Have you noticed the growing interest in cryptocurrencies over the period of global quarantine? Crypto community has started to swell the ranks with both zoomers and boomers.
How far has the crypto industry has gone?
This does not necessarily mean that people want crypto. The point is that now they are open for the very concept of digital currencies. Thus, they are ready for researches and experiments. And this is exactly the behavior that would make them test some new beta project or work with some updated functions like private transactions with Ethereum, installation of some crypto application or using of XRP for accounting remittances.
If you think it’s too early for this, just think about how far crypto has come since the 2017 boom. Many projects now have mainnet, dApps and they are frequently used outside trading. Wall Street veterans are managing crypto funds and crypto businesses, while blockchain is studied at universities. Some governments have developed regulatory frameworks for protecting and promoting crypto.
DeFi concept has shown that you can manage your financial systems without governmental participation. And Bitcoin has shown that you can send people money directly, and this does not involve banks. Altcoins have proven that you can use monetary systems for solving social, political and business issues. But not to a large extent. This is still a young and deleloping technology. And it does not have to be perfect at this stage. It just should work.
More and more people understand that crypto is not a new Venmo but a basis for developing global networks with no access restrictions which can be used by all people and companies.
Does it mean that BTC will see enormous capital and innovation inflow tomorrow? No. People need some time to realize the meaning of new things. And realizing is not the same as acting. Awareness does not guarantee action.
Wall Street has just started to master the market for its clients. Lightning Network appeared to be not as successful as we used to expect while DeFi platform still should solve some exploitation, security and legal issues before their massive adoption.
Besides, ordinary people are still worrying about their job, business, family and many other everyday troubles. Even if all of these people had some extra money, they would hardly decide to put them into crypto.
So if you want to see a huge, life changing bullish crypto market that makes prices surge to the Moon, you need people who devote themselves to the industry.
They should care for it so much that would be ready to suffer 30-40% malfunctions, governmental restrictions, DeFi vulnerabilities, wrong predictions, and especially high transaction fees that have been bothering market for the recent years.
Growth follows the persuasion. Followers are whose who have desperate desire for the technology’s success. Otherwise they would not spread information or promote it.
Attempts to catch OMO will not lead us to some heights. When there are some disruptions, millions of users will separate. But the good news is that what awareness has already entered large markets. There are some evidences of that a lot of BTCs belong to long-term holders and institutional investors. And they are the people who want this market to grow. Besides, there is also a continuous increase in the number of altcoins’ users.
Furthermore, usage of applications and the transaction volume of altcoins are also growing. Although this can change anytime, this is a sign of that the interest is spreading not only between traders and retailers. So “buy low, sell high” is replaced by the actual usage and projects’ promotion.
Besides, millions of furious people are seeking a way out choosing cryptocurrencies as a peaceful way to avoid political and economical issues of the тоталитарных систем. It reminds the recent Lukas Kacholi post, “Bitcoin acceptance is the highest protest against governmental totalitarian systems and their abuse of civilian freedom”.
On the contrary, the technology’s potential is obvious for specialists and elderly people who take it not as a political gesture but as a necessity.
Can you imagine how attitude towards cryptocurrencies will change once they are widely used by specialists for business development and solving problems arising in traditional financial systems? Besides, elderly people are buying some crypto as a part of their investment strategy or their investment portfolio?”
With the wider awareness by community and the desire to solve issues of authentication, veto of action and exchanging “things” in digital world, we can finally get a stimulus for passing to the next level of crypto acceptance.