What We Learned From the 2018 Bear Market
As we are coming up on the one year anniversary of the all time high of cryptocurrency markets, we should take the time to look back at what we’ve learned during 2018, and what to look forward to in 2019.
The Power of Community Support
Having a strong community is essential for any project to succeed. In the cryptocurrency space, we’ve seen communities pull off some awesome feats, such as the Dogecoin NASCAR sponsorship. In 2014, the Dogecoin Reddit community came together and pooled $55 thousand (67 million Dogecoin at the time) to get their coins name on a NASCAR vehicle.
When the price of a cryptocurrency falls, the true supporters of the project will still be there holding. At this point only will the bottom of the bear market be created. In addition to this, the team surrounding the project MUST all share the same passion and goals for the project. In 2019, look for projects that have the strongest communities and development teams.
Communities Should Come Together
Unfortunately, in 2018 we often saw individual cryptocurrency communities fighting against each other. At first, there was plenty of Bitcoin vs Bitcoin Cash drama. As the year went on, another fork occurred on the Bitcoin Cash chain which created an all out war between Bitcoin Cash supporters. If cryptocurrency stands a chance of mass adoption, everyone must be on the same team. In 2019, look for cryptocurrencies that work together with other projects and communities to become stronger.
Real Solutions to Real Problems
In 2018, we saw that for a blockchain project to succeed, it needs to solve a real problem. A project that hopes to be worth millions of dollars can not just be a slight improvement to everyday life, it must be game changing. The pick an industry and add a blockchain approach will not and does not work. In 2019, look for projects that solve key problems in a realistic manner.
Conclusion
While it will be difficult for 2019 to top 2018 in terms of news and action, there’s still a lot to look forward to. Throughout this bear market, real development has taken place on the projects that are determined to make their white paper come to life. Which project are you most excited about in 2019? Let us know in the comments below.