Did You know that #Bitcoin has 7 network effects that are all taking place at the same time?

All these network effects that take place combined result in this unique cumitive exponential entrenchment.

Here they are:

1. Speculators

People are buying bitcoin to make quick returns. The store of value component falls into this one too.

2. Merchants

Merchants are accepting bitcoin, because speculators hold them.

3. Consumers

Consumers start using bitcoin solely, because merchants accept them.

4. Miners

Processing power that secures bitcoin payment network is by far the largest computing power in the world.

5. Software developers

Software developers chose to build their applications on the most secure blockchain protocol which is bitcoin.

6. Financiers

New, useful and creative financial instruments are being created and regulated by financial markets.

7. World reserve currency

New standard of reserve settlement and currency between exchanges.