The cryptocurrency landscape has been completely transformed over the past few years. From what was once merely an experimental marketplace plagued by bad business has evolved into a thriving ecosystem of innovation. Bitcoin has finally entered into a phase of mainstream understanding as Wall Street and institutional investors are starting to get involved. And the rest of the altcoin / cryptocurrency market is just getting started.
History Of Altcoins
Allow me to give you an inside look into the history of altcoins and cryptocurrency. Only a short few years ago, the market was dominated by scams, false promises and generally speaking bad business. The cryptocurrency market was seen as the “wild-wild west” where people who were interested in short-term get rich quick schemes flocked to. Bitcoin was the trailblazer, leading the way and proving that cryptocurrency could stand on its own two feet. The rest of the market was filled with, for lack of a better word, shitcoins. But the market has drastically changed. Nowadays there are some seriously cool and innovative projects. To just name a few, there’s Ethereum, NEO, Cardano, IOTA, OMG, Steem, WTC, and the list goes on. It’s almost funny to think back to the days when Dogecoin was the biggest crypto around.
Long story short – the days of memecoins are over. The days of coming up with some stupid idea, slapping together a website and announcing an ICO are over. Don’t get me wrong, this is still happening on a daily basis, to a degree that is somewhat sickening, but the community is much more aware of the bullshit these days. The cryptocurrency market has finally grown up and is starting to mature. And with maturity, comes mainstream attention. Most people may think this is the stage of mainstream adoption, but I wouldn’t go that far just yet.
Mainstream understanding is where we’re at currently, not adoption. Bitcoin and other cryptocurrencies are still seen as highly risky speculative investments which most people still don’t understand. Most people, also known as “the majority” still don’t even know what the hell this digital currency stuff is all about or understand the history of altcoins. If I were to guess, I’d estimate that 98% of people don’t understand the importance of the blockchain and the implication it has on everything we think we know about our world. Mainstream understanding in my view is the second step towards widespread global adoption. If you had asked me 5 years ago if I was certain that the crypto revolution would succeed, I wouldn’t have been so sure. But today I’m more convinced than ever that this digital currency stuff is here to stay, and it’s about so much more than just currency. The blockchain and smart contracts fundamentally changes everything we think we know about how our world operates. Until you deeply understand how the decentralization of our world changes everything, you won’t be able to truly understand the importance of cryptocurrencies. For those of you who do, all I have to say is so value, many profit, wow.