Socrates was sentenced to death by poison, Galileo imprisoned, and the money invested into cryptocurrency today appears to be facing a similar doom. Similarly, its only crime being that it is way ahead of its time. Imagine trying to explain the importance of a smartphone to someone living in the middle ages or having the arduous task of asking someone from the 80’s to invest in Apple in the near future.
Understandably, no matter how eloquent or convincing your pitch is, you really cannot sell the ideas of the future to the people of the present. All great ideas have gone through this course of general ignorance, be it the internet, smartphones or automobiles and similarly cryptocurrency at the moment is standing knee deep in the waters that the tech boom once occupied, in 1994.
The cryptocurrency and email link:
Cryptocurrency is to blockchain as the email was to the internet, and similar to the humble beginnings of email as a tool that was only used by scientists and engineering hobbyists, cryptocurrency up until as recently as 2013 could only be found in the hands of the few and the privileged. Email managed to increase its user base by:
- Stabilising its platform
- Diversifying uses
- Getting a user-friendly interface
The rise of cryptocurrency:
On a familiar road to pave its way into the lives of the masses, cryptocurrency has given rise to a world of its own which includes cryptocurrency exchange, wallets, etc. 2013 saw cryptocurrency taking its first steps into the masses when the cryptoexchanges made bitcoin (one of the most popular and first cryptocurrency) more accessible to the masses.
Since then, as of 2017, bitcoin has become a widely popular and understood term. With tales of bitcoin millionaires rampant in the news, it’s no wonder that investors and people alike are highly interested in the opportunities that cryptocurrency may bring.
The block on the road:
But popularity in the mainstream media doesn’t necessarily mean that it is a success. Albeit the notoriety it enjoys, cryptocurrency is still in its infancy, and like the many ground-breaking innovations before it, it will also have to go through the painstakingly long journey to integrate itself into popular culture. Reminiscent to the case of email in its early days, despite the growing number of users, the truth of the matter is that at the moment cryptocurrency does not have a wide enough user base to become valuable enough to each user.
A low number of users mean that there are fewer cryptocurrency friendly environments around the world. Similarly, such a low user base radically limits the opportunities for purchase, sale, exchange, and use of cryptocurrency.
Patience is a virtue:
Though investment opportunities in cryptocurrency may seem bleak for now, the future will unequivocally be built upon the foundation of cryptocurrency we lay down today. Like a fruit that will only fall when it has fully ripened, cryptocurrency has only just begun its journey, one that will no doubt be fruitful to those who are willing to be patient.