Crypto enthusiasm — fanatics vs pracmatics

Cryptocurrencies and their following have caused quite a stir in the financial world in recent years. There is a fervent enthusiasm surrounding this new financial asset class, resembling fandom as we might know it from the sports or gaming worlds. “All technology goes through hype cycles.”[1] The crypto world is taking this phenomenon to new extremes, so that some even refer to it as a religion or a cult.

Since the inception of cryptocurrencies, we have witnessed a passionate following of individuals who ardently advocate for their preferred coins or the concept of Blockchain-based currencies in general. However, it has become increasingly challenging to distinguish between hard-nosed ambassadors promoting their coins of choice out of true passion and belief, and those who seek to deceive people with rug pulls and other scams. It is crucial to remain vigilant and acquire the necessary skills to identify and avoid such fraudulent schemes.

A ‘crypto enthusiast’ is “a person who is a proponent of cryptocurrencies and decentralized finance (DeFi) and strongly […] feels that it solves many problems both financially and politically.”[2]

Crypto enthusiasm can be expressed in various ways, such as investing in cryptocurrencies, actively trading digital assets, advocating for the adoption of cryptocurrencies, participating in blockchain projects, and engaging in discussions and communities centered around cryptocurrencies.

It’s worth noting that crypto enthusiasm extends beyond financial gains. It also encompasses a belief in the fundamental principles of decentralization, peer-to-peer transactions, and the potential for blockchain technology to disrupt traditional systems and empower individuals.

Indeed, DeFi (decentralized finance) is closely associated with the ideology of effecting social change.[3] Crypto enthusiasts often emphasize providing an alternative to the corruption and inflation prevalent in fiat money. They promote the vision of a decentralized world, in which citizens are not reliant on governments but can take financial matters into their own hands. “For many of these enthusiasts, recommending crypto to other people is not just a technology recommendation. To them, buying and selling crypto is a form of political and social activism.”

On the other hand, not all crypto enthusiasts are fanatic about it. Many view it as the next phase in the ongoing evolution of money. Blockchain technology is expected to become a game changer for multiple industries. It is set to revolutionize the world as we know it, much like the internet did in the late 1900s.

To gain insight into the passion behind DeFi and cryptocurrencies, we spoke with a few crypto professionals. Their perspective was pragmatic, seeing Blockchain-based currencies as a natural progression of money as we currently know it:

Markus Pejacsevich, COO at SALAMANTEX:

I believe that blockchain technology will revolutionize our lives. In the financial world specifically smart contracts and the speed of digital transactions will be game changers. I believe cryptocurrencies can be the money of the future. They are fast, transparent, and traceable, while also giving a certain element of anonymity. In contrast, plans for future CBDCs show that they will take the monitoring too far, making users feel ‘Big Brother’ at their every move.

Cristina Ceban, Founder and CEO of Women Do Crypto:

Cryptocurrencies have the potential to make the world better by encouraging financial inclusivity, decentralization, and enhanced security. In a future in which cryptocurrencies are fully adopted and integrated into our daily lives, individuals will have direct control over their funds thanks to decentralization. This peer-to-peer system will eliminate the need for intermediaries, ensuring privacy and giving individuals the freedom to participate in a global economy. I believe that this transformative technology has the potential to create a future financial system, which is more inclusive, efficient, and secure.

Felix Herrmann, SALAMANTEX Co-Founder:

Cryptocurrency is built on globally distributed, nation-independent networks, that provide transparency and traceability. This makes cryptocurrency a trustworthy alternative to conventional money. It also opens up possibilities far beyond the financial application. I believe that the crypto industry we see today is only a glimpse of what it will mature into in the future.

[1] The Crypto Hype Cycle Explained | Inc.com

[2] Definition of crypto enthusiast | PCMag

[3] Behind the crypto hype is an ideology of social change (theconversation.com)