For bitcoin, blockchain, and cryptocurrencies, 2017 was the year of global awareness and recognition. The various events that took place throughout the course of 2017 can be summed up as subjects of awareness. It doesn't matter what the original motivation behind such actions were, as the curiosity that was raised encouraged more people to learn about these emerging technologies. In this article we cover some of the significant events of the crypto world in 2017.
Government resistance:
The less regulated business environment in Asian countries and the high commercial volume in China created a relatively more friendly environment for blockchain startups and exchanges to operate. China hosted the biggest exchanges in the industry, which transacted such huge volumes that they raised eyebrows and attracted the attention of the authorities. The fallout of this was a series of bans and suspensions that rippled across the crypto ecosystem. The following volatility was mostly the product of panic. The news of such development raised a lot of curiosity that seemed to attract new investors who found profitable opportunities in the price swings.
Ponzi schemes:
The early part of 2017 also saw the emergence of various schemes that rode on the rising popularity of bitcoin and other cryptocurrencies, taking advantage of the convenient mode of transaction that the technology offers. Schemes, like MMM, directly motivated newbies to buy bitcoin and other cryptos, therefore encouraging the influx of investors. Some other schemes, like OneCoin, whose marketers concentrated more on comparing their products to bitcoin and other genuine cryptos, ended up creating some global awareness about the industry. Even though a lot of newbies suffered significant losses in these schemes, the awareness that they have created indirectly for the industry cannot be denied.
Community fighting:
The scaling debate, that eventually saw the Bitcoin community divide into two parties, played a significant role in how popular the industry has become. This debate, which started much earlier, saw the peak of the matter within the very eventful year of 2017. Several milestones were reached and different protocols were implemented on Bitcoin's blockchain. The most significant of this all was the hardfork which gave rise to Bitcoin Cash. All through the debate and implementations, there was a lot of media presence that generated a lot of curiosity. Hence, interests were raised and a lot of education in the form of conferences and debates took place, all of them playing their roles in propagating the crypto gospel.
ICOs and innovations:
The unregulated crowdfunding system of Initial Coin Offerings (ICOs) is supported by the blockchain technology. ICOs are one of the innovations that had the most significant impact on the industry in 2017. The system served as an avenue through which several other ideas and innovations found expression. Both for the purpose of offering solutions while creating value, and for speculative reasons as an investment vehicle, ICOs have risen to become a key aspect in the development of the blockchain industry as a whole. Despite criticisms that the unregulated nature of ICOs permits the funding of of both genuine and fraudulent activities, ICOs have played a significant role towards the growth of the cryptocurrency industry as a whole.
Indeed, 2017 saw a lot of activities unfold within the blockchain ecosystem. Despite how much the technology has developed and the ever increasing size of its community, based on inherent potential, the industry is still assumed to be in its early stages. Therefore, what we have seen so far could represent a foundational structure that will set the stage for even bigger events in the upcoming years.