Believe it or not, cryptocurrency like Bitcoin is not just a blip in time, it has serious implications for our future.
The year 2070. Downtown, in a Starbucks.
Customer: Hello, I want an iced skinny cinnamon dolce latte, with extra cream and chocolate syrup.
Barista: There you go, sir. With which cryptocurrency do you want to pay today? We accept BTC, XRB, and ETH at the moment. Sure, that would be [insert appropriate future price of $BTC]. If you want to leave a tip, my wallet encryption is under my tag name right here.
This may sound ridiculous and cringe-worthy. I know, who puts chocolate syrup instead of caramel syrup in an iced skinny cinnamon dolce latte?
Oh, are you talking about that transaction? Yeah, that IS the future.
Cryptocurrency: Rise of the Cryptos
Since the last time we spoke about it, a lot has changed, something that is not unusual in this corner of the internet.
We are entering a new era regarding financial freedom. All the speculations about banning the coins or some big bank/country/company driving the price to the ground are long gone, and people are waking up to a new reality.
People are becoming more aware of the possibilities cryptocurrency entails and ignore the old establishment.
It’s not about the money, the fiat, the C.A.S.H.
It’s about the potential a decentralized financial system offers. Feeless untraceable and fast transactions, without a big bank standing in the way.
In a way, we are returning to a simpler time, where all the exchanges were happening between individuals, but we are accomplishing that with advanced technology.
“Come on man; Cryptos are a bubble waiting to burst.”
Let’s put this to the test, shall we?
I want you to ask your friends, family, acquaintances, if they know about Bitcoin, arguably the most famous coin. Now, ask them if they own any. Comment the number down below.
Can you see my point? A bubble is something that the masses are aware of and capitalizing on! In this case, we are witnessing the baby-steps of something monumental and very few people are aware of it!
Of course there are caveats.
The Other Side of the Bitcoin
When you see x5, x10, even x100 returns on a very small investment, you get greedy, and FOMO (Fear of Missing Out) happens. People see their profits and immediately want to pull out or start “investing” uncontrollably.
I put quotes on investing because that is the dark side of it. The majority of holders do not see this as an investment. They see it as a gamble. This attitude is healthy for the individual, as he can recognize that he may lose his money, but it’s bad for the grand vision cryptocurrency possesses.
But fear not, there is a community that doesn’t have trigger fingers and is prepared to HODL and treat their capital as a legit investment for the future.
The King is Dead, All Hail the King
Unfortunately, human nature is all about personal incentives. Having a big sum of money in the bank is the goal.
Make no mistake. Markets are the people, and people make judgment calls based on feelings.
What’s the best way to cause inflammation? Hype, hype, hype. Yes, we’ve seen this before.
Marketing campaigns, elaborate memes, and hype around cryptocurrency inflate their price beyond what is reasonable for their respective market cap and BOOM! Pump and Dump.
Bitcoin is no stranger to this. It’s the coin having the most success and paving the way. Bitcoin promised a new world, but it didn’t deliver yet. What am I talking about?
Take a look at a largely unknown cryptocurrency: $XRB. It’s the only coin that legitimately offers feeless and instant transactions, yet it’s undervalued and blocked by most big exchanges.
People don’t want something that works in general; they want something that works for them and bitcoin with the 30% fee is perfect for the people behind the big exchanges and mines.
And that is true for the lesser coins like $LTC and $ETH. People are pumping them up because they can’t own a full bitcoin, so what’s the best second option? Own one whole LTC or ETH coin.
Am I saying that BTC is not legit? No.
Will BTC die? Hell no.
Bitcoins are and will be the dominant players for a reason. It has a reliable technology and can be integrated into many already established financial systems. Just don’t get too locked on it and keep an open mind for other options as well.
And for the doubters and naysayers that are warning for a price dip: Do you realize that bitcoins will become rarer as time goes by?
- Mike Cernovich: Trolling your Way to Major Political Influence - April 22, 2018
- United by Hatred: Left, Right, and the Horseshoe Theory - April 8, 2018
- Jordan Peterson: A Postmodern Against Postmodernism - February 25, 2018
- Alternative Celebrities: Psychology Professor Jordan Peterson - February 21, 2018
- Carnival Around the World: An Honest Capitalistic Tradition - February 1, 2018