It was December 17th, last year. Bitcoin reached $20,000 after an amazing increase of 2,000% from the start of the year. Bitcoin was going to change the world, and everyone would get a new Lamborghini. The Christmas atmosphere could be felt in the air.

Ten months later, Bitcoin crashed and is currently at around $6,600, down almost 70%. For other digital currencies such as Ethereum, Ripple, and Bitcoin Cash prices dropped between 80 and 90%. For a long time, people on Reddit have given up and started to wave the white flag.

Bitcoin will crash to 0!

says economist Nouriel Roubini, better known as Dr Doom on Twitter.

Nobel Prize winner in economics Paul Krugman believes that a total collapse of Bitcoin is a real possibility.

So is that how it is? Is crypto dying?

No. On the contrary. Now is just the beginning.

Despite its fragile reputation, speculators have an important role in the economy. Through the price signal, they give a clear direction to entrepreneurs that dream of building the next big thing. Nothing gives a stronger signal of where to look than the greatest bubble in history. However, innovation and infrastructure take a long time to build, at least for a speculator who wants a Lamborghini yesterday.

Now as speculators have left the ship, it is filled with entrepreneurs and large banks exploring opportunities and applications. It’s when the price is low, and the speculators lick their wounds that the results start to come.

Let’s look at a few examples.

An area the traditional banking system is unlikely to handle is microtransactions such as giving tips to others online. If you read an article you liked, then you might want to give something back to the author. The option you often have is that you must become a subscriber. This often makes the threshold too high since you have to tie yourself up with a subscription you don't need or want. Combine that with other time-consuming steps you need to do to complete the registration, and the end result might be that you drop it. An unsuspecting author misses a small thank you. And for him, many small amounts of thanks can make a small income.

This is where digital currencies come to the rescue.

On forums like Reddit, Twitter, and Telegram, many solutions and “bots” have been developed that people can use to easily send each other money with a few keystrokes. One of the most popular is one made for Bitcoin Cash named “tippr”.

On the screen above, “ericreid9” users tip “shedonalpha5” $0.05 in Bitcoin Cash (BCH) on Reddit with a simple command. tippr responds to the command and passes the tip to the user.

As long as you have Internet, anyone can get tips anywhere since it is linked to your user on Reddit (or Twitter, Telegram, etc.). The tips can be sent anywhere, anytime, and to anyone.

Not only has the culture of digital currencies become popular; it has also paved the way for new ways to help people in need. When José from Venezuela received his first tip in Bitcoin Cash, he got the idea of setting up a Twitter account to accept donations. By documenting their fieldwork, it did not take long before donations began to flow. In a short space of time, he built a comprehensive relief organization locally in Venezuela, funded with tips and donations directly from users on Twitter and Reddit. Pretty impressive for a country where neither the state nor the banking system works.

From EatBCH’s Twitter page

The possibilities of “internet money” have also begun taking commercial forms. Moneybutton has developed a “money button” that anyone can integrate into their own website. By defining some parameters, you design the button the way you want it and copy the code into your site.

Create your own money button to receive payments and tips in cryptocurrency

For those who like to shop at Amazon, there is Purse, a marketplace built around Amazon where you can get between 15–30% off all you shop if you pay with Bitcoin or Bitcoin Cash.

Pay with Bitcoin and get 15–30% off what you buy from Amazon via Purse

Don’t be surprised if you see more companies add options to pay with digital currencies in the future.

At overstock.com you can pay in Bitcoin (BTC)

Even in my small country, Norway, there is a lot of innovation happening in the crypto space today. Startup company Bitgate will soon announce its long-awaited crypto exchange. Norwegian, one of Europe’s largest airlines, is investigating the possibility of accepting a cryptocurrency as payment for airline tickets. The head of Norwegian, Bjørn Kjos, has also financed a company to develop its own crypto exchange.

Infrastructures and innovations are on its way. HODL on strong and remember to SPEDN some as well!

Did you like the article? You can follow me on LinkedIn, Twitter or Medium.