With Bitcoin, you always have two ways of looking at things as I frequently tell you: the good way or the bad way.
The bad way is to focus on the noise.
The right way is to focus on the real signal.
The noise is the price of Bitcoin, looking at it day by day. Hour by hour, or even more for some ... Did you recognize yourself? You haven't yet understood that Bitcoin is there to allow you to opt for low-time preference.
The real signal is the fundamentals of the Bitcoin revolution. In a world that is more uncertain than ever, the Bitcoin protocol gives you essential guarantees. Guarantees that have not changed since the official launch of the Bitcoin network on January 3, 2009. It's been over 5,000 days since the Bitcoin network has been up and running, and it proudly boasts an uptime of 99.99%, which is second to none in the tech industry;
In the last few hours, the noise has been the price of Bitcoin falling, like the rest of the market, after the release of the August 2022 inflation figures for America. 8.3% ... The Fed will probably have to continue with its rate hikes to 75 basis points or even go to 100 basis points.
See you on September 20 and 21, 2022 to know more about this level:
The price of Bitcoin is back around $20K. Am I surprised?
Not really, and you know it if you read the article in which I questioned whether the price of Bitcoin had reached its bottom or not:
Bottom or Not Bottom for Bitcoin? Here Are Some Thoughts on the Matter.
Rather than focusing on this noise any longer, let's look at the real signal. Because that's what we're most interested in, as Bitcoin is a long-term revolution that will take time to reach its full potential. I recently reminded you why Bitcoin is an ally in the fight against climate change and not an enemy as some would have you believe:
Bitcoin Is Not an Enemy, but an Ally in the Fight Against Climate Change.
For those who still have doubts, open your eyes and choose to think for yourself. Don't let the powerful in the current system, scared of a system they can't manipulate, tell you what to think about Bitcoin.
As the Ethereum Blockchain's "The Merge" event takes place in the next few hours, some Ethereum fans are coming to imagine that their champion has a chance to overtake Bitcoin in the months and years to come. All this is at the cost of greater centralization of the Ethereum network, since from now on the consensus algorithm will be based on Proof-of-Stake (PoS).
For those who see this as a huge step forward, I'd like to remind them that the current system is already an example of a full-scale PoS implementation. As you can see, this is something disastrous that cannot work for the greater good.
De facto, Proof-of-Work, which is at the heart of Bitcoin, is more than ever the solution that will allow us to build a better world for most people when it comes to money. And where Ethereum will be more centralized, Bitcoin continues to assert itself as the world's most secure decentralized network.
The Hash Rate of the Bitcoin network just beats its ATH.
On average over the last seven days, the Hash Rate of the network is above 240 EH/s. A peak above 300 EH/s was even recorded on September 4, 2022, at a block height of 752,510. Obviously, the difficulty to mine the next block will increase de facto to keep the average of 10 minutes for the issuance of the next block.
Despite the criticism, rumors, and the current Bear Market, miners continue to have confidence in the future of Bitcoin. If this trend continues, Bitcoin's next Halving could come even sooner than expected.
While the Halving was originally expected to occur around the middle of 2024, it is now expected to occur in early March 2024. And if miners continue to flock to secure the Bitcoin network in this way, one could even imagine a Bitcoin Halving occurring in early 2024.
Seeing Bitcoin strengthen the security of its decentralized network more than ever, at the same time that “The Merge” is going to centralize the Ethereum network, is the best thing ever. For those who still doubt it, Bitcoin is quite different from the rest of the cryptocurrency world. Seeing its fundamentals strengthen is the best news and should encourage all those interested in Bitcoin to adopt the only time horizon that is right with Bitcoin: the long term.
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