Cryptocurrencies appear to be in the transition from ‘speculative assets’ to ‘digital finance of the future’. With each article of news, new investor, and aware non-investor, we are seeing an increase in the popularity and success of various coins. As new entrants join, those who adopted early are sure the reap the most benefit. In this case foresight and an understanding of sufficient security has allowed many people to justifiably grow rich in a very short amount of time. As this space invades the mainstream attention, there will most certainly be less of the most valuable currencies available for new investors.
I think it’s safe to say that a majority of investors today don’t fully understand the code for bitcoin, exactly how the blockchain works, or even how to successfully mine new coins. In the early years, this knowledge was paramount for participation, development, and innovation. As a result of the works early innovators undertook, we now have access to wallets and exchanges which appear very similarly to bank accounts and traditional investments. While these pioneers paved the way for a large influx of new participants, there is still a great deal of work left in order to build a level of trust necessary for mainstream adoption. As the security and reputation of these wallets and exchanges increases, I expect we will only see more entrants into the space. Though many people will flee in fear when recognizing the risks compared to the safety of a bank account, many more will be here to stay. So long as the internet is around I expect cryptocurrencies will be a viable option for financial services of the future.
With the news spreading of the utility and value of bitcoin and other currencies, I suspect many cryptoheralds have been met with fear, uncertainty, and doubt by the majority. Anywhere from a ‘clever idea that I’m not interested in’ to ‘definitely a bubble’ or just downright anger appear to be common results. While cryptocurrency allows for much greater financial access worldwide, there are still a great deal of people who rely on fiat currency yet aren’t technologically capable enough to acquire, store, and exchange the coins. Additionally, there are a great many people who are comfortable with their fiat earnings and fearful that bitcoin might undermine their hard work. As money flows into this space, power structures across the world will be disrupted by its global reach. The more wealth people move into bitcoin and other currencies, the more fiat currencies stand to be affected by inflation and devaluing.
Without a doubt there has been a great deal of fear in recent months or years about the future of nation states and the potential impending idea of globalization. Many bitcoiners have found a niche in this new space to earn a great deal of wealth and also find a meaningful pursuit while this has been going on. I have noticed a great deal of stress and worry about the financial future of my peers and friends, especially those with no notion of what a bitcoin is. If these ideas are to be made more mainstream, those of us involved have the opportunity to share what knowledge we have in order to ease the doubts of newcomers. Many of us can explain the various technologies, most secure wallets, and advice for overcoming the dreadful emotions the many of us have already weathered. This is not the time to secretly hoard wealth but to be open and inclusive to those who are not yet sure of the technologies. Many people will not be ready to move wealth into cryptocurrencies until large banks or corporations insure their money, but for the rest I think we can do a lot to help.
