The people of the crypto community have been overwhelmed with panic and frustration over the last few weeks into this week. And it keeps getting tougher. Seems like though, this phase will never come to an end. Those who has been the enemy of crypto and internet money have gained ground to make mockery of those who believed. The media is now flooding with a lot of negative articles and unverified news to create even more fear.
I don’t blame anyone who is afraid because, it is not an easy thing watching your whole portfolio which you have gone through thick and thin to build tending toward zero. And I also don’t blame those who are using this opportunity to discourage people thereby, driving home their agenda which is to destroy crypto. Because, that is what I would also do during a bull run; encouraging more peeps to join in which is probably the hardest thing to do at this moment.
Being a person who strongly believes in crypto and do everything possible on a daily to convince the people around me to see the light, I have received numerous could within last week and this week. Some of them are the people I successfully brought into the crypto community and some of the calls came from those who I tried to convince but to no avail. As you must have guessed already, some called to express fear and seek for advice. whether they are to just sell off in loss already or if there is still any hope of crypto coming back to life. And there are those that never shared the same opinion with me when it comes to crypto calling to make fun, waving the “I told you” placard to my face. With a lot of enthusiasm, I responded to each of them accordingly.
One thing is clear as to why all of these complaints are coming in at this moment. It is the price! Of course, price is very important. The price potentially going up is the reason we still consider crypto as an investment. If it continues to crumble just like it is doing now then, investors whether big or small will definitely loose interest. But can we just take a moment to look past the price barrier? What do you say about looking at crypto as a tool? A tool that could be used for the purpose it was created in the first place. Trading and making quick cash wasn’t the initial intention behind crypto invention. If we have not read the comprehensive bitcoin whitepaper, we must have read a summary of it or heard about it one way or the other. bitcoin was designed to be a digital currency to conquer financial censorship and solve transaction hitches. It is supposed to be used and the people are supposed to be the users but today, it is not in use and everyone is just holding on to it in anticipation of a pump in price. Due to this, the value has reduced to just the price. If the price doesn’t hold as it is the situation now, then there is no need of owning it. same goes for every other crypto.
Price has made caused so many people to push away usable cryptocurrencies with genuine intention like BCH to embrace scams in the name of crypto. Have you seen or heard of what is happening to LUNA and UST? That is what happens when the algorithm is flawed and there is no concrete purpose of existence other than price. A crypto which only has price to its credit has no real value and is doomed for failure. The will be more crypto going down this path, which is why you must look beyond the price in choosing which crypto to use.
Gaining usage is a lot harder than gaining price. Whales can just come in at any point, create a pump in price of any crypto then dump when there is enough liquidity from the gullible ones to sweep. But for a crypto to have wide usage, a lot of structure have to be put in place. A lot of campaign is expected and it doesn’t just happen in a flash. Such crypto with strong fundamental and usage can hardly be influenced by price surge. The users stick with it no matter the price because of its other values aside price. They know what they stand to gain from using it. The real fan of a crypto are the users and not the hodlers. The hodlers are just there for the immediate gain and when a threat is noticed, they sell off and that probably would be the end of such crypto. A crypto like BCH with a lot of advantage to users would hardly face such crises.
If it is useful then, it automatically becomes a good investment. Looking at the stock market you would easily realize that the usage determines the worth of a commodity. Increase in usage means increase in demand for such product and therefore increase in price. If we can channel our energy into making these cryptos worthy of use and avoiding those that are not, then we are one step close to sustaining the future of cryptcurrecies.
Even though price is important, don’t forget that crypto is to be used for making and recieving payments! That is why BCH is my choice.