BTCMobick is already showing signs of a very healthy and developing network effect. In the last blog I unpacked how I was extremely excited about the foundation of the network, possibly the strongest I've seen in any cryptocurrency, and how having a strong foundation should lead to a strong network.
In this blog I talk about how I first became involved and what I saw and am continuing to see with the growth of this network from that foundation. I think the evidence is obvious given the price has gone from $0 to $290 AUD in a few short months.
Developing Network Effect Grows From the Foundation
Normally, when there is a new cryptocurrency it comes in two ways:
1) "Centralized"
An ICO (initial coin offering) where Venture Capitalists get the first and biggest share, and the public gets the scraps. This usually leads to a "price dump" as VC's take their profit, using the public for exit liquidity.
2) "Decentralized"
An airdrop or launch with a valueless, nondescript token that people dump as soon as it has some value, having no connection to that network.
BTCMobick had a very unique airdrop.
One of my meditation brother's, Choi, approached me about this opportunity, but I kept my expectations low.
My connection to the BTCMobick network started in Montville, Australia where I recieved a small amount of BTCMobick and had the opportunity to witness the network effect first hand.
The Network Effect of BTCMobick in Montville
I was impressed with the atmosphere of enthusiasm, and that all these people travelled from South Korea and were engaged in everything Oh Tae Min was saying!
The airdrop was in the form of a free paper wallet with a private key and some Mobick on it, that you then upload to the BTCMobick app (an extremely easy and frictionless process). People spent their time and energy to recieve the airdrop, so in their mind the airdrop already had value.
But their passion is what really touched my heart - I could sense that they really believed in the project and Oh Tae Min's vision for a better world. They weren't just trying to shill their project and ecnouraged me to look into it and learn.
The conclusion of the airdrop was in a lecture theatre at QUT Kelvin Grove Campus, 15 minutes from the meditation centre I run, (of all the places in the world!) and it was packed!
Oh Tae Min gave his final speech and it ended in a ceremony where the keys for all the wallets were destroyed, handing full control and responsibility over to the wallet holders.
Early Signs of a Strong Network in the Physical World
The Otaverse company are already actively engaging with some big name companies in South Korea (I will be covering their plans in a future blog, another VERY exciting and innovative idea).
They have also started to create a physical presence. A cafe that bares the BTCMobick brand and only accepts BTCMobick, Bitcoin and all forms of Bitcoin forks as payment.
The blending of the digital and physical world is already taking place. Oh Tae Min talks a lot about concepts of the "metaverse", something I also align with.
Market Hype = Strong Price = Strong Network?
But as always, what's got me really hooked as evidence of the expanding network effect is the rocketing of the price in such a short period of time. It reached an all time high of around $290 AUD, and as of September 18, 2023 was just over $200 AUD.
Currently, BTCMobick is traded 100% peer to peer. Markets are being established in Kakaotalk and Telegram and then sent through the network into peoples wallets (and it's extremely fast!) via trusted and fully doxed community members.
The fact price has shown this kind of movement just by trading peer to peer is really telling! I believe this has a lot to do with how solid the foundation of the network is - the community is coming to life and contributing their time and energy.
There are plans for it to be traded on a decentralized exchanges, and while it's a bit of a weak point at the moment, it still shows signs of strength that it can do what it's done despite the limitations.
With a supply that mimicks Bitcoin's supply, it's already been able to surpass what Bitcoin did within a similar timeframe, only hitting $0.0033 USD (however, it's important to note the conditions were very different for Bitcoin, but it's still impressive).
Conclusion: Can BTCMobick Continue to Grow?
BTCMobick has one of the most powerful foundations I have seen in any cryptocurrency, and I am seeing the signs of the development of that network everywhere and just how healthy it is looking.
Connections are being formed with real world businesses, physical locations are popping up representing the brand and providing a place to spend the tokens, and the trading is thriving, despite being limited to peer to peer. And while it's not perfect, doesn't that just show signs of a community trying to match its unexpected growth?
I'll leave that to you to decide, but I know where I sit.
If you'd like to support my work, you can donate to my BTCMobick wallet: 3E4CHTmvD6f3AWkonp1HN29xseQsdHb5RJ
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