Have we forgotten our roots when deling i crypto, the market can be influenced by a tweet, an article or a short youtube video, few people talks about the tech and the long term goals, we are driven by the fast profit, are we slowly destroying cryptocurrencies if we don’t turn around and get back to the basic
We often see a positive reaction to positive news, but since we entered 2018 the market has gone down, and this makes me question whether or not we have forgotten to look at the market as currencies, it seams like the market towards the end of 2017 were 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 is driven by the users towards a goal of more decentralisation in economy, or the hunt for quick money have diluted the dream of disrupting the banks. When I look at social media the majority of cryptocurrency related posts about what coin is going to the moon next, when I look at making 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 big price drop my fear is that we need to get all the way down to $5,000 before, We can return to look at the essentials of blockchain technology, because if cryptocurrency is to have a future it needs to focus on other things than the market price, it is not one year ago the thing that was filling up news outlet, where 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 great 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 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, Because 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 transaction per second And when we look at other payment providers such as visa they have around 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 amount of users grow which makes the scalability infinite.
And due to an increase in price the Bitcoin transaction fees has also gone up, and even though you don’t need to attach a fee to your bitcoin transaction you might need it in order to get the Miners to accept and confirm the transaction and get through the mempool.
as we see the prices go down the slowly more and more people getting through with their views on different aspect of the blockchain the current problem is that every time it just take 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 small then just a quick way to make money.
To conclude this article I hope I have sparked some thoughts in your head feel free to leave a comment how you view bitcoin cryptocurrencies. and blockchain technology. And remember knowledge is power and our aim is to give you knowledge to take the power.
I have a background in cryptocurrencies I have been into the cryptocurrency game since 2011