THE BITCOIN BONANZAby Jack Bosma Educator I am the most familiar with Bitcoin (BTC) because its symbol, icon and abbreviation are the most widely used and familiar term used in the cryptocurrency trading discipline. The current supply of available BTC is capped at 21 million coins, once this amount has been mined, the amount will be exhausted and additional considerations by the development team will need to be undertaken to explore further opportunities in trading. The currency was created to serve as a way to encourage trade directly without the need for “third party” involvement. The developer team is exploring ways to increase the amount of available currency and also to provide increased awareness of trading practices with cryptocurrency. The unanticipated popularity of the coin has left the developing team with unanticipated difficulties to explore. The team is exploring ways to accommodate the explosive growth and popularity of the coin to more rapidly incorporate its use into daily trading activities. This difficulty can be addressed with expanded mining capabilities and the creation of robust systems to handle the traffic and activity that is currently being observed on BTC trading platforms. Creating more general BTC coins may not be the answer since the ability and capability of the systems designed to support these activities are not designed to handle the unanticipated demand. As the demand is so rapid, it is virtually impossible to systemize supply and demand. It may be worth considering the creation of BTC for individual service industries and sectors that specialize in these areas, for example, a BTC healthcare coin. Utilizing the coin to reflect specific areas and commodities will enable more effective and specialized trading practices to occur and be more closely monitored within the communities. Communities that trade community BTC will also be able to determine supply creation and usage within the specialized group. Using BTC in a worldwide generic fashion increases the number of moving parts and difficulties in using the trading platform effectively. The goal of achieving decentralized trading practices has been achieved within the BTC trading community. It is now time to reconsider these practices and implement them in conjunction within the same specialized communities and standardized training and certification programs that have been created and implemented as a result of the BTC boom and the subsequent success of cryptocurrency trading practices.
Created on Apr 3rd 2021 16:05. Viewed 118 times.
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