Home » Blog » CryptoWorld » Common Crypto Culture Debates

Common Crypto Culture Debates

40

The crypto market has a personality of its own. It’s the fastest-growing consumer segment, and that excites many people. Although this is the case, within the crypto world, there are many different ways to approach it. 

Tug-Of-War

There are many opinions, perspectives, and experiences within the crypto realm. Some people are pro-payments, and some aren’t so keen on the idea. Some people are pro-altcoins, and others are die-hard Bitcoin fans. Some are pro-trade, while others are in for the long hodling haul. 

While crypto seems to spread like wildfire, it’s new and, in some ways, still in a trial and error phase. One thing is for sure, though, where there is trial and error, there is development! As a result, many businesses, institutions, and individuals are working hard to expand and solidify the crypto sector. 

Some top players attack the root issues with multi-layer solutions or voice their perspectives to educate the masses and inspire discussions. These elements are important and create some polarization – but that is essential in a fast-growing market!

Payments

When it comes to crypto payments, there are a lot of mixed reviews. Some believe crypto – namely Bitcoin – is better served as a savings reserve. This logic follows the idea that leaving funds in crypto leads them to appreciate at competitive rates to any bank. Although the risk is high, the return is worth it. Don’t trade, don’t spend, don’t sell. Simply invest and perch. This concept is less about potentially stimulating an economy but more about creating a stable financial system for individuals and empowering the crypto itself. 

Others, on the other hand, believe in the circulation of crypto like any other currency. It is believed that trading, spending, and selling crypto is key to boosting a decentralized economy to keep the transaction rate high and the market afloat. Merging markets, boosting the crypto market, and consequentially improving the mobility of the global economy is what many believe the impenetrable blockchain system is ultimately meant to do. In times like the ones we are seeing post-pandemic and inflation – there are very high hopes for crypto stimulating the economy despite it all. 

Altcoins vs. Bitcoin

Another debate within the crypto community is whether or not altcoins (coins other than Bitcoin) are worth the investment. Some die-hard Bitcoiners believe that investing in any other crypto that is not Bitcoin is a waste of time and money. Their arguments are fair – Bitcoin’s creator is anonymous and missing or dead; this gives no impression that one person or institution can change the rules of the game and receive personal gains.

Also, Bitcoin is the original cryptocurrency and is often called “digital gold” for its popularity, sound monetary policy, and reliable reputation. Also, the primary added factor is that it is the first cryptocurrency blockchain network that will always have it reigning supreme. 

On the other hand, altcoins are up for debate. Are they creations meant to scam others? Are they trying to mimic the “almighty-Bitcoin” network? Are their structures reliable? Some altcoins yield little to no value, but some could give Bitcoin a run for its money.

For example, Ethereum stands out with its smart contract structure and tokenizing power, amongst other layers of benefits. Ethereum grew in popularity so fast that mining and gas fees skyrocketed, and it is one of the most expensive cryptos to transact – but that doesn’t change that it’s one of the strongest and broadest blockchains yet. 

Trade vs. Hodl

To piggyback off the payments debate, trading and hodling face the same fire. While trading can be tricky to manage – if done right, there is potential to gain from it. Constantly buying low and selling high and keeping an eye on the ever-fluctuating crypto market can sometimes feel like a full-time job, and some claim it could be doing more harm than good when it comes to pump and dump culture. Those who see crypto as a playful way to make money and less as an investment strategy tend to lean towards the pro-trade culture. 

Those who are in for the long haul tend to be pro-hodl. Hodling requires patience and understanding that the market fluctuates, and although there are moments of loss – there are moments of gain according to crypto patterns. Some plummets never return to the moon. But buying low and hodling for some time could have extremely exciting payoffs. 

Conclusion

There is no right or wrong. It all depends on your needs, research, and ethics. However, when entering the crypto market, knowing what you could face and the internal politics you might combat is good. If you want to learn more about crypto, visit www.forumpay.com/blog to read more! 
Visit ForumPay and start accepting crypto in your business today! And don’t forget to follow us on Instagram and Twitter for more!

40

ForumPay does not disclose financial advice. Anything shared is strictly to inform, entertain, or share thoughts and ideas. Please seek a registered financial advisor if you are looking for financial advice.

You might also be interested

Attention all luxury brands and services! If you haven’t already, take this as an official reminder to get on the crypto payments rails! Why

Start accepting crypto payments today