Skepticism around cryptocurrencies is not an unusual thing to hear about. Even after a decade after Bitcoin’s launch, a vast majority of people across the globe still don’t know what cryptocurrencies or blockchain are, how they function or what exactly they can do.
This skepticism has lead many to discard cryptocurrencies totally, especially in developing regions. Government authorities are a great example of how skeptics behave with digital tokens, based on what they believe them to be. Some authorities like in India and China are deadly against it, though showing signs of liberalization recently.
However, there are a few people who believe every crypto project is ‘the next Bitcoin,’ which has made many undeserved tokens to rally high and be listed ahead of many deserved ones. These overhyped cryptocurrencies often lead to market collapse and could be one of the reasons for the disastrous 2018. In spite of this, the black sheep continue to come time and again, making life difficult for general investors.
In a series of tweets, the famous YouTuber and crypto content creator, Tony Vays posted a few photos and showed how people in the crypto space overestimate useless cryptocurrencies.
1/4 People in #Crypto continue to overestimate legitimacy of useless tokens that make it into the Top 10 (even top 5). Yes, some horrible projects like $XRP & $ETH has been next to #Bitcoin in Forever but look at what else has made top 5 over the years! [My favorites highlighted] pic.twitter.com/MMZB3l2a7W
— Tone Vays (@ToneVays) April 23, 2019
2/4 The above image took a lot of time & I probably missed a few, so I reached out to my friends at @DataLightMe for some raw data on this. Even this list is incomplete as it's hard to identify Top 10 #Shitcoins that no longer exists. [Insanity Highlighted] pic.twitter.com/cJG05CNPDE
— Tone Vays (@ToneVays) April 23, 2019
3/4 You should also check out @DataLightMe's graphic of how the Top 10 has changed over time and realize that #Bitcoin is NOT like the rest.https://t.co/9wDwvt72Zx
— Tone Vays (@ToneVays) April 23, 2019
4/4 #Bitcoin is different, it's already:
Fast enough
Anonymous enough
Cheap enough
Today its greatest asset is the fact that it is the ONLY Trustless project that exists in the world & that is what give it its Decentralization & Financial Valuation. The OTHERS are STATUS QUO— Tone Vays (@ToneVays) April 23, 2019
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The primary reason for people falling in the trap of overhyped crypto projects is the lack of knowledge and understanding of how Bitcoin and other successful projects work. Mere speculation will, more often than not lead, to a crashing end.
There is a reason why Bitcoin, Ethereum, and Litecoin have always been at the top, which is much bigger than the demand and supply game. Successful projects like Ripple (XRP), TRON (TRX), Ethereum (ETH), etc., always have solid management backing them, with clear objectives and roadmaps in place. These projects focus more on enhancing their usability and increasing adoption, rather than spending heavily on marketing.
One needs to follow market trends, activities, and developments to understand the scope of success for a particular project. Believing crypto companies unconditionally isn’t the best thing to do, but most people make this mistake. Any project, which makes big promises, but doesn’t have the resources or will to fulfill them, might gain traction initially, but won’t be able to hold its ground for long.
Cryptocurrencies are expected to be the future of economies, and money experts and businessmen have backed them to be the money of the future. However, without appropriate awareness and knowledge, general people, who don’t come from a technical background, will continue to falter again and again. To prevent this crypto company must take the initiative to conduct seminars or workshops to create awareness and empower crypto enthusiasts with enough knowledge with which they could differentiate between bubbles and genuine projects.
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If the markets have to grow, making people aware is as important as taking sustained efforts to expand the user base. However, it wouldn’t be wrong if said that major crypto companies hadn’t taken as many efforts as required in this regard.
