What does FOMO mean?
From innovative projects to ICOs scamming users, price volatility and legal uncertainty, the cryptocurrency market has had its severe ups and downs during the past two years. Despite all the negativity and mystery surrounding cryptos, digital currencies and their underlying technology, the blockchain, are on the rise and here to stay.
Digital coins have been making headlines for weeks due to their volatile nature and the significant gains and losses they generated for users. If you are a crypto fan, you must have read about the Bitcoin surge and dip in the past year. Similarly, many other popular digital coins experienced significant price fluctuations that have spread distrust within the financial community.
Lots of users have focused on the trading side of the cryptocurrencies and were in the game solely for the quick profits. Some made gains, some lost large amounts. One of the motivations behind crypto traders trading digital coins is FOMO or Fear Of Missing Out. It is a common term around the crypto space, and also in life. If you are a cryptocurrency day trader, you must have spent nights checking on CoinMarketCap or following the course of your cryptos on exchanges. If you are not a trader, but you got cryptos because they were about to sell out, then you have also experienced FOMO.
But let’s step away from the trading side of cryptocurrencies. Bitcoin’s primary purpose was to create an alternative to our traditional payment system and introduce a new type of coin. Therefore, digital coins come with a specific target and project to support and deliver.
The real potential of the crypto market lies in the innovative technology and the idea around it. Many projects have disrupted several industries like payments, gaming, casino, and healthcare to name a few. The new business model the crypto industry is proposing is far more advanced than the current environment. It makes executives, banks, and institutions eager to try out the cryptos and the blockchain technology. As we have seen in the news, industry giants are rapidly developing entire R&D departments focused on the blockchain. The fear of missing out (FOMO) is a reality for most forward-thinking managers and entrepreneurs.
Traditional banks have been among the last to acknowledge the dynamic changes that are coming their way. As institutions, banks, don’t sit well with cryptocurrencies and the disruptive underlying financial tech. This leaves banks exposed and highlights the significant issues with our current financial systems. Meeting end-users’ needs was something lacking in payment systems. Luckily, the blockchain has the solution, and the FOMO on the latest technology is real.
So, what could you be missing out on? Well, a few things: a new blockchain experience, full transparency of your transactions, a digital wallet, a new digital coin, a service that supports your daily payments, an interconnected network of global brands and a smart community.
Every crypto user has experienced FOMO to some extent. Once the idea has proved itself, many flocked to adopt it and be part of the revolution. After all, it is so good that is true. So, it does not matter if you are a crypto fan, trader, institution or business – the Fear Of Missing Out on the next big thing has captured us all.