Binance Hack Aside, here are 4 Reasons Why Bitcoin (BTC) Investors are Confident

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Bitcoin

Well,
despite the 7,000 BTC heist at Binance, there is a lot to rave about. Of Note, Bitcoin
last touched the $6K mark at the middle of the last quarter of 2018. However, it
is what has happened between then and now that Bitcoin investors are confident
their investments will continue to appreciate, weathering minor dents like what
happened yesterday.

Although
there have been exponential development in the last few years as Bitcoin as a
network beat odds, evolving into a leading, alternative platform, the Bitcoin
investors’ confidence is pegged on four attributes, according to an influential Crypto
Trader and Analyst. It was only last year when Bitcoin retested $6,000 but
during that time:

1.    Square wasn’t selling Bitcoin

Square,
which is a mobile payment firm founded by Jack Dorsey who is also the founder
of Twitter, started supporting Bitcoin buying and selling from its Cash App in
late 2017. However, it was until towards the end of 2018 that Square expanded
the reach of the Cash App to include almost every U.S state.

To
the relief of Bitcoin investors, Square recorded $1.69 million in profits
during the third quarter of 2018.

2.    Fidelity wasn’t storing Bitcoin

Rumors
of Fidelity, a leading investment firm based in the U.S, supporting BTC have
been in the air for some time. Although they are still not confirmed, reliable
sources have indicated that the investment firm will launch Bitcoin custody
services for its institutional clients in the “next few weeks.” Recently, the
investment firm which has over $7.2 trillion in client assets under management,
formed the Fidelity Digital Services department to concentrate on Bitcoin among
other virtual currencies.

It
is this continued positive attitude by a significant traditional investment
firm that Bitcoin investors find solace.

3.    TD Ameritrade wasn’t trading Bitcoin

TD
Ameritrade, a leading US-based brokerage firm, started offering Bitcoin futures
on its platform. Last month, details emerged that the brokerage firm is
silently testing Bitcoin trading although only through its Paper Trading desk.
Nasdaq was also thought to be playing a background role in helping TD
Ameritrade conduct the tests. Apart from Bitcoin (BTC) the test also features
Litecoin (LTC).

4.    Lightning Network wasn’t holding 1,000
Bitcoin

It was until mid-March this year that the Lightning Network (LN) was capable of holding 1000 Bitcoin. This made LN suitable for more than just conducting micro-payments. LN was created to solve the scalability issues on the Bitcoin blockchain. From the start, it was hailed as the best option for small payments in Bitcoin (BTC).

The
launch of the Lightning Network was applauded by Microsoft, Jack Dorsey, and
Bill Lee, a SpaceX and Tesla investor. This development makes Bitcoin investors
to hold onto their optimism that BTC is the next best choice they ever made.

“I
think people underplay LN a little. It’s not so much that it holds loads of
BTC, it’s more that it takes a load off the blockchain usage. Every transaction
that goes through on LN, … is one that’s not clogging up the network.” Noted The_Great_Sarcasmo, a Redditor.

What the Bitcoin
Community Thinks

On
social platforms, the crypto community completed the phrase, “The last time
Bitcoin broke the $6K level…” in both hilarious and serious ways.

For example, to express the current Tether and BitFinex fix, a Redditor noted that the last time Bitcoin broke the $6K level, “Tether was also ‘backed 1:1’ back then, and exchanges/CMC were faking volume.

while
some disputed the inclusion of Fidelity and TD Ameritrade, others were more
positive.

Two of those things aren’t true. Fidelity and TD Ameritrade made announcement…but the features aren’t available,” noted mindless_snail.

In
response bLbGoldeN noted, “they’re still true…those
weren’t the case last time.”

The crypto community was also concerned about the Binance security breach where 7,000 BTC was lost. However, from the comments it’s unlikely this is going to dampen the Bitcoin investors’ mood. For example, coolfarmer argued:

“Binance was not hacked: Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks. Many user accounts were hacked, by compromising the users themselves. The exchange itself was not hacked.”

The post Binance Hack Aside, here are 4 Reasons Why Bitcoin (BTC) Investors are Confident appeared first on Ethereum World News.

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