There are some growth in cryptocurrency that seem to have no impact on projects and systems launched on the blockchain space and it makes one wonder how long it would take before folks begin to connect the dots.
Yesterday, in a conversation with a new friend, I told her that I create content for a blockchain platform and she asked me what is blockchain all about. According to her, blockchain is a term used by internet scammers to hide the source of their money. I was surprised. It is obvious that this is a new level to the deliberate misinformation being peddled by people who do not know better.
The worst part in this system of misinformation are those who do some form of trading on some trading platform and think they know the in and out of the blockchain space. I mean they are people who trade coins and tokens but do not know the purpose of the coin, the token or even the platform for which the token was created. They just place sell and buy orders and take profit. This is not a bad thing after all money needs to be made but how do we build a future around blockchain if we don't invest in the infrastructure as well?
Take hive or cub for example. These tokens are being traded on different platforms. Cub is being staked and mined on the Defi space. For some persons, this is all that they need to know. They do not care to know where hive and cub come from, how they are related, what service that support and their utility beyond money. It is this background knowledge that makes investing in a project more credible. I mean will you buy a share in a company just because other company shares are increasing in price or because some stock speculator announced an incoming green market? You don't research the company's antecedents?
While buying and selling coins and tokens are ways through which a project makes money and also markets themselves, a lot of persons who seem to be proficient users of blockchain do not care for the systems on which the coins and tokens they rave about are built upon. This is why a guy can say he is into Bitcoin and does not know that Bitcoin is also a cryptocurrency? It is why people can use terms like bull run, bear market and stop loss and everyone around them think they are knowledgeable about the blockchain space?
I know that the cryptocurrency space is an exciting place to be. There is the making and breaking of people's pockets to be talked about and a lot of investment stop at the exchange level. While a project might be bleeding funds, it's token might still be considered to be one of the top tokens in the market. Basically, there can be a dichotomy between a project's value and its token value.
Let us take the hive chain for instance. We all see the work that has been ongoing on the hive chain since its inception. A lot of projects are launching off the platform and making names for themselves in the blockchain space. Yet the value of hive, its native token does not reflect this growth. In fact, when looking at the infrastructure of hive in comparison with that of other platforms with successful native tokens, you can easily notice the difference. Can one say that hive and hbd reflect the worth of the project? I don't think so. If this was so, the hive token would be worth far more than it is worth now. We can say that this is due to market forces which we have no control over. We can also find ways to make the token reflect the true worth of the hive chain.
Information and how to use it will always remain the true source of wealth. For the blockchain system to find traction in the real, the get quick riches marketing needs to be done away with. People need to see it as a real enterprise, a business entity, an innovative solution to many of our real life problems. Once people begin to connect the dots between their profit and loss statements to seamless, feeless, fast transactions. Begin to understand the benefits of immutability and anonymous transactions, it would definitely bring a different perspective to how blockchain and in extension, cryptocurrency is viewed.
I have been transacting a lot this year due to the bull run and the popularity of Defi projects. And I can say that hive transactions are still the cheapest and that is something that can be turned into a tool for the day to day transactions of the ordinary business person. In this way, the monopoly and thievery occuring in our traditional banking under the pretence of charges can be avoided.
I still remain a novice after three plus years of creating content and trading within the blockchain hemisphere. I know the infinite possibilities that blockchain has to offer in proffering solutions to financial and technical problems. I know that if we develop the projects and create concrete systems that are durable, secure and flexible, we would have the growth and development we so much desire. There is more to blockchain than setting stop loss and placing sell and buy orders. Thanks.
I'm just into crypto for the technology.😉
That's a plan. 😂
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