What does not kill you makes you stronger!
I have been studying the cryptocurrency and blockchain culture since late 2013 when the price of Bitcoin first got my attention. A coworker first pointed it out to me when it was still below $100 and of course, like all of us, I wish I had bought a lot when I first heard about it. But also like most of us, I was skeptical and uneducated about Bitcoin the blockchain technology. So, I went to work educating myself.
I have a PhD in Psychology and I conduct predictive analytics and study human behavior in my profession. Throughout the years, I have been fascinated by the patterns I have observed in the people that make up the Blockchain community. One of my observations is that the Blockchain community is resilient.
Bitcoin Boot Camp
The price of entry to the Blockchain community is owning some cryptocurrency, at least a little. And most people start off through buying Bitcoin. That means all the newest members and all the oldest members of the Blockchain community share a common experience, just like boot camp, but in this case the common experience is the price of Bitcoin. Even if you are part of the Blockchain community and do not or never have own Bitcoin (unlikely) you likely still pay attention to it’s price because it is a good indicator of the overall health and popularity of the entire crytpocurrency market.
The price of Bitcoin is an emotional roller-coaster, especially if you own any. One day you are very happy, the next day you are very sad, but eventually you build up an emotional wall where the price movements no longer have strong effects on your mood. Once you reach that level, you have what Psychologists describe as resilience.
Resilience in its purest form is the ability to bounce back, to recover from a new sudden negative emotional experience. Some examples of what may cause you to suddenly experience negative emotions are: getting a large bill in the mail, being told you are fired, dropping your mobile phone and cracking the screen. It would be normal and expected for these events to upset you. But what differs from person to person is how quickly each person recovers from that bad news. Two people hear the same bad news, one is upset for a week, the other is upset for an hour. The difference between those two people is called resilience. I believe the Blockchain community is full of resilient people. Why? Because to stick around in crypto, to HODL during multiple 10% dips, that builds resilience.
I have studied multiple subcultures of resilient people. In my research, I have found that most successful people are also highly resilient. The Blockchain community has been successful and will continue to be successful in part, because of the very detail that receives the most criticism from those outside the community, the volatility of the price of Bitcoin. That’s right. While they point at the Bitcoin price movement as the reason crypto will never be able to survive, what they are not seeing is how the volatility of the price of Bitcoin is part of the reason why crypto will actually thrive. It’s funny how life works that way. To all of the HODLers out there – remember that what does not kill you makes you stronger.
Dr. Cotton can be reached on LinkedIn.