What is necessary for Bitcoin to survive and succeed?

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Bitcoin to survive
For every asset, there are a number of factors that affect its future. In this article we will take a look at things that are necessary for bitcoin to survive in this aggressive market, sustain its value, go higher and succeed.

These factors are all equally important and are not in any particular order.

One of the most important things is having a distributed layer. Distributed network means decentralization; the global distribution of economic nodes, miners, developers and investors. One good thing about bitcoin is that there is no central authority controlling it and it is everywhere. As the famous author and software engineer Der Gigi once put it; Bitcoin is very similar to ants indeed. You can step on them and kill their hill in an area but can you get rid of all of the ants in the world for good? Definitely not. And that is because of its massive numbers and the fact that it is distributed throughout the world.

Acknowledging bitcoin as a store of value is another important thing.

There are important criteria that determine if something is a good store of value or not such as liquidity, portability, verifiability, utility, scarcity and being secure. Does bitcoin fulfill all of them? Throughout the years bitcoin has proven to be the perfect store of value as it embraces all the qualities and more importantly, it is the most liquid money. But what about gold? What about USD? Probably not. So if you want to save your wealth and let it grow without suffering devaluation due to inflation, bitcoin is the right choice.

The last and probably the most effective factor affecting an asset is faith.

Before investing in anything- bitcoin for instance, you have to totally accept it as a store of value. It is all about faith and starts with questions like: How much do you know about bitcoin? Do you support it? Would you put your hard-earned money in bitcoin? We all know MicroStrategy and Tesla and the reason they poured massive amounts of their wealth into an asset like bitcoin. They moved into bitcoin because not only do they believe in its value, but they also have faith that their wealth will grow in the future and bitcoin will not fail them.

With bitcoin becoming widespread and with more people and institutions deciding to turn to the asset as a store of value, bitcoin is gaining more attention and faith and therefore more value.

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