Which Cryptocurrencies Will Stand The Test Of Time?

2023: Stabilization And Reconsideration

In July 2020 Tyler Winklevoss jubilantly tweeted about FED’s cutting interest rates below 0% for the first time.

Money printing would exceed anything we had seen so far, and Tyler mentioned how this event would send Bitcoin to new ATH.

The market stabilizes and pushes forward to new heights.

BTC, which appears to be the driving force of this market, still lacks progress, scalability, and innovation.

Regarding the technical aspect, BTC has abandoned hopes of any meaningful adoption as its scalability stagnated and focused on secondary layers leaning toward custodian adoption instead.

Tesla’s purchase of Bitcoin (BTC) in early 2021 was a pivotal moment for the cryptocurrency market. It was not the retail that immediately reacted but institutions instead.

Can the crypto industry abandon mere speculation and the “number go up” mentality to finally promote the actual use of cryptocurrency?

This is the only way for cryptocurrency to succeed.

Focus On These Features

We witness a systemic failure unfolding, with several top crypto companies collapsing in 2022 and a few more under the threat of bankruptcy within 2023 (Grayscale, Gemini, Tether, Celsius, Three Arrow Capital, Terra Luna, UST, and more).

Most of the crypto companies are going down one way or another as they are interrelated operations sharing a similar risk. One goes down, and several more follow.

Centralized entities selling decentralized dreams have no future unless they promote the use of cryptocurrency instead of mere speculation.

Still, all those crypto companies they’d show far showed signs of profiting though shady fractional lending and custodian procedures.

Digital money specs should contain these components:

• Ease of use (fast and user friendly interfaces of services/wallets)

• Cheap to use (low fees, even zero if possible)

• Secure (transactions performed via secure channels)

These are all features of money. If we also add these features:

• Permissionless

• Borderless &

• Trustless

• Decentralized

• SCALABLE

That’s how we get perfect money.

After these come the smart contract abilities and even more features that can enable a blockchain to turn into a P2P Economy.

Only a handful of cryptocurrencies offer all of these features combined or work towards achieving them.

2023: Buy When Everyone Is Selling

At this point, there is vast money waiting for a crash.

Actually, this is the smart money we were talking about, and they are already slowly buying, they didn’t miss the first entry point. Still, the vast allocation of their resources into cryptocurrency will appear during a dip.

Still, we will see a new dip? Don’t hold your breath.

The remaining dangers are Tether, DCG, and Gemini.

Don’t take anything in this post as financial advice, though.

The unexpected can always happen. The past performance of an asset or a market certainly increases the odds of pattern repetition, but, there’s also a possibility an investment goes wrong.

For the time being, though, the charts are not different.

Another point is where exactly to invest. Which cryptocurrencies?

There are like twenty thousand out there already.

The advertisers stopped telling the public what to do, the news is now fiercely opposing cryptocurrencies, the banks think crypto is the laughingstock of finance, and the ECB increased its anti-crypto rhetoric, probably to promote its upcoming CBDC.

So, which cryptocurrency should you buy if you decide to invest at what appears to be a possible bottom?

Easy. Cryptocurrencies with the ability to compete with CBDCs.

As mentioned before, these should be easy and cheap to use, (with low fees and instant transactions), on secure, scalable, permissionless networks.

P2P Electronic Cash blockchains that deliver, instant payments, and low transaction fees, and evolve to achieve global adoption.

We can find networks developing, bringing in new features, and working towards achieving legal tender status. Countries are looking into the opportunity of officially adopting cryptocurrencies.

Closing Thoughts

It is rare to find a voice of reason and for logic to prevail, but few with enough experience knew where this was all heading with the custodians and the fractional reserves.

The economy on the macro scale can head towards a recession, but eventually, it will enable the cryptocurrency market short out its weaknesses and allow permissionless blockchain networks that support progress to rise.

By eventually, I mean in the short term, during this year. The current market sentiment has priced in a modest recession. Yet, nobody knows how a new 2008 can unfold and if there’s systemic bank risk again.

Would money in the bank be safe, or money on the blockchain with non-custodial cryptocurrency wallets perhaps is the best way to safeguard at least part of our wealth? It would be if we promote crypto adoption for payments with a non-custodial approach.

• Cover Image by FelixMittermeier on Pixabay

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