Blockbid COO Talks Mobile Payments Newcomer Bitcoin’s New Hashrate Record

Recently, bitcoin reached a record-high hashrate of 52 quintillion hashes per second. That’s a number of staggering proportions-some reports suggest that’s more than the total number of grains of sand on the planet-and one that’s making some reconsider the likelihood of bitcoin’s demise. In fact, Blockbid’s chief operating officer David Sapper offered some comment on this point that should encourage those who are still HODL-ing through bitcoin’s ongoing rough patch.

Blockbid has a particular stake in the future of bitcoin, and by extension, cryptocurrency itself. It’s a trading platform that packs some of the best security in the field, and allows its trades to go forth in seven different fiat currencies. It also takes a flat fee of just 0.1 percent of the trade executed.

Meanwhile, its COO noted “With less than 4 million bitcoins left to mine and the reward being halved from 12.5 to 6.25 per block in May 2020, I’m sure that we will see the hashrate continue to increase for the foreseeable future. Past halvings in 2012 and 2016 saw Bitcoins price spike in 2013 and 2017, so even though supply is limited I don’t see miners slowing down anytime soon. Hashrate is one of the key indicators of the Bitcoin’s network strength and I’m extremely surprised to see that with the steady increase in hashrate we have seen the Bitcoin price drop back down to $7,000. ”

Some might say here that Blockbid has a vested interest in keeping users in the fold and making trades for bitcoin. But then, it’s also not out of line to note that bitcoin is effectively the “reserve currency” of the cryptocurrency market. It’s been around the longest, it’s the most immediately recognizable, it has the most number of use cases, and it’s worth the most, with almost three times the market cap of its closest competitor. Bitcoin’s rapidly-increasing hashrate is making many think that the fundamentals of bitcoin are sound and strong.

Only time will tell just how right Sapper’s remarks will be, but the demise of bitcoin has been a failed prediction several times over now. Sure, plenty are likely still smarting who bought in back in December 2017, but it’s holding its value, and that’s noteworthy enough.