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ETH · 10w

It has become clear in recent years that the primary reason for the existence of crypto is to provide a fundraising vehicle for blockchain companies. What happened to the idea of replacing fiat money or being your own bank?

Progress in cryptocurrency has diverged from that of blockchain, and if one looks to the recent string of ETF denials, it’s at a standstill. Banks have appropriated blockchain successfully and reaped all the relevant benefits, without managing to expose even a bit of their market share to the threat of crypto. This leaves many who have invested in cryptocurrencies wondering what to do with them. It has become apparent in recent years that the primary reason for the existence of cryptocurrency is to provide a fundraising vehicle for blockchain companies. The other common catalyst behind any cryptocurrency purchase is to speculate and make more “real” money like US Dollars or Euros. What happened to the idea of replacing this fiat money or being your own bank? Even the simple notion of transacting instantly and for free online has been compromised, with most payment-focused cryptocurrencies suffering fees and bottlenecks without proper governance or sufficient user adoption. With blockchain soaring to new heights in the hands of centralized companies such as Ripple and IBM, and cryptocurrency being suppressed as a temporary and unfortunate side-effect, it’s high time for a revival. eCommerce is an unlikely spark for the next acceleration of cryptocurrency interest, the last of which saw Bitcoin near $20,000 in value. However, the online retail industry has a legendary status as the impetus for the internet tech bubble two decades ago, and everyone remembers as the epitome of “if you sell it [online], they will come.” The idea of full incorporation of cryptocurrency into this commerce universe represents a large milestone that might be enough to revive the bull market—except that it’s already happened. eCommerce and Crypto Overstock began accepting Bitcoin payments on January 9th, 2014. This was surprisingly early, and the company did very well during the bull market that lasted from ...
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