Bitcoin is not just a Currency
From recent experience there are still many of you out there that think bitcoin the “currency” is just that, a currency; it’s not. Although you could be forgiven for thinking so thanks to the majority of media coverage it gets. It’s a shame really, bitcoin is not just a currency, it’s a new way for humans to interact, it provides a way for humans that have never met to quickly garner trust amongst themselves, and in doing so begin building things that otherwise may have not been built or taken much longer to get moving. If you dig deep enough there is outlets doing good reporting, (especially those actually building with it) but a lot of it always seems to refer back to the currency price as denominated in fiat.
What the heck is Blocktech?
Another issue with bitcoin in the spotlight which can be primarily attributed to the media, is the flippant use of terms like Crypto and Blockchain without providing very much context to either the meaning or applications for such technologies, this cause much confusion amongst regular folk, and they can come across as marketing buzzwords; with some bankers and PR types even relabeling Blockchain – Blocktech, you know who you are.
What to do?
How to make this bitcoin space seem less about getting rich quick and more about vision oriented thinking and new potentials for facilitating human cooperation. Thats nothing the traditional media outlets will provide anytime soon, they seem to be more interested in short term sales as opposed to the long term vision. Why? i think it’s because the long term is hard to report on, often boring and largely imaginary, this, and the fact the main relationships between media and bitcoin are often facilitated via PR firms engaged in by major bitcoin currency exchanges. You build ’em up – we’ll knock ’em down.
learn and appreciate
It is this boring, imaginary hard space that will deliver many of the future applications we are yet to come to appreciate, for those of you that have been sitting on the sidelines for some years, watching this valuation madness unfold, i ask you to please consider spending some time to learn and appreciate the reasons why bitcoin is so special, it’s not only the market cap which makes bitcoin so exciting, it’s the potential of the underlying technology and its application to real world problems across the world.
These problems range far and wide and many have an opinion on the ultimate use case, but as of now and for the past 9 years the community have been working on all kinds of applications for the technology.
In this regard bitcoin itself and its valuation (often reported on in its fiat value) have served as quite an interesting distraction for many an adopter, and now more than ever with the recent increases and various forks it appears we are looking at adoption and activities being primarily carried out by legacy industry speculators and visionary utopians. This is all exciting times and has provided much attention for the technology and its first application as a currency, but it also makes for a very messy landscape for new persons to enter.
Valuation and Potential
So how should one talk about bitcoin when talking with those persons newly interested? While many approach the subject because of the fantastic windfalls they perceive, I continue to respond by doing as i have from the beginning, study the reasons why the technology might be useful, draw your own conclusions, study more and observe. Do this until you can convince yourself the valuation and potential is justified.
Once, and if, convinced consider taking small monthly positions using your research and what you have learned and build up a holding over time, this is a long term technology like that of the internet, and like the internet it cannot be shut off, but it can be slowed down, captured by third parties, and temporarily have its image tarnished by lofty speculators, which may very well be occurring as i write this post.
This is the course i enrolled on in 2013, i recommend applying if you want to learn more about the problems that can be solved by blockchain technology as opposed to those that wish to just get dat money!