Extended price movement of Bitcoin and cryptocurrencies, attracts various opinion from stakeholders within the blockchain community. Same happens whenever these prices engage regions of historical supports or resistances.
Sometimes the predictions that come out of these opinions go as far as influencing the decisions of majority of the participants in the markets. Nevertheless, beyond mere market speculations, it is the fundamental structure and actual implementation of associated technologies that can determine the organic growth of tokens and cryptocurrencies.
Bitcoin Is A Developing Technology
Therefore, in order to ascertain the sustainability of cryptocurrencies and blockchain tokens, there must be a full understanding of the implications of the innovations involved.
In all of this, it is expedient to keep in mind that Bitcoin, blockchain and other associated technologies are still relatively new. This condemns them to the inevitability of undergoing developmental stages and some of the struggles that come with adoption. In line with this, Jason Cassidy, Founder of Helium explains to Coinstituency why exactly there seems to be repeated cycles of roller-coaster behaviour in the overall cryptocurrency market.
According to Cassidy, during times of extreme market volatility it is wise to keep in mind exactly where we are in the adoption curve of these new technologies. Put simply, he notes that we are still only in the first inning of a nine inning baseball game that is due to go into extra innings. What this means is that it takes time for robust innovations to become truly useful to the average adopter.
“Bitcoin is not going anywhere and that means if you are reading this today, you still have an opportunity of a lifetime in front of you, – Jason Cassidy.
We Are In A Normal Evolution Cycle
According to Cassidy, currently Bitcoin, Ethereum and most other cryptocurrencies are predominately tools of speculation as there is little utility provided. This is no different than the Internet itself which was extremely user-unfriendly for some time before it began to rapidly evolve. The fax machine took over 100 years to go from idea to adopted technology. Hence, there is a pattern humans follow with the adoption of technologies which works in lockstep with the innovations made to them. Cellular phones, personal computers and many others all follow a similar path.
“Eventually, you will see Bitcoin become truly usable as a medium of exchange and potentially a store of value, while other cryptocurrencies will follow suit, says Cassidy. “Over and above this, there are real advantages that blockchain technology will bring to voting, music, file sharing, supply chain provenance and a number of other areas”.
Patience Is A Virtue
One of the areas that Cassidy notes where Bitcoin will play an important role is the financial services industry. He believes that Bitcoin will allow many of the World’s unbanked to step into the 21st century and become connected to the global economy. This access to fundamental banking will usher in a new era of innovation and prosperity on both an individual and collective level.
Therefore, rather than the knee-jerk reactions that springs up all over the ecosystem, especially whenever there is a significant movement in the price of Bitcoin, Cassidy suggests that the industry needs to be patient with the evolving technology. He notes that these technologies will take time to mature and evolve in lockstep with the rest of the changes our world is going through.
Iyke Aru is a seasoned author and educator in the blockchain and cryptocurrency industry. He has been in the business of crypto content writing for many years with thousands of his articles across several platforms on the internet. Iyke is based in Nigeria where he stands out as one of the most informed and credible figures in the cryptocurrency industry. Outside blockchain and crypto, you will most likely catch Iyke playing or discussing football with friends and family.