Is Crypto Truly Slipping To Irrelevance?
Without a deeper perspective view of cryptocurrency and Bitcoin to be precise, anyone is most likely to believe the days of Bitcoin are here.
How can something that was valued at an All Time High of $69,044.77 last November now be worth $17,167.27 at the moment and keeps dipping?
If I am looking at Bitcoin for the first time and someone pulled out the chart to ask for my opinion, the answer will be, Bitcoin is dying, take whatever money you have left in Bitcoin and run. That would have most likely been my response but I know about Bitcoin, I have gone down the rabbit hole for a deeper understanding, and the response at present will be; there are no seconds when I think we are witnessing the dying moments of Bitcoin or the cryptocurrency space in general and it is becoming a lot more resilient
There are skeptics about cryptocurrency at present which is obvious as the current situation presents the opportunity for bashing crypto, on the other hand, there are also reasons to remain optimistic.
The European Central Bank is in full bearish mode, below is what it has to say.
The apparent stabilisation of bitcoin’s value is likely to be an artificially induced last gasp before the crypto-asset embarks on a road to irrelevance. #TheECBblog looks at where bitcoin stands amid widespread volatility in the crypto markets.
Source
These are calls that have been made numerous times in the past and cryptocurrency is still here. If we're the ones making these calls I should be embarrassed as cryptocurrency keeps getting stronger and spreading.
The condition of the market hasn't been encouraging price-wise for the present year but there is a lot that revolves around cryptocurrency more than the price.
The year-long bear market has got developers building, this is evident for those of us on Hive as the blockchain recently went through a Fork, an upgrade that is of positive impact on the Hive in various ways, a popular one is Ethereum's Merge.
data acquired by Finbold indicates that between January and October 2022, an estimated 102.06 million crypto wallets were downloaded for Android and iOS devices for 21 selected apps that enable digital currency storage.
Source
The above 102.06 million cryptocurrency wallet downloads do not translate to crypto dying, while the amount of crypto wallet downloads is down -42.37% down from 2021's peak the interest in crypto is on the rise.
Cryptocurrency is a threat to the current monetary system, therefore with the slightest opportunity of a market crash, we are bound to have the banks and anti-crypto in their crypto-bashing mode. The call for cryptocurrency dying is simply the spreading of FUD, we are at a time when developers are beginning to place priority over building decentralized protocols to prevent an FTX kind of reoccurrence.
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Cryptocurrency is indeed not dying, at least not anytime soon. We can presume that they will try to bring it down in anyway possible because it doesn't align with their motives. But what they can do is just manipulate the price while the technology just keeps moving forward getting better with each passing event.
They have a good reason to go against cryptocurrency as it is against their power of control. Those that will be affected from these FUD are the ones that believes anything said by the media unfortunately.
We have to start educating ourselves on subjects like this.
!PIZZA
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Crypto is not dying. This is a normal bear market cycle to cleanse out all the shitcoins and scams.
How can we as a community to protect the space against scam projects without regulations?
Educating new people? Only if they listen. But history continues to repeat because people want the short cut to get rich quickly and ended up transferring wealth to scammers.
Good point you mentioned, some only chase hyped projects that are highly prone to failure, it is a repeated cycle over and over again. Some will learn and some wouldn't.
As for us, we just have to keep sharing the less risky and safer ways we know.
!PIZZA
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Crypto is not going to die but it's going through a purge. Crypto has expanded a lot during the past decade and they need to get rid of some of the people chasing the money. I just think it's a matter of time because the development makes it appealing to the average person.
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The consequence of the purge at present is painful but is needed for long-lasting crypto projects in the future. We shall pass through this phase, crypto is dying is simply FUD.
!PIZZA
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!PIZZA
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!PIZZA
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It will always depend on who is talking or asking, some simply shrug new technology off in disbelief, others embrace change seeing the value not only in finance but many other options implemented into blockchain technology.
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It is alarming how they write off technology, but some of us know why they go on like they have the interest of the masses at heart.
Lol, it is a long ride, a fun and enjoyable one.
!PIZZA
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Always go further back in history about code it has been around a long time!
What first captured my imagination was reading extensively about WW11 years ago, Alan Turing Cracked The Enigma Code, when I first heard about Bitcoin I was not surprised.
I think this time it is here to stay!
Enigma Code, first time I hear about it. That is something to read about for enlightenment. A bit of knowledge here and there broadens our way of reasoning.
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Every so often travel further back in time to know how we tick, search 'history cryptography' one learns it dates much further back than one realizes.
Happy Sunday!
The crypto rabbit hole, it is so interesting we keep digging lol. Thanks for the tips, they might help in content creating 😀
Have a blessed one
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