The cryptocurrency pump we all witnessed from December into January was an enjoyable one. I hope you took some profits, and I hope you didn’t get burned.
Ensuing the appreciated Christmas gift was a hard crash, then a bear market, and now…still a bear market. This whole year so far has been me trying not to think back to the good ‘ole prices. With effort, I’ve been able to hang on to the attitude of “shoulda, coulda, woulda: but didn’t. So, let’s move on.”
In hindsight, I actually wish the skyrocketing prices never took place.
That’s because during the hype, everyone was so focused on bitcoin, altcoins, and Initial Coin Offerings (ICOs). The conversation during the end of 2017 was around cryptocurrencies, and not on blockchain. Blockchain is the technology that underpins cryptocurrencies. A blockchain can be applied with tremendous benefits to almost every industry. It has the most potential to sway the minds of individuals who aren’t familiar with this space.
Cryptocurrency shouldn’t be the face of this revolution. Crypto is certainly revolutionary, and yes, the first blockchain was the Bitcoin blockchain.
BUT, in order for cryptocurrencies to succeed it must have mass adoption. It isn’t getting that adoption. Blockchain tech doesn’t need mass adoption to succeed, it can be triumphant if few are willing to use it.
I believe, and please disagree if you do, that the narrative crypto maximalists and other supporters have been pushing since the beginning is the wrong one. It’s a reason why cryptocurrencies haven’t received the adoption it needed. The recent failure of mass adoption after the last hype cycle is proof. That’s a topic for another discussion.
In short, the face of this revolution needs to be the blockchain. It’s what everyone should’ve been telling their families about during Christmas gatherings, and it’s what every news outlet should have been reporting on.
That wasn’t the case. This is disappointing due to the fact that now every time someone has to explain what a blockchain is, they’re going to have to reference bitcoin in some way to help the recipient better understand and realize what the heck is being discussed. Even more disappointing; in the eyes of the general populous, bitcoin has developed itself into more of a fad. The price dump and bear market are assurances to the skeptics of bitcoin. It has made their argument of “bitcoin and cryptocurrencies are scams, they’re worthless with a short future” grow stronger.
I disagree with such a statement. However, to those who don’t understand the applications of blockchain technology and proper use cases for cryptocurrencies, this new technological revolution may be short after all.
Why stop writing about cryptocurrencies? Quite frankly, most are shit. The good ones are actually tokens that only exist as a side-kick to decentralized applications. For the non-shit ones…time just needs to go by for mass adoption. Which will come once the concept of a blockchain is understood, appreciated, and applied.
I have my doubts about this industry as everyone should. My enthusiasm has never faded though. Brilliant people are working diligently in every field to improve and make blockchain tech widely usable. Keep an eye on those developer/programming videos published on YouTube. When those get more popular, so too does blockchain.