The glory and dream of the bigwigs in the cryptocurrency circle (VI)
In March 2016, the Financial Services Agency of Japan defined cryptocurrency as a commodity. In May, Japan approved the cryptocurrency regulation bill for the first time and defined Bitcoin as property.
On June 24, the results of the Brexit referendum in the UK were announced. More than half of the people supported leaving the EU, and British Prime Minister Cameron also announced his resignation. The pound plunged, and the price of Bitcoin rose by nearly 20%.
On November 9, as the results of the US election votes continued to be released, various assets recorded the largest amplitude since Brexit, and Bitcoin rose sharply without surprise. The market generally believed that the uncertainty surrounding Trump's policy proposals would drive the price of safe-haven assets.
Amid global economic and political shocks, Bitcoin once again demonstrated its safe-haven characteristics.
As the volume of Bitcoin transactions continued to grow, the 1M block size designed by Satoshi Nakamoto made Bitcoin transfer transactions slower and slower. While a large number of merchants tried to accept Bitcoin payments, the fact became increasingly clear - Bitcoin transactions were just a gimmick. In fact, the Bitcoin payment method invented by Satoshi Nakamoto has not been market-forward-looking. It takes 10 minutes or even longer to confirm that the transaction has been settled. What's worse is that the price of Bitcoin, which is out of regulation, fluctuates so much that consumers' purchasing power may lose more than 10% in one morning.
The problem of Bitcoin network expansion is imminent with the rise of competing coins such as Ethereum. #比特币
