We have all experienced that moment in a relationship when there’s trouble in paradise, sending us into full-fledged panic mode. When a good relationship suddenly goes bad, it’s challenging to regain trust and restore honest communication. We immediately question if our significant other is still the “one” and consider the possibility that things may never return to what they were, while feeling vulnerable and confused as to how to proceed.
Giving a relationship a second chance takes incredible strength, but it is possible to leave that dark place behind, rebuild trust and communication, and make it work. The crypto space recently took a hit, enduring a “crypto winter,” as many of the original crypto supporters across the world completely lost faith and trust in the market, questioning how to move forward in their “crypto relationships.” As April approaches, the snow has melted, spring is in full bloom, and the price of crypto is finally rising. But is all the love lost? As people are giving their relationship with crypto a second chance, will rising values be enough to salvage their relationship with their beloved coins?
From crushing on crypto to corruption.
If you did not hear the word “cryptocurrency” in 2018, you were living under a rock. People began crushing on crypto, witnessing all of its successes and catching butterflies, finding themselves in a deep love affair with the array of currencies. What caused to people fall in love with crypto in the first place? It's actually quite similar to falling in love with a significant other. Crypto is collaborative, trustworthy, private, intellectually stimulating, fair, and makes you dream of the future. Financial stability is also a huge factor, since we often look to a partner to make us feel secure, in order to start building a life together, the same way crypto provides its users with stability and security that fiat cannot.
As market capitalization grew, so did the risk that the cryptocurrency bubble would eventually pop. In the first quarter of 2018, the value of Bitcoin suddenly dropped by more than half, shaking the entire crypto industry to its core. The remainder of 2018 continued to be a brutal year for crypto investors, as many experienced huge losses. People started to throw around the term “crypto winter,” to represent the decline. Was this the end of crypto? Regardless of the pain that we have undergone, 2019 will be the year of salvaging our relationship with crypto and making it work!
Regaining trust:
Regaining trust can be difficult in a rocky relationship, whether it be with a lover or
crypto. Guenther Dobrauz, partner and leader of PwC Legal Switzerland, said: “If you want mass adoption of crypto, you need trust.” Especially if this is your first relationship (or first-time crypto investment) you need to protect yourself and not ignore any sketchy red flags. Following the Cryptopia hack, cryptocurrency users are looking to protect themselves as much as possible. Dobrauz discusses how clients should definitely do more research before deciding to trade on a certain exchange, avoiding sketchy exchanges and situations of discomfort, just like in a romantic relationship.
Restoring honest communication:
Restoring communication in a relationship is similar to restoring communication within the crypto market. On exchange platforms, communication needs to be transparent, as there are millions, of new “decision makers” involved in the crypto industry. These include the diehard crypto adopters, developers, investors, and innovators who are still investing capital in cryptocurrencies. Crypto is still considered a new phenomenon, especially within the mainstream community, and skepticism for mass adoption still exists. Thus, communication is key to getting the rest of the world to trust this relationship with crypto and encourage mass adoption.
There is no denying that 2018 tested the confidence of the crypto community, and yes, a comeback will be challenging. But the crypto winter is not necessarily a sign of complete failure – the industry grew while the market shrank. When love takes a turn for the worst, and the relationship goes south, the aftermath can be very tricky. Maybe you have had a change of perspective and now have the right tools to address the issues and give things a second chance. Whatever you decide to do, you grew as a person in the process.
2019 is off to a good start for crypto, and it looks as though the future seems optimistic for coins and consumers. It is crucial that we take things slowly this time around, choosing not to surrender to lust for instant gratification, and instead trust the process and build something that will last forever.
I leave you with some do’s and don’ts about heading into a relationship in 2019, whether it be with a lover or with your crypto beau:
