Trace Mayer's 7 network effects of Bitcoin
Trace Mayer has been a very important voice in the the Bitcoin space for a very long time, he has been educating people on the insights of the Bitcoin technology and financial value. He has a funny smile and transmits an aura of success and value but must important is that he transmits awesome concepts.
When trying to understand why is that Bitcoin has value is very helpful to know the Trace Mayer's 7 network effects of Bitcoin that he often share on podcasts and interviews:
Speculation
At the moment Bitcoin was createdit had a value of zero, and from there it has been going up and displaying huge volatility. Is the best playground for speculators ever, the artery of the exchanges and the best thing you can have on a wallet.
Merchants
Because it has demonstrated to grow in value merchants are willing to accept it. Like the guy who sold a pizza years ago at 10.000 btc or the close to 500K merchants (some say, but probably more) that today will be very happy to receive some Satoshis.
Consumers
The growing value of your money is only good if you really can transform it to something tangible. Things like purse.io offers the Amazon catalog products with an discount of 18% on average. And is also cheaper to get Andreas Antronopolus if you pay him in Bitcoin!. But in general as there are Merchants accepting Bitcoin the buyers can be sure that they will find places to spend.
Miners
The design of Bitcoin created what might be consider the most powerful computer in the world with an unbeatable Hash Rate. This means that bitcoin is better secured than Google or Facebook data and of course any Bank's computer network.
Developers
Having demonstrated that Bitcoin is the most secure, long lasting and valuable blockchain in the world, it has also gain the favor of the developers to code on the open source space of Bitcoin. This means that a huge quantity great developers are creating an enormous library of applications for Bitcoin users, making it the most user friendly cryptocurrency with a lot of known working applications.
Finance
Financial markets cannot scape from the bitcoin, thtis new kid on the block or intruder has been welcomed with products such as the CME futures, that allow regular and big financial players to invest, making the capitalization of bitcoin ready for way bigger volumes.
World reserve currency
Want to send money from Uganda to France? Honduras to the US? Uganda to Honduras? Or hire an Indian developer and pay to him from Brazil? There is only one real solution today. The banking system is not close to be a solution for normal people to be able to transfer value around the world. Bitcoin is lights years away, is faster more secure, more available you dont need an ID or bank services, is way more of everything exists in the field, and will not be ignored.
So there you have it; in case you ever need to clearly explain why Bitcoin worths 3 trillion dollars...
Can you think on any other network effect? Like the Trace? Please comment and share.
The official website for Trace Mayer (https://www.tracemayer.net/).
-cowa