Long Live Bitcoin
Bild von Pixabay
Once again news companies around the world claim that crypto market is dying.
The markets need this; it needs to be cleaned up. There are far too many coins available for crypto to go mainstream. Crypto is filled to the brim with crappy coins, it is following the same path as the Dot-com bubble. When that bubble popped, it left us with some stronger websites, and the obscure ones disappeared into the black hole of the internet.
Remember the crypto market is still young. Some are going to argue with that statement and state that crypto has existed for over a decade. While that is true, you need to look at the bigger picture. Money, as we know it, didn’t magically come into existence in a matter of years. In fact, in took a few thousand.
Metal objects were introduced as money around 5000 B.C. By 700 BC, the Lydians became the first in the Western world to make coins. China created some of the earliest known paper money, from about 960 AD.
That’s a long, long time, and crypto critics expect Bitcoin and its siblings to be universally accepted after a decade?
Give it a few thousand years. Talk to me about crypto going mainstream.
Mass adoption
Adoption out of the way, critics will state the problems with blockchain technology. Claiming it is full of flaws and stating that it won’t succeed because it doesn’t solve any problems. This logic leads most to think that we should abandon crypto completely.
Maybe they’re right? Maybe I’m a fool for believing in the utility of crypto, maybe I should stop believing that one day there will be a good use for some currencies that exist. Even if this never happens, there are millions of people invested in crypto. They believe it has a utility. They believe they can be financially free by using this technology. To those people, it doesn’t matter what you say (Well, unless you slate one of their favourite projects).
Zombie money
Crypto literally cannot die. Even if 99% of people took their money and ran. There are still hardcore believers that will keep the crypto sphere alive. Also, consider all those coins locked in wallets. Or the dark web criminals with millions of dollars of crypto that they can’t exchange for fiat. Maybe it’s just the HODLers. The ones who believe the price will go back up, no matter how far it drops.
These are the reasons why popular coins will forever be immortal, it is why cryptocurrency will never be officially dead. These zombie coins are the reason why Bitcoin will never go all the way to the bottom, it’s pretty much impossible. Unless someone hacked all the locked wallets and liquidated all the criminal’s coins as well.
So you could say that crypto is just too big to fail. Or even just Bitcoin. Regardless, cryptocurrencies will never die, the concept may just evolve and be resurrected.
A rebirth of crypto is what we need.
After rebirth comes mass adoption.
You just wait.
