The last weeks and months have been anything but rosy for the crypto market. Falling prices and bad news have strongly affected the mood in the crypto-ecosystem – the buzzword FUD (Fear, Uncertainty and Doubt) made big waves. Some reports quickly gave the impression that the crypto-economy was at an end.
The Bitcoin price may not have reached an all-time high for some time. But there are other aspects around Bitcoin and the Blockchain technology that describe the triumphant advance of the cryptoecosystem.
Because cooling is good, even if you first have to learn from the mistakes of the past. This is what it takes to grow out of its infancy, to found an international blockchain state and to make a career as Prof. Dr. Blockchain. After that you will notice that the crypto winter is in principle not a bad thing. Once the Blockchain followers have bravely mastered all these steps, they can apply for the many jobs the ecosystem offers.
Acceptance of cryptos is coming
The cornerstones for this have already been laid. Ultimately, the cooling has not only helped to reduce transaction costs. Especially SegWit in combination with the Lightning Network paves the way for Bitcoin.
The popularity of Bitcoin has increased significantly in recent months. This makes it more attractive for merchants to accept Bitcoin. The increasing clarity in tax matters increases the reliability of the crypto currency.
Many companies have already recognized the signs of the times. Just recently, the fashion brand United Colors of Benetton announced that it would accept crypto currencies in a branch in Lithuania. The higher the corporate acceptance of bitcoin as a means of payment is, the faster the adoption of the general public progresses.
Back to the Roots
A reflection on the beginnings of Bitcoin helps with the general fear, insecurity and doubt not to panic:
It’s 2008 and the financial crisis is bubbling. The world economy is shaking. A revolution is on the way in the world of nerds, tech freaks and IT specialists. One, two, maybe twenty unknowns published the Bitcoin white paper under the pseudonym Satoshi Nakamoto in an e-mail distribution list. This includes a new concept that should make banks redundant in the future.
There was talk of an electronic peer-to-peer money system that works without intermediaries. A stable currency with a limited quantity that should defy the global financial system. Digital coins consisting of bits – Bitcoin was born. This should make it possible to pay globally without large fees, paper and wasted time.
And that’s exactly what you seem to forget over and over again when you look at the Bitcoin price. Ultimately, acceptance also comes with the use.
The last words
One last point: anyone can do something for the spread of bitcoin. The motto is still the same: Use the Bitcoin! Whether you give a donation to charities, send a dear aunt in Venezuela some Dash or give her children a few IOTA for retirement – you can let your creativity run wild.
The future remains exciting. Even Satoshi Nakamoto does not know which crypto currency is prevailing, how the wheat separates from the chaff. However, we are part of a system that will prevail – in whatever form. One thing is for sure: Blockchain has come to stay. Therefore: No reason to panic.