8 Reasons Why Bitcoin Looks Even Better Than in 2017

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Bitcoin soared in a few short hours blasting through the $5,000 barrier, and HODLers are rubbing their hands with glee preparing for the next epic run. But is this going to be 2017 all over again? No. Here are seven reasons why Bitcoin looks even better now than in 2017.

Better Fundamentals
For any market to reach maturity, it must go through several bullish and bearish cycles. The latest bear market for Bitcoin has been its longest to date, but long enough to shake out the weak hands, the curious speculators, and in-and-out investors. Those who saw Bitcoin as a chance for getting rich overnight are out of the game.

The key takeaway is that in spite of the bear market, Bitcoin has been building. There are now far better fundamentals in place than there were two years ago.

Bitcoin usage has been steadily climbing for 15 months. Transactions, hash rate are all up despite the ‘Crypto Winter’ and 1MB+ Bitcoin block sizes are now the new normal.

More Fiat On-Ramps
Depending on where you’re based, you may have more difficulty than others getting hold of bitcoins. But despite that, there is now more fiat-on-ramps than in 2017–by a long shot.

That includes more exchanges appearing allowing for fiat to crypto trading, including international powerhouses like Binance and OKEx. Square’s Cash App obtained the New York BitLicense in June 2018, making buying BTC through a mobile even easier than Coinbase. And there are better services from existing U.S. exchanges like Coinbase and Gemini. They now list more coins and are easier for users than before.

There are also more ways to earn bitcoin and more providers who pay it. Through services like Trezor, Mycelium, Exodus, and Blockstream Green Wallet it’s easier and safer to earn money in Bitcoin rather than have to purchase it from the start.  

Moreover, institutional investors like Bakkt will eventually settle their BTC futures contracts in bitcoins and not in cash like CME or CBOE.

This means there will be more fiat money flowing into Bitcoin rather than just the futures market–if it ever gets approval to officially open its doors, of course.

Fewer Scams
OK, so we started the year with QuadrigaCX whose ongoing saga is still ongoing. It’s not yet clear whether the owner’s sudden passing with the only knowledge of the location to the cold storage wallets is true or a spectacular ruse.

While we still have this slightly archaic way of storing private keys and opportune hackers exist, your funds may still be at risk. Even if you keep them yourself, you’re not immune to your three-year-old picking up your Ledger and throwing it in the can.

However, compared to 2017, the SEC and other regulatory bodies have done a pretty good job of weeding out scams.

BitConnect, Pincoin, OneCoin, Centratech… Ponzi schemes like these, and bad actors and celebrities shilling altcoins like they’re going out of style have been flushed out. People are more aware of the dangers, the importance of controlling your own private keys, and it’s becoming safer to invest in Bitcoin.

Proven Use-Cases
Bitcoin is proving its worth not just as a store of value, but also as a means of payment in many places, especially Venezuela. In countries affected by high inflation, like South Africa and Turkey, in fact, Bitcoin is proving to be a lifeline to them as well.