The Ebbs and Flows of Crypto
For many, 2017 was the year a larger percentage of the world’s population was introduced to the concept of cryptocurrency. People were presented with these strange “digital assets” that no one could quite explain in their basic form, which made it difficult to win over friends and family to buy the varying tokens.
Many individuals would simply point to the rising gains of various tokens and brag about how they had tripled their money overnight! I can imagine most conversations were based around the possibility of making more fiat than the practical use of Bitcoin or Ethereum in today’s society.
Maybe this is one of the reasons why there has been stunted growth in 2018.
This is just a small visualization of the massive growth and capitalization of cryptocurrency during 2017 through today, June 23, 2018. We peaked around $830 billion and are currently hoovering around $250 billion.
What Can Be Done?
So, what can we do as a community to help the general public understand the potential of a decentralized currency run along the coding of a blockchain? And, how do we explain why it is so important that the world adopt it?
The first issue is that central entities simply do not want to lose their power over money. Our entire economic system has been based on the debit and credit criteria, which is a ledger kept by the central banking industry. This is the basic formula around the world for most of the population. Unfortunately, there are many that do not have access to banks and are victims of hyper inflation, hidden fees, and a number of issues when trying to transfer funds across state or country borders.
When you first read about a solution of cryptocurrency and blockchain technology a lot of enthusiasts will drive home that very point. They bring up the fact that billions of people are not a part of the financial system already in place. They do not use banks or have access to many of the resources most of the world are accustomed to having and using on a daily basis. This point is very valid and definitely a strong topic when convincing people of the use of blockchain and cryptocurrency.
So, does cryptocurrency simply solve this issue of creating a system of banking for the 3 billion unbanked citizens of the world?
As much as I would love for that to be the case, I simply do not believe this solves some of the core issues that keeps cryptocurrency from becoming main stream and adopted worldwide.
Before I move forward with this article, everyone should take a moment and watch this short TED Talks by Charles Hoskinson about the future world of decentralization from 2014:
There are some fundamental issues that we may need to solve in order for a decentralized system to be fully adopted. As Charles mentions in his presentation, the largest issue is providing the world with accessible internet. In order for a decentralized system to work and to become a viable option, then the world will need access to the technology needed to run the blockchain.
The video is a bit dated, but the statistics mentioned are still pretty relevant. There is still about 50% of the world that does not have access to the internet. So, how do we get to the point where we can solve some of the issues mentioned in the video:
- Practically free remittance transaction fees
- Documentation for poorer nations
- Identification
- Deeds
- Insurance
- Security of goods and services
- Move from a cash-based system to crypto
- Plus, many more uses of data storage
Obviously, there are tech companies in the space that are equipped to solve some of the issues brought up in the presentation, but the implementation of internet and technology will still be the greatest obstacle outside of the perception of needing centralized banking.
A few things that the community could do to help bring awareness is continue to liberate the connected. Yes, this sort of sounds like a synopsis of the ‘Matrix’ films, but it is quite true. Most of the world is plugged into the idea that there is no issue with the world around them. The central banking system is like their central nervous system and essential for their survival. Obviously, this is just laziness blanketed by comfortability.
This simply means it is our duty to help educate the public on the technology of blockchain. Lately, large corporations have started adopting the superior technology in several fields, which may help bring the topic of discussion to light. However, we can still play our part and create content that expresses the potential and the need of blockchain for the world (i.e. blogs, articles, videos, and localized meetups).
If enough people speak about its need, then the masses will eventually adopt the meta.
Be More Like Elon Musk
This closing is a bit pretentious, but I have come to admire the mentality of the inventor and entrepreneur. The man simply wants to make the world a better place than it is right now by trying to solve issues he believe make it technologically greater. Yes, this may also include flame throwers made by the “Boring Company.” However, he has made strides and has been innovative in many fields that have pushed the boundaries of science and technology.
One particular venture has the potential to solve the 50% internet-less population with his advanced communications satellites. The objective is to provide powerful internet to areas of the world that currently do not have access. Obviously, there may also be some other agenda associated with the technology and communication companies, but it is a real solution to a major problem and roadblock for cryptocurrency.
If enough entrepreneurs and innovative scientists that have access to capital funding move into the space, then I do not see any problem that cannot be solved with perseverance. We simply have to continue to connect with one another as a species and fulfill the potential we have within ourselves to solve the world’s issues.
Freedom and power is at one end of the blockchain road. We can provide so many people with the possibility to grow financially without the intervention of centralized banking systems, governments, and corrupt hierarchies. It all starts with a conversation and spreading the word of blockchain to our friends, our families, and our neighbors.
So, keep learning and growing.
-Nick @mycryptoverse
Originally written on my blog: https://mycrptoverse.com/2018/06/23/how-do-we-get-the-world-to-adopt-cryptocurrency-and-why-it-is-imperative-we-do/
Extra Resources
Crypto Book Recommendations:
The Age of Cryptocurrency - https://amzn.to/2L1bWOW
The Truth Machine - https://amzn.to/2IekrrP
The Starfish and the Spider - https://amzn.to/2jXG15C
Digital Gold - https://amzn.to/2k0uAKx
Wildcat Currency - https://amzn.to/2IHyHJ6
Blockchain Revolution - https://amzn.to/2jUtrUB
Be More Pirate - https://amzn.to/2yA6ZKv
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so nice ,thank you
Hello @wisecrackco and welcome to Steemit. It's a great platform for creating content. I am sure that in the future it will become the number 1 platform. I will be glad to read you.
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I think the increase in icos and new coins is making the market weaker. The spread of capital is too wide and far that a lot of it is being loss to devaluation of the coins being invested.
The non-crypto investments have fair much better such as stocks and real estate. So who wants to get into crypto right now if everything else seems to be doing so well?
Long term believer in crypto so the devaluation we are seeing I believe will not last so long. Thanks.
You are wrong. We have billions of humans on Earth we are not close to "spread capital too wide". Read @taskmaster4450 and get up to date to the abundant society we will enter.
It comes down to yin and yang. If there are rich there must be poor. That is a reality we live. Every equity is spread evenly then why has wealth gap widened more now than in past.
Let's face it even if a coin can be distributed fairly it does not mean we all have equal share of food and land. Deep down I want to be wrong but human history has proven otherwise.
First of all there must not be poor that is not some universal law. That is based on scarcity in a human's mind. Wealth gap has not widened. Your mistake is that you hasn't taken into the account that the world population is still growing mega fast. More people are coming in faster. That means it gives the impression that we have more poor but we have not. Everyone across the board is richer than their grandfathers.
There is no such thing as equality you are correct on that one. But that is the beauty of humanity how we are all different in our capability. That you can take it into your own hands and empower yourself that is the beauty. Human history hasn't had this explosion of abundance as we seen the last 500 years. Perhaps once they had but not as far as we know. So look at the past may not be a good model.
Even though they aren't technically stocks, cryptocurrencies act like a decentralized stock market for the rest of the world. The market is consolidating right now so we need to educate the masses before prices go back up!
The masses will come automatically. Abundance is coming so price won't matter in the future. We are moving into an Attention Economy.
I agree. I think the ICO phase will eventually end and there will be more traditional crowdfunding in the space. STO's will be the next big thing for tech startups.
There is no point of Bitcoin Ban in India, Pls go through this video U will get the right AnswerOn 1st Week of July we will solve the Crypto Issue of India – (Subhash Chandra Garg, Economic Affairs Secretary of India INDIA) @mycryptoverse
https://steemit.com/cryptocurrency/@important-to-us/on-1st-week-of-july-we-will-solve-the-crypto-issue-of-india-subhash-chandra-garg-economic-affairs-secretary-of-india-india
There is no difference real between a token and a share in the traditional sense other than the "number" is a piece of digital property and the management is automated by code rather than by lawyers and accountants.
I think we can have a parallel universe on the blockchain. #facebook (with icos like Howdoo) #linkedin (with ICOs like Aworker) #banks etc are all replicable on the blockchain and so it is waiting for global adoption. Regulation will allow global adoption and institutional money and thereby it will
The Crypto Currencies changed the life of many people and will change everything in our world. They are the future and nothing can stop them. In the coming years many people will be aware of them and will join this revolution :)
It's just a matter of time
Hey dear hi... I upvoted you and followed you i am new to the steemit platform so please in return you follow me and upvote my post to help grow each other.
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Yes it is true cryptocurrencies will change life and whole world will adopt this revolutionary technology for payment method.
Usability
Blockchain technology lacks usability. It’s yet complicated enough to buy, move, exchange and store securely. The average people aren’t interested in going to an interface like stock market trading to move their money around.
You are wrong. Banks have a more complicated system than for example Steemit. This system is easier and more frictionless. Have you even tried Coinbase? Have you tried Blocktrades? It's not complicated. It's in fact easier than it used to be. It used to be complicated. Now things are getting easier.
I agree, that is the biggest barrier. Until you can go to a store and scan a barcode or something it's going to be a difficult prospect to get wide scale adoption.
It's coming. Have you checked out @asbear and his awesome service called SteemPay? Super easy.
I think there are already some great concepts to help with the usability of crypto. However, I do see this as a giant need to move forward in mass adoption.
So, which is first? Usability or internet? Would one bring about the other?
I personally see a correlation between now, and the 2001 internet bubble. We are passed this initial mania phase, and now it is time for the industry to mature. At this time that we see many projects die out, and only a few legitimate ones take control. As with the internet, I believe it is only a a matter of time until cryptocurrencies become an integral part of our everyday lives!
I think its a little bigger than that. I liken it to the late 1970s early 1980s when computers were just getting into the hands of consumers and starting to be used for everyday tasks. The major platforms for this stuff are just getting their roots planted into the ground. I predict that the next 40 years of digital currency will be like the last 40 years of the personal computer revolution.
It's very odd that you chose to use the introduceyourself tag on this post. Especially given that you've been here since November 2017.
With blockchain we can have both transparency and privacy hand in hand. We can change every system the world works with and make them better. I think there are a million reasons why we need blockchain to succeed and a strong 1% that want it to fail. Much love
A very interesting blog. Thanks for sharing @mycryptoverse. I do believe that blockchain is the future. Also when millions of people had access to the Internet there were also millions who did not have access “the digital divide”. Even in the United States. This did not stop the internet from flourishing and individuals from shopping online. Crypto-currencies will flourish and some coins will succeed and others not as much. This is also true for the traditional stock market. It would be wonderful to offer a global solution to the Khan’s of this world.
I agree with you the largest issue is providing the world with accessible internet when you says There is still about 50% of the world that does not have access to the internet, wow it's amazing in this century but it's real and this limits and controls many possibilities
I like your comment “our duty to help educate the public on the technology of blockchain” I really think that There is at least one solution.
Excellent message, very well explained thanks for sharing.
I know this may sound dumb but the very reason why we need cryptocurrency is because there are dark forces of oppression around every corner in every country in every state and city.
The only place theses forces do not exist is where freedom reins and even in those places the forces are relentlessly pressing in.
Cryptocurrency is in direct conflict with those forces and if you think they are not going to fight cryptocurrency with everything they have you are kidding yourself.
If they can't beat it the will try to own it. Beware of the fake coin and ICO.
If all would have stayed in one crypto this battle would be half over right now.
They will Divide, Confuse and discredit the entire crypto world with their usual tactics. Fraudulent cryptos and ICOs make the weak scream for regulation. Exchanges make people run to fiat instead of transacting directly with bitcoin. Too many cryptos have confused the new comers.
Just to name a few of the forces they have brought to bare.
Crypto is just a tool to fightthese forces with but what good is a tool if know one uses it or uses it wrongly.
If you are not prepared to fight for every inch crypto gains and then fight some more to hold it, it will be swept away by those forces. FUD and greedy traders have made this possible. Think of all the time money and talant taken from the original coin that could have been used to make it do all the things claimed to be done by all those alt coins.
These are the tools of the enemies of crypto the world you speak of.
This man who has been through hell and back knows whats coming.
Agree with you, it's a tough game only time will tell who wins......
I think we are on the right track in regards to how do we mass adopt cryptocurrency and blockchain as a whole. I do think that you are jumping the gun a little bit. Let me explain. Yes its true that one of the biggest roadblocks is access to the internet. Especially to those in under developed countries. Only a decade ago the continent of Africa was estimated to have only 129 million users. They predict that by 2020, that number will reach half a billion. A half of the population in china already access the internet via mobile phone. In south america about 70% access the internet while much of the population use a mobile phone. And yes there are people like Mr. Musk will will figure out ways to provide internet to these underdeveloped countries. My point is that in the next several years to a decade, so many people will have access to the internet that it won't be that much of an issue.
All of these potentials that blockchain can do is great, and we can preach to people about it, but it won't mean squat if the technology isn't there. This is what I mean, (and I know this will be unpopular but), blockchain technology is so new that every day developers and company's alike are working on it to improve it. There is not much use case out there (a huge spike in 2017 and to go even further this year and the next) and really blockchain is currently just a concept, it's an idea. the very reason why most of us are in this space is because yes we believe in this tech yes we see potential in it. But thats just speculation. Now yes one can argue at looking at all of the use cases out there, like land deeds for farmers in ghana, or factom being used as a notary for business, or the use of certain coins for trading on exchanges (cough doge cough), but in the grand scheme of things, all of these use cases are being used by such a small portion of the world that it really can't be considered set in stone. These projects that we invest in is our way of saying, how does this project fit in the blockchain space, and what part of the puzzle is it?
So I'll say this, yes all of those use cases are absolutely possible and I believe that will see a future where mostly if not the world will embrace this tech, but we need to not just solve the internet problem but other issues as well. here are my 4 general things that we need to accomplish.
3.Proof of work sort of speak, essentially they need to have a more polished, finished project. This proof of work (no pun intended) needs to show the world that blockchain is not just a concept (because it totally is right now,) and come out with products that aren’t so damn buggy. This also means that security needs to be tightened especially with the exchanges and smart contracts. On top of figuring out a way that ones money doesn’t necessarily have to risk losing confidentiality for the sake of transparency. (which brings up a whole other discussion of, once that tech is out and settled, won’t all people, entities just use coins with privacy options. I guess it depends on the use case, and context and current laws that apply to certain situations.)
Truth be told, take a deep breath, prepare yourself, the king of all cryptos bitcoin is no where near perfect. It has the advantage of being the first one on the market which in turn created a philosophical vibe of what bitcoin is and what cryptocurrencies in general can potentially do. Potentially, the key word there, needs to be more firm ground to stand on so any type of investor whether it’d be the daily citizen or a corporation or even a government can feel safe that these products are quality and not buggy or a risk factor.
All in all, this is a brand new industry with brand new technology, adoption won't happen overnight. In fact I predict that the mass adoption won't truly start happening until 1. The UI is fixed. 2. It's not so complicated to learn about blockchain(education) 3. We need to start having significant use cases that prove that the industry is capable and not prone to bugs/mishaps (my so called proof of work). and 4. The scams that icos pull and also hacks on exchanges need to be fixed. So remember this is new disruptive technology. It'll take time, hopefully not too long so we can all retire lol. thanks for anyone who decided to read my long post.
Just be patient as crypto have the potential to go back to top and we will see the rally in future.
Stop starring the coinmarket cap.com as it will make you sick. Nowadays just spend some time with your friends or family or do something more then that to avoid the depression due to the cryptomarket fall.
Got a new follower and Upvote brother and also nicely written!
We need to teach everyone about benefits of cryptocurrency . How we can save our time and how the transactions will be secure . So my friend post something so that i can learn something and i will teach people and everyone will grow
The people in general are very pragmatic. They won't believe in or invest in crypto unless they see some day to day use opportunity to it.
Good points, love the Elon reference! You write about connecting more to the internet, what we want to add is once we have more widespread internet adoption, in order for mass adoption into cryptocurrency it is vital that the barriers to enter goes down. Currently the learning curve is too steep for the average person to get into crypto. You have to learn about private keys, public keys and what not. For the non-technical person, cryptocurrency and blockchain doesn't feel like a step forward. Sending and receiving money is still expensive, takes too long and is complicated to initiate in the first place. This is exactly what Blockbasis tries to solve, as we allow our users to send and receive cryptocurrency via email. No more public or private keys, send or receive your Bitcoins, Ethers, Litecoins or 20 other cryptocurrencies via email with Blockbasis.
@blockbasis Yeah, I have worked on a couple of projects with varying solutions. One developer had proposed a username, which is similar to an email.
The issue with your platform is that you become a central entity, which is what many are trying to move away from in the space. People want to be able to possess their own money without a third party keeping the ledger (so to speak).
So, if you really want to make strides as a company, then I would recommend finding a solution that does not cause the user to entrust their funds within your platform (cold storage). One way would be assigning the email to a specific address similar to a login to any normal site. Each address has its own place in the database, which is assigned to the email. The password could then be attached to the private key.
You could keep it decentralized by using a network instead of central servers. This may help with security and hacking.
Obviously, it will be more complex than what I stated, but I could see it being more successful as a decentralized concept.
Crypto currency is the way to go
Thanks for sharing
@mycryptovese , Do you like to regulate cryptos? I feel as traders it must be regulated every where because all the project is not come up with real product , whales manipulate price of lower volume coin, exchanges demands huge amount of coins to launch a coin in their platform , exchange hacking may not be real just for tax evasion etc , We need really regulation rather than bitcoin price 1million
Difficult to say what would happen with regulation. I think regulation would be okay if it was done by the community and not a central organization.
However, I will also take bitcoin at 1 million USD ;)
whats missing is shops to support it, the day when you can go into any store and buy that new toaster you always wanted that's the day when crypto is mainstream
I resonate with this article on the need for internet access as a prerequisite for blockchain infiltration. I live in Zimbabwe, a third world country where the struggle for basic survival is everywhere you turn your head. We are sticking to a system that is obviously not working for the majority of people and we are falling behind at a fast rate as the population increases. We keep looking up to the government despite lack of any proof that it has ever been good for the majority. Yes, I am part of the 50 unbanked ones, I have never had a medical aid and never been to a dentist. These things are easily accessible and affordable to the formally employed and those who can prove income and residency. We have had alarming hyperinflation 10 years ago and right now we are facing a nationwide cash crisis. Even the smallest transaction costing $1, can costs as much as 30% to transact in addition to charges by the bank for transferring that money simply because it is in a digital form which is inferior to the scarce notes and coins. People have different attitude to the value of money here and they are constantly buying and selling cash from one form to another, a foreign currency like USD, Bond Notes and coins, then mobile money.
i think that rallies of icos and also some new structure like mlm projects that spreading some garbage in this industry , and try to make it disgusting while also some good projects doing the best good job for this industry and make life easier and easier with blockchain technology and all public can believe them , and start understanding the base thought of this , and also accepting the need of this technology in their life, i just wanna say that all the governments and establishments should legalize the good projects in good ways, and also make some barriers for those fraud companies or called the group of goons whom spreading the dirt in this market and also in people,s mind .
( i just wanna try to clear my opinion about all this melody drama , and also committing that i have just a little bit skill of english to explain my opinion , so Sorry guys if you can,t understand . Thanks )
@mycryptoverse love you dude for sharing such a nice information
Excellent information, well complete. You can not stop things like cryptocurrencies. It will be everywhere and the world will have to readjust itself. We have decided to put our money and our faith in a mathematical structure free of human or political mistakes.
The books you mentioned at the bottom are all very good books. Very helpful for the newcomers in the crypto world.
that was awesome article..thanks..@mycryptoverse
One-day the cryptocurrencies are role all over world financial system and it is not so far...
Centralized agencies like banks, financial institutions are trying their level hard to demote cryptocurrencies . They cant even sleep while they think of future of cryptocurrencies. Recent declines in cryptocurrencies value indicate huge manipulations by centralized agencies so that weak hearts dump their assets and come back to them.
😞Am so worried because i was Invest 1.68 BTC in last month in some Altcoins and now my account value Only 0.58 BTC ..
Please anyone tell me how to recovery my Total Amount..
crypto and blockchain is future of world ,one currency,
@mycryptoverse It's the new era of this world revolution people will have to adapt sooner or later Blockchain is the future market and for that blockchain to be successful crypto market is the boss....
Hey @, great post! GOOD
I enjoy your content Keep up the good work! It's always nice to see nice content on Steemit! :)
@mycryptoverse can you tell me how can indian goverment adopt cryptocurrencies since they are always tried to prove it as an illegal tender.
Thanks for amazing article. We can get the world to adopt crypto by working together.
@mycryptoverse
@mycryptoverse, Dear friend, I have already upvoted you and followed you i am new to the steemit platform so please in return you follow me and upvote my post to help grow each other. "All for each and each for all" is the perfect concept for all growers.
Thanks in advance !!!
awesome information shared by @mycryptoverse, thanks bro for your Post.
I followed you here on Steemit and upvote for this post.
Feel free to follow me and leave your precious upvote for my post. Thanks & love @mycryptoverse..
@mycryptoverse Cryptocurrency mass adoption reminds me of Electroneum, Wil Electroneum succeed?
It is difficult to say with any certainty which currencies will make it out to be mass adopted. I wrote a paper on inflection points for businesses and explained that when more resources come into the space the faster the technology will grow. Thus, businesses will have to continue to adapt their own philosophy and approach.
So, as more companies enter the space the more companies that will not succeed.
@mycryptoverse really thanks for educating me, I never thought like this before.
@mycryptoverse every market has up & down but revolutionary things nothing stop its grow & definitely grow. some manipulation are happen but we will overcome this problem. thanks for post
I've made 4k off of $87 bucks. I have all Anon coins now, expect a few xrb. I just hope this all stabilizes toward the end of this year. I live in Mexico, so any money I make goes along way... Alot further than in the USA.
@mycryptovers
Here's to the future man!
Welcome to Steemit mycryptoverse. Let me know if you got any questions about Steem or anything related to it! The official FAQ can be found here and has A LOT of information https://steemit.com/faq.html - Also remember, Steemit is just ONE of the sites built that uses Steem the blockchain. We also have DTube - our very own Youtube, DSound for Soundcloud and Steepshot if you prefer Instagram like experience. I'd also like to mention ChainBB - forums, Busy - Steemit with more modern look basically, DMania for memes and Dlive for streaming just like in Twitch! You can also earn Steem by gaming now! Search for Steemgar if that's more your thing. Welcome to the blockchain! :)
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Hey dear hi... I upvoted you and followed you i am new to the steemit platform so please in return you follow me and upvote my post to help grow each other.
URGENT HEARING ON 3rd JULY AT SUPREME COURT/ RBI BITCOIN & Cryptocurrency (INDIA Crypto IMP News)
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This post has received a 38.45 % upvote from @boomerang.
Thanks for the post !!! many do not understand the koin, I suggest that you wind your money for a long time, do not be afraid !!!
Blockchain & cryptocurrencies are future without any doubt.It's like an Internet, in starting no one accepted it but see now a days for everything they need internet. Thank you for sharing this with us.
They've been trying to control the internet :( we might have to make a new powered by a network of home pcs.
This is what Substratum is aiming to do with its project. They have completed another iteration of their BETA.
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Good night steemit friends wherever you are ... On this occasion I will try to discuss about the dangers of bitcoin. As cited by the international financial institutions of the international monetary fund (IMF) in recent days ...
where the IMF provides information that we should be careful with this currency because it has no legal certainty and is also vulnerable to fraud and keeps a negative risk to the financial system itself. how not, with its form of digital assets, cryptocurrency is easily misused for the crime of the financial system such as money laundering crime.
besides, the lack of a clear system, makes cryptocurrency vulnerable to malfunction that ultimately harms people who use this instrument.
In this case Andrian one of the employees explained:
"Crypto assets have potential for financial crime (fraud), security breaches and operational failures," he explained.
for that, Adrian said, governments and policymakers in various countries should begin to establish a clear policy related to cryptocurrency so that potential problems that will arise in the future can be prevented.
so for comrades who have already bought digital assets bitcoin or the like to be careful .... And who has not bought should undo your intention, before you regret in the future ...
BITCOIN MANY DECEPTING AND I AM ONE OF THE VICTIMS ...
nice post bro this is importent information and tnx brother
While we still have the volatility I cant see how it can be used as intended. Great for traders but is holding it back from its potential.