How many people in the world are using Bitcoin or cryptocurrencies and why?

For years I’ve been asked this question and many like it. Why would anyone trust Bitcoin? Why would you think Bitcoin would have value when it cannot be “backed” by anything tangible or a government? Why would I put money into a currency that has already grown over 35,000% – haven’t I missed the boat? What happens if someone hacks “it?” Can someone get their hands on our money? How can you protect against risk? WHy do people call it “the new gold” or a “store of wealth?”

In 2011 I had all these same questions. And all of them are valid………… – at first.

Rogers Adoption of technology Bell curve is familiar, but can you find where 1.2% of the population falls?

Let me back up. Here we are in the early stages of the 4th “Crypto Spring & Summer” as it were, since Bitcoin launched in early 2009. AND still today, it’s nice to see so many people who have an open mind and questions about something that is still so new, “unproven,” or mass-adopted yet. If you are asking any of these questions, then you, my friend, are already far ahead on the technology adoption timeline than 98% of all others.


I’ll share what I’ve researched and also an article to help answer your question. 
In 2011 I invested in a technology incubator that was going to launch young tech startups into the stratosphere. The day I sat down to cut the check, one of my partners told me to put that money into Bitcoin rather than our incubator. That measly $20,000 would be worth $29,330,400 in 2017 or 2020 Bitcoin dollars. The incubator became a non-profit and my 20k is worth zero. Do I still get to help young entrepreneurs launch their tech companies? Sure, and I enjoy it. Yet, since that day, I waited and waited and waited some more (“Oh, once it get’s back down under$250 I’m in” I said) and waited some more.. to finally buy in after watching it cross the $1,000 dollar mark. My belief each time I did not buy was that I had missed the boat or that surely it was volatile enough to get back down to my ideal price point – where I thought I “Deserved” to buy it after all my years of following along without it. What I did not get through my skull is that it is an algorithm; a transparent, immutable, hack-proof algorithm. It cannot be changed, or artificially inflated (well, maybe unless your are Jamie Dimon*).

The biggest reason it’s value will continue to increase over the long term is because that algorithm has a stopping point. It ends. It stops producing blocks at 21 million. That limited number which cannot change (or be increased or devalued by printing more) creates a natural inflation. It creates a genuine need-based inflation and thus a true value. As you and I both know, The value of anything we wish to barter is based only on the value we assign it. If I’m starving in a desert with only a gold coin in my pocket and you are the only person in site and you have a banana, then to me I guarantee you that your banana is worth my gold coin. This is where the value of FIAT which is assigned a value by a third party begins to fall apart. This is why cryptocurrency will eventually replace most Fiat’s at least for progressive people and those forced to by their corrupt governments (can you say Most every country), but these topics are for another day and a longer forum. I’m posting this on my own blog shortly with more detail and an ongoing forum, but I’m glad that you got me thinking and willing to share. You may never find a use or a need personally. But if you live beyond the next 8-10 years you will at least witness a large adoption and a plethora of use-case scenarios whether it’s strictly in Bitcoin or in similar cryptocurrencies that have proven themselves in their own use cases. It’s like witnessing the explosive growth of the internet since 1992, and at this stage we are in now it is like discussing (and projecting the growth of) the internet in year 1993. We are in 1993-1994 right now. Do you see the Rogers Adoption of technology Bell curve diagram above? Do you see where a delineating inflection point at 2.5% of the population sits? Good. Now think about this. Only 1.2% – 1.3% of the connected world are involved in any cryptocurrency right now.** We all still have time, not much, but time, to fall in that 2.5% or that early adopters range. Remember that when you think you waited too long and when you have that $100 you might blow on some bike part or nice dinner, or shirt you don’t need.

I look forward to looking back on these discussions a few years from now (differently from how I look back on my 20k mistake 8 years ago. 
I will gladly share more of my knowledge on cryptocurrencies and how it is already changing the world. Like dollar inflation since 1971, it is already happening. – Nelson Wells, Athens, Georgia . For more follow me here and on Twitter at @Clermont1

Bitcoin Users At a Glance

  • Over 42 million bitcoin wallets had been set up globally by Dec 2019
  • An estimated five percent of Americans hold bitcoin
  • There are 7.1 million “active” bitcoin users
  • Leading exchange Coinbase has over 13 million users
  • Emerging markets users, who are often not considered in statistics, are
    likely in the millions

Nelson Wells is a CEO, a publicist, and a contributor of cryptocurrency articles from Athens, Georgia . For more follow him on Twitter at @Clermont1

I’m gonna make a bold prediction. Today is a good day. Here’s why.

A Bold Prediction? Maybe more like an investor’s Opportunity. Feel the fear in the “markets” today? How will you use that fear?

An immediate 25% drop in price = a discounted buying opportunity. … in ANY nominally-utilized asset class. But especially in immutable worldwide currencies.

Today the markets dropped (crashed?) over 10%. Bitcoin crashed down 25%+ (it’s currently still dropping as I write this and more than half of where it was 30 days ago). Oil is dirt cheap at under $30 per barrel – I bought premium gasoline for $2.79 per gallon.

So, what have you done? Did you let fear motivate you to sell some of your stocks? Or hoard a few groceries in your cupboard? That’s ok. I don’t judge anyone for these things. These kind of fear responses are what sometimes saves us in a tough spot. But I do want to use your answer to help motivate you. To allow you to use your fear for something that benefits you. Now is your chance to use that fear for a longer term investment without fear – or without as much as you may have previously had when the market was at all time highs, or #bitcoin was at $10k or $20,000. Or before this new virus gripped our nation… Just do one thing today. Invest in something today.

Anything. I don’t care what, as long as the price today is at least 10% less than it was yesterday. I’ll start with whatever pennies I can scrounge together from a few Apple shares I sold. Then I’ll invest a little more time with my twin daughters, looking them in the eye and just being present. What will you invest in today? #BTC?, #bitcoin?, #Litecoin?, #Apple ($AAPL)?, #microsoft?, you name it. Just do it. #blockchain companies, currencies, – not hand sanitizer unless you’re going to make your own.

On that note, maybe today is a great day to start your own business.

I told you it’s a good day. You may just be able to look back on it and say that.

#investing, #cryptocurrencies, #crash, #useyourbrain, #coronavirus, #covid19, #dontfalpreytofear, #bestrong, #crypto, Nelson Wells

Will Bitcoin Price Double as Halving Date Looms Closer – Our Countdown Clock is on (now 2 clocks)

(Today 2020) Well, I wrote the following article over a year ago, mid March of 2019, and my numbers were mostly spot on. For the month of April 2019, Bitcoin’s price averaged $4,836.79. Here just 4 days from the halving bitcoin is at $9,433.16 according to Coin Market Cap, and almost exact doubling in price from one year ago despite it’s large dip to the $3,000’s just weeks later in May of 2019.

The top countdown clock counts down to the actual halving at the 210k block late May 11, early May 12th. The bottom clock was my year-out prediction of a price doubling as we approached the halving with a peak price just 3-5 days prior to halving. I’d say it’s right on the money. Now let’s see if my prediction of a slight correction comes as non-Hodlers sell off near $10k and BTC price stagnates for 8 months as it did after the previous halving just before it ran up new bull market highs straight through 2017.

Who’s gonna call me out, correct me or give me that “Atta-Boy, Nelson” down below? shhhh, I predict no one. We have a damned pandemic on or hands and minds. Best of luck and love to you all, friends. These are strange times indeed. – I”m out. – Nelson

Original article of March 2019.

Our Bitcoin halving countdown clock is on and counting backwards to May 7, 2020, the date I predict the price of Bitcoin will be doubled it’s current $4,800 average and just 4-5 days prior to the point when the blockchain will reach the next halving. I predict $BTC will be more than double its year previous price per coin at that point and if similar to the previous halving in 2016 the price will correct by 15%+/- for the following months. [Share our clock or copy our code and embed it yourself]

Athens, Georgia. Nelson Wells is an investor, Co-founder, CEO, and Blockchain “Futurist”

If you’d like to see the countdown clock from respected exchange company, Binance, you may do so here, https://www.binance.vision/halving. Binance predicts the having will occur 3 days later than my prediction on May 10, 2020.

Atlanta Digital Currency Fund’s chief investment officer, Alistair Milne, has said that the block reward halving of Bitcoin could push the price of the dominant cryptocurrency to massive gains in the next 12 months, or any 12 month period leading up to the halving.

Do YOU believe Milne’s claim and basis? If so tell me why, and if not, let’s hear it. Personally, I believe the greatest gains to Bitcoin’s value will come in the 12-24 months AFTER the halvening event. By the way, what this date represents simply is the day the “reward” for mining one full block of Bitcoin on the blockchain will drop from 12 BTC to 6.5 BTC per block which miners get to keep for creating that block. This is how miners create “income” by running their very expensive computers 24-7 and racking up the electricity bills that go along with such “hash power.”

The halving occurs each time Bitcoin’s block height reaches 210,000 blocks, or approximately every 4 years. See the chart below from Binance for an outline of when havings occur and what rewards change to.

According to an article in CCN Friday March 8, 2019 titled, “Bitcoin’s Impending ‘Halving’ Could Spark Meteoric Price Boom,” the impending ‘halving’ could lead to these massive gains.

bitcoin price halving

Bitcoin’s May 2020 halving could lead to a meteoric price boom for the flagship cryptocurrency. | Source: REUTERS / Dado Ruvic / Illustration / File Photo

Bitcoin’s Impending ‘Halving’ Could Spark Meteoric Price Boom

A block reward “halving” in Bitcoin is referred to as the mechanism that decreases the amount of Bitcoin generated by miners after mining a block.

On the Bitcoin network, the blockchain, miners solve complex cryptographic problems using computing power to process transactions, which are then placed in blocks to form a blockchain.

To compensate miners, every block generates a fixed number of Bitcoin to “pay” the miners for serving the community and running the nodes which create the blocks, and this “mine” the cryptocurrency “coin.”

The block reward, or fee to miners, of the Bitcoin network decreases by half for every 210,000 Bitcoin mined. Traditionally, a block reward halving like this has led the price of Bitcoin to rally because it reduces the rate in which new BTC is produced.

As Bitcoin nears its fixed 21 million supply, the scarcity of the digital asset increases, which boosts the price and the demand from the market.

Historically, the Bitcoin price has tended to move a year before the block reward halving. While a few analysts claim that the halving is already priced in, the numbers show that it gradually gets priced over time, and even accelerates, as the cryptocurrency approaches its halving date.

See the related article by cryptocurrency author Joseph Young of Bitcoin Analysis, Bitcoin Price News at CCN.com

Meanwhile, leave me your comments and thoughts on where (and why) you think Bitcoin, Litecoin, Ethereum and other cryptocurrencies are headed into 2020 and beyond.