"Cryptocurrency Can't Become Mainstream Until People Understand It"
I keep seeing this ludicrous argument pop up from time to time. Most recently in this post about how 95% of cryptocurrency investors lost money.
Do people know how their smartphones work? No? Maybe people should stop buying smartphones. What about the Internet? How many people know how that works? Let's shut it down!
People don't have to know how technology works. In fact, it is literally impossible for one person to know how everything works. The product just has to be useful. With over a quarter million developers working on the Ethereum platform alone, it becomes obvious that usefulness is coming soon™ to smart contract platforms.
The cryptocurrency space is simply grossly underdeveloped right now. Imagine that Ethereum is a smartphone. All the informed tech enthusiasts know it's going to moon again and again. Why? Because it's a smart phone and the rest of the population is still using a desktop calculator. The operating system is up and running, but there are no apps, so ignorant people who look at it are like, "WTF is the point of this phone with no apps on it?" "Must be a scam."
Just wait for development to catch up to the hype. Patience is key.
What makes the market so speculative and volatile is all the dumb money entering the space with weak hands. Seriously though, SBD up to $13? Give me a break! People care way more about making a quick buck than supporting the foundation of a new economy. Greed ruins everything. This is why we can't have nice things.
This poll is a farce. Practically anyone who bought crypto before December made bank. The only thing that this poll shows is that a ton of people have been lured into a bear market because they saw Bitcoin hit $20k and they jumped in at the worst time. Maybe next time don't jump on the hype train as it's crashing into the mountain. Ah, who am I kidding? It's going to keep happening over and over again until the top coins are so popular that they lose a lot of their volatility.
If anything, this poll shows that most people who entered the cryptosphere did so in the last 7 months (I did), which only points to the fact that we are closer to mainstream adoption. What's going to happen if crypto moons again this winter? That 5% will jump to 50% and all the rest of the weak hands are going to be kicking themselves. Then the market will crash again, Bitcoin will be declared dead for the 1000th time, and the process will start all over again. The cycle continues.
I believe the main obstruction now is the complications of securing the money and finding practical applications such as Steemit. Many (I was one of these) was skeptical due to not seeing the practical possibilities for anyoen not big business coupled with the technical complications of storing the coins. It really was ingenious of Dan to come up with vesting to help prevent the immediate emptying of ones wallet if someone gets your key password, as well as making the address an easy to remember name and not a long string of characters. I imagine some of the upcoming regulations will attempt to address the security aspects I mention, although not really sure how they will without further making this a pain in the ass.
I hope so we close to mainstream.. Thanks for sharing information
We definitively are not. There are no killer apps for the blockchain yet. If I'm being honest, I see none in development either.
My guess is three to five years.
I jumped in late january, should have waited more time... but still, i'm very bullish the crypto market!
The cycle will stop when bitcoin is used in most shops around the world, but that is going to take time... not 1 year, not 2 years, probably 10 years! Credit cards were hard to adopt too! But we did it anyway!
I'm thinking more like five years. Every "moon and death" of Bitcoin brings more programmers into the space. If the development was linear, sure, we'd have to wait 10 if not 20 years, but I think it's much more exponential than that. This is a big reason why crypto bulls think another run is coming within a year instead of having to wait another four years (like 2013 to 2017).
I hate to say it, but every country that gets sucked into a death spiral of unsustainable fiat inflation is a win for the blockchain.
Another recession is coming in the next couple of years, this next recession might very well create a huge bull run!!
Great article, @edicted!
I agree with the author, @edicted!
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