One thing that has made our world a better place to live is the rise of innovative ideas. The very fabric filament of innovative ideas comes by filling the latent demand gap. And that’s how we define ‘competition’. But now, the definitions are changing and the reason can largely be attributed to the way the Internet is working. As more and more businesses are getting on the Internet, the competition to stay ahead in the game is also intensifying. The best and worst thing about the Internet is that it is accessible to everyone and anyone.
There are more than 1600 cryptocurrencies currently listed on the coinmarket.com website. Needless to say, ‘some’ of them are competing against each other in their respective domain. Competition is what makes such coins/companies bring the best out of them for the betterment of their investors. But unfortunately today, in the world of Internet, the word competition has just been limited to the scope of ‘trolling’, ‘abusing’ and instigating’ other people who differ with someone else’ opinion.
The crypto ecosystem system is the latest victim of such problem. The crypto community has been divided into the likes to supporters and ‘trollers’ and just a few sensible people. The crypto war on twitter, facebook and reddit seems like a total bloodbath on the street. The main reason for such fierce hatred among the crypto community members for each other can be attributed to the ‘polls’ carried out by the shillers and even many exchanges for the ‘coin of the month’ award. Such competitions make the members very conscious of their ‘chance’ of a free listing (in turn higher price) which make them write and say things that they wouldn’t have in the first place.
Hatred towards Bitcoin and expecting it to fall down cannot be justified for a small gain in the altcoins. In the long run, the growth of bitcoin is what will drive the whole crypto ecosystem. In a way, Bitcoin is the USP of the cryptomarket. Even today, the success story of Bitcoin is enough to attract a swamp of new investors in the crypto market. Hence, if the Bitcoin crashes, it has the potential to take down the entire industry with itself. Recent events (February 2018 – Till Now) are some good examples.
Even being a hardcore Bitcoin fan won’t work for anyone! It is important to understand that even imperfection is can be a part of a masterpiece. The rise of altcoins has been due to the latent demand gaps in Bitcoin. Higher transaction fees and transaction time is what hampers the Bitcoin’s image and that’s exactly what altcoins offer to eliminate. Hence, people like to get involved in them as well.
In short, both of them have their own shortcomings and merits. But it is important to address them in a more respectable manner and not abuse them. Because one bad move by one member will create a ripple effect of bad moves by other community members that will create a civil war zone. And in such terror-stricken ecosystem, investors, technologies and the word Sustainable Development won’t be able to find any peace.
A healthy debate is the need of the hour that can again make the crypto community a better place to gain knowledge and harness innovation. People with half knowledge should be avoided, and people with wisdom should be followed. And the change is happening. Investors are getting smart, people are researching about their coins in a better way. But still, the damage is yet to recover and records are yet to be broken made!
Till then, happy trading!
Image Source: “Flickr”