they want to know more about proof of work, how the Blockchain works, why do blocks require 10 minutes, etc. Guo says in the Youtube video: “But finally, I tell them, just go back and buy Bitcoin.A lot of people don’t have Bitcoin…Not too much.Only one is enough.If everyone would have just one, the Bitcoin value would go to $1 mln.When Bitcoin becomes $1 mln, the whole world would be crazy and everyone would love to follow and all the other digital currencies would just be the grandson of Bitcoin.” The angel investor in Bitcoin and Ethereum startups believes that a lot of people don’t exactly understand why they should be involved with Bitcoin, as they perceive it to be expensive.

However, Bitcoin is a great investment and in the long run its value is only going to appreciate.“For Bitcoin to be considered a success, it must have gone to $10,000 by today,” explains Guo.“It’s the first level – go to $10,000, then to $1 million.Everyone just needs to buy one Bitcoin and everyone in the Bitcoin community should build applications on Bitcoin and Ethereum Classic – not on Ethereum.I think there is too much control exercised by the Ethereum Foundation.I like it decentralized.I think these two will become very great in the future.Everyone should just think about how to build their applications on these two systems.” He further elaborated that when everyone buys a Bitcoin, all those who have it will be on the same page.Though that time will eventually come, he didn’t say when.He only noted that when it comes, it would move very fast and by then, everyone would have to accept Bitcoin for its value in the world.He likened it to the election of Donald Trump as the U.S.

President, saying everybody must accept it or move out of America.Bitcoin has entered a parabolic phase, blowing past the price of gold and hitting new all-time highs on a daily basis, and Trace Mayer, a leading expert on bitcoin, believes bitcoin could reach as high as $10,000 in a few years.bitcoin order book depthBelow is his rationale.ethereum token marketTrace Mayer, host of the Bitcoin Knowledge Podcast and a leading expert on bitcoin, recently discussed cryptocurrencies as an asset class, why bitcoin is better than gold or fiat money, bitcoin’s “seven network effects,” and much, much more on our podcast last week which can be accessed on our site here or on iTunes here if you want more than the following summary.reddit bitcoin mexico

Here’s Trace on the biggest and most explosive driver for bitcoin that no one is yet talking about.If this gets going, Trace believed bitcoin could reach as high as $10,000 in a few years: [Check out – Register for chance to win an iPad Pro!] 7 Network Effects Driving Bitcoin Mayer has been bullish on bitcoin since it was trading around $0.25 (today it hit a high of $2,791), and he sees more upside potential for the cryptocurrency over the long-term, saying: “Merchants accept it because speculators hold it.bitcoin bowl block partyConsumers use it because merchants accept it.sell bitcoin to netellerMiners secure it…(and) developers then want to work on the most secure, most valuable blockchain.” As developers build out the usefulness of the protocol, more applications arise.ethereum pdf

Next, we get financialization, he added.The SEC earlier this year denied a proposal for a Bitcoin ETF, arguing that because there are no regulated bitcoin exchanges, the ETF couldn’t be allowed.However, the SEC left the door open in a 40-page opinion it produced regarding its decision and, in a few years from now, we’ll probably see an ETF approved said Mayer, adding: “That lays the groundwork for financialization.ethereum windows vs linuxThat’s the sixth network effect, where you get futures, options, swaps and derivatives.bitcoin dash monero… Ultimately, you get the seventh network effect, which is (Bitcoin’s use as a) settlement currency.armory bitcoin installThat’s where it really starts competing with gold and the US dollar.” Though speculation is likely driving the recent run-up, Mayer sees a long-term place for Bitcoin (or a similar technology) in the world markets.

Ultimately, he believes, we have to know how to value this digital cryptocurrency and that that won’t be easy…adding that this leads to a common criticism of Bitcoin, in that, unlike gold, it isn’t physical.The first thing we need to understand about bitcoin according to Mayer, is its relationship with math which is a real thing, even though it isn’t corporal saying: “When we talk about tangibility, we’re talking about things that are real, as opposed to things that are imaginary.” Bitcoin is tangible, Trace argues, because it was created from and governed by concrete, mathematical rules and that: “If someone wants to argue that Bitcoin is not real … we can set up cryptographic and mathematical proofs just like we can set up chemical law proofs … and come to a justified true hypothesis or justified knowledge about what is real.What this requires is … a greater ability to abstract … which is a higher order thinking process.It’s actually one of the things that distinguish humans from lower order lifeforms.” Double-entry bookkeeping was invented hundreds of years ago by merchants in Venice and revolutionized trade, accounting, and finance but bitcoin and “blockchain tech” allow for something even greater—a triple entry—which, Trace says, “is going to lead to a whole explosion in terms of innovation and security in how we’re managing and allocating capital.” In traditional double-entry bookkeeping, credits and debits are held on accounting ledgers and aren’t necessarily held at the same value.

At the end of the day, the books may not balance globally.Triple-entry bookkeeping, however, retains debits and credits but adds simultaneous verification for each transaction recorded by the blockchain.“That confirmation is the triple entry,” Mayer said.Just as the advent of double entry bookkeeping changed world finance, Mayer argues that triple entry bookkeeping will have similar effects in world markets, enabling innovation and changing the entire financial landscape, even if Bitcoin isn’t the vehicle that leads to this change.Why Bitcoin Is More Important Than Gold Mayer noted that Bitcoin is likely to create fundamental shifts in financial transactions and markets.Markets have been dealing with central banks and economic planning attempts to remove volatility from markets for 120 years or more.All this does is establish price controls, Mayer noted.In theory, according to Mayer, Bitcoin should allow the pricing mechanism to break out of this economic censorship because Bitcoin is inherently a censorship-resistant tool and, if that happens, and we’re able to liberate the pricing mechanism of money through interest rates, we’re entering uncharted territory.

Mayer states that, while some suggest we should return to a gold standard to solve this issue, the shiny metal isn’t really suited to the task saying: “Bitcoin is both limited in amount, like gold, but also extensible, like fiat currency.It should follow that bitcoin will be able to outcompete both of those because it has the best characteristics of both, and it doesn’t have the costs that each have.… Bitcoin has all of the pros, and none of the cons.” Thanks for reading!Visit our Facebook page (here) and “Like” any article so you can “Follow the munKNEE” and get future articles automatically delivered to your feed.Win An iPad Pro! is so convinced you’ll love their website they are raffling off an iPad Pro to those who registers here by June 30, 2017.For more information please read the contest Terms and Conditions. so check it out, register here and then program the site to provide you with exactly what you want by author & topic.Check out my profile & articles on TM here.