Bitcoin has had a net negative effect on the perception of Main Street on investing, and a potential huge long term effect on the architecture of markets. What Bitcoin has created in the short term, is a powerful analogy based on insane assumptions: We have a coin that will be like Bitcoin, and go up 1,000,000 %. The sad fact, Bitcoins rise has been used as a story to raise capital: This time it’s different. We’ve built a better Bitcoin. Our coin will go up more than Bitcoin, so they have been telling us. But the reality speaks the opposite story, that Bitcoin is likely a one time phenomenon, as even Ethereum, although the design is different, doesn’t come close to Bitcoin.
Especially since the cross above the psychological 10,000 mark, investors everywhere have been piling funds into ICOs and other concepts claiming to be “The Next Bitcoin – only better” yet so far they have all failed to deliver on their promises, and look likely to continue to do so. Just like there will never be another Google or Microsoft, there will likely never be another Bitcoin. If you enjoyed the rise – enjoy your life. Trying to recreate something again or catch what you missed is a fools errand.
Some new coins of course are promising, they aren’t all a bunch of garbage – but most are. All the wrong people decided to launch ICOs for all the wrong reasons. There have been few quality offerings, so we can mention only a few by name; Basis.. Others which go unnoticed and don’t have the ‘sales pitch’ to capture the wrong type of investors, such as Sky Desks.
What Bitcoin did that was positive it forced the hand of the establishment to innovate. As the ultimate use-case for digital money that ‘works’ – Bitcoin would never be forgotten or disregarded. It takes time to build something substantial. In 2017 we can say that it was the year that the work began. The fruits of this work may not be seen until 2027 – just as Bitcoin took nearly 10 years to mature into popularity, so will any new Blockchain technology take time. Regulations will evolve, law will evolve, that will support these more advanced efforts.
The correct approach to this, is not to identify a single ‘opportunity’ and evaluate it, as one would an investment. These are ‘stock pickers’ and in the long run this will not work well, statistics show.
The correct approach is to take any advanced idea and foster it – incorporate it into your existing business. How can I use Blockchain to empower my sales process? To accept payments from customers? What else? Hedging? Communication? Security?
These hopers that think they have picked the next “Bitcoin” are sure to fail if they don’t adopt. Adoption is what made Bitcoin rise – and it’s the only thing that will make any coin rise. Ethereum, the only token that has come close – is driven by demand for it’s development platform. When an ERC 20 token is issued, ultimately users need to first buy ETH in order to buy the underlying. The coin is likely denominated in ETH (although it’s not an explicit requirement, the majority of ETH tokens are denominated in ETH).
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