Cryptocurrency seems to have appeared out of nowhere. Quickly winning over the worldwide attention of news sources, startups, celebrities, meme pages, and anyone in between- cryptocurrency slipped right in with the thousands of trends we’ve seen come and go. So when can you expect to see cryptocurrency disappear as seamlessly and quickly as it appeared? An even better question, is cryptocurrency just a fad; occupying the attention of millions only to dissipate in a few short months?
To predict the end, we first have to start at the beginning…
With a quick search of the history of cryptocurrency, you can easily learn it began in 2009 (although attempts were made since the late 90s). Eight years later (2017), cryptocurrency grew into the trend it is today and the value of coins began to skyrocket. Uses of cryptocurrency expanded widely, with new coins emerging as well as new ways to spend.
3 concrete reasons crypto is not a fad
- Cryptocurrency didn’t quickly appear in 2017 (despite popular belief). With the ideas of cryptocurrency dating back to the 1990s, crypto had been in the making for a decade before it finally emerged.
- The value of coins fluctuate, with some costing thousands of dollars. Likewise, coins can be used to make real purchases or conduct business. It’s a valid currency option.
- Acceptance and adoption of cryptocurrency is being implemented in new ways every single day. More and more purchases can be made using cryptocurrency. Careers are being created revolving around crypto. Startups are dedicating resources and receiving funding for cryptocurrency projects.
The textbook definition of ‘fad’ repeatedly refers to the trends being impulsive for short-lived periods of time. Cryptocurrency already has a lifespan of over a decade, which means it isn’t short-lived. Fads also question the value and quality of a trend (what value did you get from those shoulder pads? or that dance video you made and posted on instagram?). Crypto provides real value for consumers and businesses with new crypto-related projects emerging and creative uses being created every day. All in all- it’s evident cryptocurrency isn’t disappearing anytime soon.
So what’s with the skepticism?
As many great people have inferred, fear typically derives from a lack of knowledge or understanding. For many, cryptocurrency is seen as unchartered territory- a vast pit of dangers and uncertainties. With more education on the topic, people can become less skeptical of cryptocurrency, or at the very least, have a better understanding of what they are skeptical of.
Historically, money has been referred to as ‘the universal language’; loosely meaning it can be understood by anyone, anywhere. Cryptocurrency has earned it’s mystery, largely due to the lack of understanding by people worldwide. As crypto-enthusiasts strive to better educate the masses, it may earn the proper recognition alongside other currency options. Understanding that transactions can be completed smartly and safely with cryptocurrency allows it to be seen in a different light, alongside other payment methods like credit cards or PayPal.
Along with the mystery, many people misinterpret crypto as being a fad due to its virtual presence. If you can’t hold it in your hand, is it not legitimate? What separates the virtual presence of crypto from the virtual presence of relationships, education, or entertainment? The internet (when used safely and efficiently) isn’t a scary place anymore. It’s unharnessed potential of reaching universal audiences and building connections which may have never been possible. Cryptocurrency harnesses that potential and builds a platform for people to further connect.
Cryptocurrency can be easy to ignore or to push off as a fad, as we tend to do with most internet trends or media headlines. But unlike that meme you saw on Twitter or that video challenge you saw on Instagram or even the graphic tees from 2010, cryptocurrency will not be forgotten that easily. It’s adoption is worldwide. It’s use is universal. It’s virtual presence isn’t a downfall, it’s potential. Out of a history of ‘a dollar is a dollar is a dollar’, cryptocurrency carved a revolution and it’s not backing down anytime soon.
For more information on how to get started in cryptocurrency visit here. Or join the revolution here.
