Crypto - why are you in it?

Crypto - why are you in it?

By Gabor | Gabor's Crypto Thoughts | 26 Jan 2021


In one of his recent Good morning crypto videos Ivan on Tech mentioned that 99.99% people are in crypto for the gains. And by gains he meant financial gains. And I agree, most people are interested in crypto with the hopes of getting rich. But if we are only in crypto for getting rich, aren't we just blowing a bubble? Those crypto projects need genuine users and adopted applications to grow. 

To be honest, I have a few motives. Definitely, "making money" is one of these motives, but realistically I don't expect that a few thousand dollars of investment will bring me financial independence. Even if I make 10x on a $1,000 investment, it would not make a huge difference in my life (I live in a "western" country, where that wouldn't make a significant difference in the way I live my life). 

I honestly think that blockchain technology and some of these awesome projects can change the way we do things. It can and will change how we deal with finances. It can change how we identify customers, it can change tracking our supply chain, it can and hopefully will change social media, it will change many and many aspects of our current industries. Are we there yet? Absolutely not. We had the dotcom crash and I also think crypto might go through another iteration or two, before it gets wider adoption. At the moment, Bitcoin, Ethereum and some of the "hot" projects (like XRP, Cardano, ChainLink) that people might have heard of. But there is no real mass scale adoption just yet. The biggest use case for Bitcoin is to HODL. Ethereum has a huge DeFi ecosystem built on it, but huge gas fees (and a few other problems) hinder wider adoption. Financial products, like insurance, lending, etc. are becoming more and more popular on different blockchains, but there is still a lot of room to grow. 

And when I posted on LinkedIn that this year my commitment is getting into crypto - people were not asking about fundamentals or learning about exciting DeFi projects. Most of the questions I am getting is about investment. Which crypto should I buy? Is it too late to get in Bitcoin? It is all about making money. 

While I definitely can understand the interest, to me, blockchain is lot more. It's like a non-violent, technology-driven revolution. A revolution against government controlled currency. It's a revolution against highly centralised monopolies to give more control to communities and the people. And hence my commitment is to be part of this revolution. And while I hope that some of the projects I bought in will be successful and from the financial gains I will be able to pay back my mortgage faster (with a FIAT currency), to me the biggest pro for blockchain and lot of the crypto project is their decentralised nature. Just like how I was with the (screwed-up) agile movement. I am not only in it to win it. I am in it for the values. 

What about you? Why are you interested in the blockchain and crypto world? 


Gabor
Gabor

I started with crypto like lot of the other people. Heard it's great, didn't do anything until the big pump late 2017, then bought all kinds of alts that lost 90+% of their value in a few months. But then I realised how much potential there is truly...


Gabor's Crypto Thoughts
Gabor's Crypto Thoughts

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