Highs and Lows and Onwards!

Posted on April 11, 2013

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So everyone saw it coming. The bubble from the last month (at time of writing) has finally exploded rather than popped, with the full force of the hypersensitive social world that Bitcoin was, in fact, in answer too. It’s hard to say if we’ll ever see such fevered highs again – right now most people are just wondering where the price will be once MtGox reestablishes itself.

Everyone saw it coming, but the depth of the correction still remains a bit of a shock to the system anyway. There’s a fine line between panic and despair. So I think it’s worth mentioning some of the plus points coming out of this.

1. Bitcoin is more than an investment. In fact, it’s real potential is so far from personal gain that investment doesn’t enter into it, unless you’re planning on building things on top of it. Which leads to…

2. We’re back to believers. Bitcoin hasn’t disappeared – not in the slightest. Instead, people looking for short-term gain have dispersed. There are still plenty of people holding Bitcoins who believe in its core values, not its speculative value. These are the interesting people, people with ideas. World-changing ideas. Which brings us to…

3. The Bitcoin world has changed forever. No matter what you think, or how much you gained or lost, the rise and fall in value had one major affect: mainstream attention. Remember the dotcom boom, and the domain name land grab? The net went through a similar stage of explosion, crash, and then getting-on-with-it. Same with Bitcoin.

We’ll be getting a more diverse set of users, better exchanges, proper legal questions about Bitcoins’ status – all necessary growing pains, but all only of real value to people interested in what change Bitcoin can bring about.

Let’s go.

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Posted in: Opinion