While marveling at the simplicity and brilliance of the concept Satoshi Nakamoto came up with a brief 13 years ago, a nagging fear persisted that Bitcoin might crumble once it hit preset supply limitations n 2139 – and probably well before that.
The concern: what gives Bitcoin its robust security is the mining system at its root, and the decentralized nature of that mining system. What happens when the rewards paid to miners drops exponentially at each preset halving? Wouldn’t that cause hordes of miners to stop mining? Wouldn’t that lead to a concentration of mining rigs into fewer and fewer hands and expose Bitcoin to the possibility of fraud through a 51% attack?
The solution that Nakamoto had conceived was rewards through transaction fees. Bitcoin followers have debated long and hard about the sufficiency of those fees to incentivize miners. Here’s a great Twitter feed that goes far to allay concerns about such incentives:
Bitcoin blocks are like container ships
Read it and let us know what you think.
Cryptocurrencies are becoming more and more mainstream. Last month El Salvador declared Bitcoin to be legal tender for its citizens. A number of other Latin American countries have pending legislation proposing to do the same. We don’t see that happening in the next year, due to huge political pressures imposed against this by the IMF and US. But there’s no question that cryptocurrencies are going mainstream, in fits and bursts.
The biggest move to widespread acceptance may be when retail businesses realize they can lower their transaction fees, gain them new markets and is dirt simple to deploy.
That day is now on the far horizon. Watch this video from the creators of Flexa for one solution that is already working today. Flexa allows merchants to accept any cryptocurrency but receive funds in a cryptocurrency that is inherently stabilized to the value of their preferred FIAT currency. They can also accept credit cards, debit cards, paypal or venmo. Accepting crypto allows them to reduce their transaction fees by more than half while giving them better protection from credit card rejections.
Check out the video. We think this is the future of all ecommerce. Other solutions based on other cryptos will certainly emerge, but it looks to us like Flexa will be leading the pack. Which means you may just want to pick up a few AMM coins…
Here’s one guy’s journey to accomplishing a safe retirement on today’s equivalent of $10,000 a month. $10,000 A Month Staking Cryptocurrency Most people would be thrilled to accomplish half of that figure.
Most people would be thrilled to accomplish half of that figure. But wait: is crypto investing a contradiction to safe investing for retirement? We at decryptofied think not. In fact, we’re currently deploying many of the strategies mentioned in this video for our own accounts.
So tune into this video and let us know what you think. Got any questions? Post them in your comments below.