It has been a roller-coaster ride the past 5 months with Crypto... or has it?
Let’s take a look at what news has been shared in the past couple of months and see if we can figure out why so many people feel so exhausted with Crypto.
We started with Coinbase having a mass influx in registration and astronomical purchases in BTC, ETH and LTC back in early November through late December of 2017. Frequent server maintenance and halts to buys, sells or even trading made it very difficult to get into the game as prices climbed from $10,000 surpassing $19,000 in a matter of 30 days. Speculation of a "Crypto Bubble" along with DDOS attacks, Exchange overloads and Market freezes caused many to wonder what the future of Crypto was going to look like.
Insert January 2018 with MASSIVE losses.
Today we are recovering from the "bubble", "market correction", "whatever you want to call it" and we finally are starting to stabilize and climb upwards in what some were/are calling a crypto bloodbath.
Sounds horrible right?
I am not nearly as concerned as others are with nearly $6000 invested in my portfolio and let me tell you why.
Crypto was enticing to me because it was an alternative currency to Fiat that had communities thriving and starting to be noticed by many major companies and institutions from all over the world. The more I dug into the companies behind our top 30 coins and the solutions they offered to present day issues, I was ready to sign up.
The issue is that most Coinbase and GDAX transactions were from users who wanted to get on the Crypto-Bandwagon to make a quick profit in hopes to make it rich without any prior understanding of its lineage. Most Coinbase users entered the Crypto game to make Fiat currency and while that is healthy for the growth of Crypto, it should not be the main reason to get into Crypto.
3% of our money in the United States hold actual value while the rest is simply paper that is being printed like crazy because it’s so much easier to raise our debt ceiling than correct our problem and pay our debts. In comes Bitcoin with a total cap of 21,000,000 BCT and 16,810,987 BCT (at the time of this article) in circulation. This means that the ceiling has been set and the value of BTC will rise not only in Fiat value but also in REAL value when it comes to exchanging currency for something tangible when the market cap is fully reached.
I think the real detriment to Crypto right now is that nobody wants to let go of the almighty dollar and start to imagine a world where digital currency is real and more valuable than government issued currency that has been broken for a really long time.
In 2019 we will be able to purchase tickets to the Dallas Maverick’s games sourced from a tweet from Mark Cuban (https://www.cnbc.com/2018/01/17/mark-cuban-nbas-dallas-mavericks-will-accept-bitcoin-next-season.html) and in 2018 we could be able to pay for our meals at Rainforest Cafe, Morton’s Steakhouse, Bubba Gump Shrimp Co., and half a dozen other establishments all owned by Tilman Fertitta's company, Landry’s Inc. (http://time.com/money/5105711/tilman-fertitta-restaurant-bitcoin)
Is anyone else starting to see the slow adoption?
Let me know what you think in the comments below.
Mass adoption is inevitable. Great post. Great losses for January only applies to those who have sold at a loss. Holding is the best strategy at the moment. This correction was always on the table and most people should have had this in mind when buying coins during this period. However, the prices will eventually slowly rise again over the coming months.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It’s a brave new world. I just hope the greed of many doesn’t corrupt the genius of the crypto space and the it returns to what money is supposed to be, a medium or exchange and a store of value. People trying to make a quick buck have corrupted money since the beginning of time.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit