The prominent cryptocurrency, Bitcoin has been through a significant amount of change throughout this year.
Since the tail end of 2017, the underlying value of Bitcoin has been sliding downwards since then. Seeing its high watermark edging just past $20,000, it has been falling towards its lower-end foundations. The industry itself has been in a state of polarization ever since then.
While last year saw the market on the back of a bull run for the latter point, experts in the economic field, such as economists, financial experts, journalists, and seasoned veterans from the world of Wall street have all started to look at the top ranked cryptocurrency with a certain level of concern.
This has ranged from the issues that the currency suffers from, such as the dangers of deflation that cryptocurrencies have in terms of volatility. Bitcoin has a significant range of critics and detractors who have since attempted to pull investors away from cryptocurrencies in light of the dramatic price appreciation and decline in such a short span of time.
The Bitcoin world has come to epitomize some outstanding issues that cryptocurrencies have. And rather than concentrating on growth through steadily bringing about mass adoption, or pushing forwards some legitimate use-cases which go beyond the general concept of digitally transferable money. Bitcoin has become centered around a community focusing too much on the greed of turning a profit.
It suffers from a narrative of confusion as to how Bitcoin is supposed to press forward. This narrative has not been helped at all by the fact that the media cycle appears to be focused on one of two perceptions of the coin; one of arrogance towards its future application, or those angrily disappointed with it, criticizing to the point of dismissiveness.
Cryptocurrency adopters within the field have since made the unfortunate move from being innovative visionaries, or those that have been purely lucky in terms of their investments, to those that are simply looking to exploit its reputation to turn a profit.
An inevitable consequence of this, which would have been a predictable result when it comes to an industry staggering around, is the fact that its value would go through a state of over-inflation, and even loftier aspirations from those looking to profit.
The bullish upturn that the market went through in the latter point of 2017, which went on to extend through the early months of 2018 was caused by a brood in fearless innovators and investors that were all too willing to gamble on optimistic projects. The disadvantage of this is that the optimism is there, but literacy is not when it comes to Bitcoin, cryptos and the wide expanse that is the altcoin market.
This includes the wide expanse of Initial Coin Offerings which, while abundant in optimism and scope, had little in the way of credibility. For these ICOs, simply having a white paper or single-page paper was more than enough for investors to pool money behind otherwise fraudulent ICOs.
One of the key driving forces needed for any kind of project that requires investment, it needs to steadily gain organic growth over time. This is very much the case in the mind of Main Street, Cryptocurrencies like Bitcoin have become the unfortunate victim of overstretch in terms of its own aspirations.
For investors that have previously bought into cryptocurrencies with very little in the way of an education as to what they can expect in terms of its appreciation over time as an asset. Usually, these will be bought into with the prospect that they'll become wealthy overnight.
There are scant few that actually took the time to look into how the technology was being applied within the project in question, and why exactly barriers like scalability including the matter of the transaction costs and speeds. Neither questions about the underlying technology, as well as how far away these issues are from being solved.
The overall decline and drop in the cryptocurrency market which happened through January and February, which went on to the final months of 2018 where Bitcoin and other cryptocurrencies have hit a relatively new low. This has brought out a dramatic wave of ‘I told you so' from an otherwise skeptical community.
This is hardly surprising considering the number of financial experts, including analysts and economists being all too ready to throw stones at the declining crypto. For those that are highly seasoned in the world of cryptocurrencies, the dominant narrative out there . is that of an ongoing and increasing annoyance, with Bitcoin having been regarded as a crypto that has had its time in the sun, and is now, yet again, being prophesized as being on the way out.
The overarching tone coming from the more recent content coming out of some news publications is one that has all but guaranteed the death of Bitcoin, and the underlying feeling of grim glee that is expressed is nothing short of unusual.
While these news outlets take a great deal of pleasure in concluding that Bitcoin represents a veritable Tulip Mania that has finally crashed. As a result, it's become increasingly challenging for people to take the opinions of these very same financial professionals and economists who are clearly allowing their opinions and emotions colour their analysis of Bitcoin.
Bitcoin is now making an unfortunate transmogrification from a pure technology, into one that is crossing with an almost ideology. And it's one that users feel compelled to stamp down on.
As a result of this, we are seeing people allow emotions to overcome anything which might be considered a reasonable judgement of Bitcoin, past, present and future.