THE IMPORTANCE OF KEEPING FAITH IN THE BLOCKCHAIN TECHNOLOGY
Anyone who has been around the crypto-sphere long enough, needs not be told the usual troughs and crests exhibited by the market; It’s so volatile that warnings to crypto enthusiasts and investors alike, aren’t so hard to find, whether on exchanges or any other financial website; the beautiful part of this volatility is, huge profits can be easily made and it’s also true for losses; the crypto world is indeed unique; that being said, one might wonder, is it important to keep faith in the blockchain technology even when the market is in a freefall? Why should I trust cryptocurrencies even when prices are spiraling downwards, almost without control?
1. it’s still in its nascent stages; give it time to fully develop.
2. It’s gaining attention beyond our imagination daily.
3. Though it’s still in its tender days, it’s come too far to fail.
4. It can’t be hijacked by any single person or government.
5. Many times people react emotionally not because of any clear analysis. they’re easily influenced by FUD — fear, uncertainty and doubt.
6. It ensures equality of financial authority; the blockchain technology doesn’t give special concessions to any group of people.
7. You’re your own bank; you’re in full control of your funds.
8. It aims to solve real life problems in a fast and accurate manner, including yours.
Obviously, Patience is key when dealing with a market as this; one moment, it looks like it’s never going to go down , and another, it looks like it’s never going to be back up; “the patient” always stays ahead in the game. let’s see some of the historical crashes in the market (using bitcoin as a case study).
Though there have been several downturns, we’d just consider a few.
The year 2013 was a very busy year for bitcoin; it “crashed” several times and yet stood strong.
April 10, 2013, bitcoin declined from $259.34 to $45 in just 2 days; it lost a whopping 83% of its value; I’m pretty sure there’d have been users at that time, who would’ve said to themselves, “Alas, this is the end!!”..but was it ? NO.
That same year bitcoin lost 50% of its value, declining from $755-$378 (on the same day) and again lost $87 when it dropped from $1163-$152.40 from Nov 30, 2013- Jan 14, 2015, it took 411 days to recover and start a new trajectory.
Fast forward to a more recent past; between Dec 17, 2017 and Feb 2, 2018, bitcoin lost 59% when it dropped from its all time high (till date) of $19666 to $8094.80, and even right now, the price ($6539.75) is less than February’s, which means the loss percentage has increased.
It’s on record that bitcoin’s death toll stands at over 249 dating back to 2010.
Here’s a simple question to ponder, has it survived the bear blows over the years? a thousand times yes………it dies and resurrects on a regular basis or better rendered, it seemingly dies, then gets back up stronger.
Cryptocurrencies and the blockchain technology are here to stay; they may have to go through some more heat, but just like gold they’ll all come out refined and shining even brighter.