When everything goes wild with bitcoin and the crypto space
During the Christmas break, it seemed like disasters were happening regularly in the cryptocurrency space. The fees were higher than ever for transactions with bitcoin. If that wasn’t bad enough, transactions were taking record-long times to process. Transactions that took only a few minutes awhile back were taking hours and even days to process.
It looked like all hell was breaking loose.
Personally, I placed money on Coinbase (a reputable exchange for financial transactions in the crypto space) planning to transfer it immediately to my bank to meet some end-of-the-year financial commitments. As of this writing (nine days later) the transaction is still “pending.” This happened even though I opted to pay a very high fee for a faster transaction time.
This kind of behavior would not be tolerated in the traditional banking system. It’s something that cannot and will not be tolerated in the crypto space.
Does it mean that crypto currencies are going to crash and it will all come to an end? Does it mean it has been a waste to put any money into bitcoin or other crypto currencies? Does it mean that Chicken Little was right and the sky really is falling?
Well folks, welcome to a new dimension in the world of blockchain, crypto currencies and, of course, bitcoin. 2017 was a most eventful year for bitcoin and other crypto currencies to say the least. We saw many ICOs (initial coin offerings) that made millions of dollars. Many people made a lot of money. On the other hand, many people also lost money to those ICOs that failed. There is an increase of cries to get help from governments around the world. Keep in mind these governments are the same people that brought us the financial debacle of 2008.
So what is a smart entrepreneur and business leader to do? It’s time to embrace some realities as we begin 2018. Here are three that I see, and I would welcome your input for any others:
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