The bear market has turned a lot of cryptocurrency believers into crypto doubters. “Crypto is dead” they tweet and exclaim every chance they have. “We’ll never come back!” shout the doubters. “I told you it was a bubble!” shout the skeptics. If you’re paying attention though, it’s obvious that they’re wrong. Here’s why.
First lets define a dead coin. To me a dead coin is a coin that 1) has no active dev or ongoing work or maintenance. 2) Community support for the project has completely died. 3) The blockchain no longer works for transactions. Once a coin meets these three criteria, you can safely declare the coin is dead.
Most coins in the current crypto market don’t meet this definition. For the most part, most coins on reputable exchanges are alive and well. They have active devs, strong community support, and the blockchains are doing exactly what they were designed to do! In the greater scheme of things, as long as two people are trading a coin, and that coin has some form of intrinsic value to them, you could say the coin is still alive and well.
Although market caps have lowered for most coins, if you look at the top 100 cryptos on coinmarketcap or livecoinwatch you’ll see there are still several people actively trading the top 100 coins and many others coins too. People are trading.
As hard as it may be for some to believe, new people are still finding an interest in cryptocurrency. “What is bitcoin” was a top search term for google in 2018. On top of all that, a study out of Cambridge announced that cryptocurrency users have doubled in 2018 with over 35 million active users by ID. It may not be mass adoption, but were still moving in a really positive direction! People are interested in cryptocurrency and our numbers continue to grow.
With all this said, I was bitcoin’s biggest skeptic when I entered towards the end of 2013. I’m still a bit skeptical but I really want to believe. With crypto a better world is possible. Still, I scan the headlines daily searching out clues of it’s demise. I tell you now, I’m not finding them. Quite the opposite. As the price continues to decline, I continue to see incredible headlines, that make me believe we’re still heading in the right direction. Institutional investors are taking an interest. Wall St. continues to take an interest in “Blockchain” technology. Companies like Ripple & XRP are starting to get noticed by banks. Coinbase users can now make deposits directly into their PayPal accounts. IBM and Stellar are accomplishing big things. If you scroll the headlines, and see through the hype, the evidence is out there. Cryptocurrency is alive and well and far from dead!
I have no idea when the bear market will end. I do know however that bitcoin and cryptocurrency in general is far from dead. I’ll even take it a step further. Not only is it alive and well, it very well may be stronger than it has ever been before. We haven’t even scratched the surface yet people. This thing continues to grow, new uses are constantly being discovered, and like the early internet and email, eventually cryptocurrency will just be a part of our everyday life. Till then, there’s going to be highs and lows but before you scream “The sky is falling, the sky is falling” take a good long look at the headlines. Look at all the positive news. Look at the market caps and the amount of people trading. Watch our user numbers grow! These are not signs of death, but the birth pains of a new and growing technology! This is not an obituary, this is a celebration of life, the evolution of finance, and the birth of a new technology.