There is a world of difference between speculation and implementation but they are connected.
Even though price movements can be incredibly distracting they do serve to drive excitement in the market and attract new people to this exciting field, which does lead directly to more implementation.
For example, according to a recent report, there are now twice as many registered cryptotraders in Brazil than there are stock traders. In Russia, thanks to 185,000 news articles that were written about Bitcoin, more than half of the population now feels confident that they have a good grasp of what cryptocurrencies are.
Blockchain operates on the power of the network. Similar to the way we see the “wisdom of the crowd” in eToro, where each client that comes in whether they are a beginner or expert trader, strengthens the entire system.
Though the bitcoin network has not grown nearly as fast as her price, there has been an incredible rise in the number of full nodes, people who have downloaded the entire blockchain ledger in order to help verify transactions.
I’m proud to report that after 46 days of being flooded, the bitcoin network is showing signs of recovery and the backlog of transactions is finally clearing.
This recent pullback in the price has been a blessing in disguise.