The recent news about a crypto exchange that was not able to access its 26,500 bitcoins has been an alarming situation as the founder and partner of Morgan Creek Digital, Anthony Pompliano suggests that this will induce the understanding of scarcity among the usual users and the folks. There are exactly 21M bitcoins that have been spread throughout the systems out of which the 26,500 were not accessible. This is a serious hint to the fact that the crypto has been under a serious strain over the quantity which decides the price charts for the current period. This strain shows that there might be a chance the bear market terminates giving way to a whole new bullish market. Though this is out of the conversation, Pomp suggests that the limited quantity eventually produces a decent understanding among the people about the concept of scarcity. BlockPublisher got the entire situation elaborated as Pomp remarked over the very discourse describing that scarcity is crucial to understand and the recent incident helps us grasp it firmly.
Out of the total 21M of bitcoins, a crypto exchange informed of not getting able to access their 26,500 bitcoin which was in their possession. This is the thing that can help us understand the concept of scarcity but I strongly recommend everyone to neither be late nor be the last one.
Cryptos have been designated a specific amount to be regulated and be readily usable for the users. This amount when reached can initiate scarcity that leads to the coins being inaccessible. With all the limitations for scarcity, the crypto personalities describe cryptos especially bitcoin as one of the most sound forms of money that have ever been introduced. The chief executive officer for Binance, Changpeng Zhou aka CZ Binance has his own remarks over the cryptos and the potential that they bear that can make them the lead in the financial industry.
For any internet (non-physical) based business, I don’t understand why anyone would not accept crypto for payments. It is easier, faster and cheaper to integration than traditional payment gateways. Less paperwork. And reaches more diverse demographic and geography.