Have we forgotten our roots when dealing in cryptocurrencies, the market can be influenced by a tweet, an article or a short youtube video, very few people, talks about the tech and the long-term goals, we are driven by the fast profit, but are we thereby slowly destroying cryptocurrencies. If we don’t turn around and get back to the basics, we might see an implosion of the cryptocurrency market
We often see a positive reaction to the positive news, but since we entered 2018 the market has made fluctuations without an apparent cause, and this makes me question whether or not we have forgotten to look at the market as currencies. It seems like the market towards the end of 2017 was driven by people who have spent a lot of time saying bitcoin is BAD, but when the market starting to pick up, they suddenly changed to saying “let’s buy bitcoin” this drow the price beyond the moon. So we have to question if bitcoin and other cryptocurrencies are driven by the users towards a goal of more decentralization in the economy, or the hunt for quick money has diluted the dream of disrupting the banks. When I look at social media, the majority of cryptocurrency related posts are about what coin is going to the moon next, when I look at cryptocurrency news outlet what I see is Article after article about how bitcoin is going to hit $25.000 $30.000 $100.000. And as I write this bitcoin is around $11,000, And have seen a significant price drop I fear that we have forgotten what power is in decentralisation. We need to look at the essentials of blockchain technology because if cryptocurrency is to have a future we need to focus on other things than the market price, it is not one year ago that bitcoin was filling up news outlet. And the specialised cryptocurrency news where on what coin is capable of what and of course China. China has a tendency to always be noticed when we are dealing with the cryptocurrencies, And very few outlets take notice to Estonia which has a high adoption of blockchain technology not for currency but for structuring their society.
The elephant in the room
Those talking on social media about Bitcoin Often neglect to tell about the downside of cryptocurrencies, because just as important as blockchain technology and cryptocurrencies are to disrupt the big banks just as important is it to iron out the flaws in the system. Currently that few people talking about the scale issue, and if we are going to get a mass adoption, we need a client capable of transacting far more than they can today, looking over the chats on Bitcoin transactions per second the most I see is the transaction rate of around 21, 22 transactions per second. And when we look at other payment providers such as visa they have about 2000 transactions per second but have the capability of scaling up to 56.000 transactions per second, So we have a long way to go and one of the coins taking up this challenge as IOTA, Which in simple terms scale up as the number of users grow which makes the scalability infinite, IOTA does have other problems which the team behind it is trying to solve.
And due to an increase in price the Bitcoin transaction fees have also gone up, and even though you don’t need to attach a fee to your bitcoin transaction, you might need it to get the Miners to accept and confirm the transaction and so your transaction doesn’t get stuck in the mempool.
As we see the prices go down then slowly more and more people getting through with their views on the different aspects of the blockchain. The current problem is that every time it just takes a little bump up many of the big cryptocurrency news outlets begins to hype the market and we lose focus once again, And Everytime We lose focus we end up needing to start all over trying to educate people that cryptocurrency and blockchain technology is more than just a quick way to make money.
To conclude this article I hope I have sparked some thoughts in your head about the future of cryptocurrencies, and if you want to know more about the power of decentralised organizations I will recommend that you read “The Starfish and the spider” you can check out the price on Amazone right her.
Feel free to leave a comment how you view bitcoin cryptocurrencies. And blockchain technology. And remember knowledge is power and we aim to give you the knowledge to take power.