That it is very, very likely that the true definers of our digital age, the technologists, the people who believe in technological progress, and not necessarily only the young ones, would never ever abandon cryptocurrency, particularly that does not abandon them. In one fell sweep, we have segregated some of the well-established, and traditional from the fly by night ICOs – afterall what nascent industry does not have its share of early scams? Indeed, the latter shall be used as gullible investors are taken in to these get-rich-quick schemes and keep losing money to show all cryptocurrency in negative light. Instead, this is where the true value of cryptocurrency also is, in the full-blooded, solid, pry it out of my dead cold hands belief in the value of cryptocurrency. When they didn’t have the coins to exchange, this old crowd would exchange favors in terms of coffee credit, WordPress tokens and just plain old brotherhood code. That is not going to stop. I can tell you that. And its probably done best using cryptocurrency.
Cryptocurrency appeals to the Bohemian crowd. We are not talking about the Celts here. We are talking about our solid, ever-increasing reader base. The world is increasingly being populated in terms of free-spirited, unconventional, artsy or not, like-minded, spiritual wanderers, with few permanent ties. A lingering characteristic here is an aversion to being told what to, and what not to do – or how. There were Bohamians when in the world there were no cryptocoins. In the world of today, I can only see Bahamians with pockets full of cryptocurrency in the pockets of the world where it’s accepted. I know some haute boheme nearly everywhere in the world I have been. Even in the Himalayas.
Most critical noise is focused upon the meteoric rise of one or two of the top names – Bitcoing, and Ethereum. As of January, 2018, the value of bitcoins as a percentage of the total value of all cryptocurrency traded went down to about 36%. Bitcoin also used to account for nearly 80% of all trading 12 months ago. The majority of other currencies are still in a very nascent phase, with very low ticket values. There is no intrinsic worth to acknowledge unless a few families of blockchains find particularized usage. There appears to be a lot of opportunity, with actually very little risk involved if someone with a median income were to go out and buy $50 with of cryptocurrency today.
What’s also not so talked about is how upset the political democratic world may be with some of these cryptocurrencies that may have their origins in the east in non-compliant countries like Russia and China. With a closed ecosystem like China, one with their own versions of a highly robust search engine to take on Google, a highly menacing worldwide business marketplace to take on Amazon, it is likely that that region of the world will branch off in the direction of NEO properly – supported by a Chinese black chain platform, and considered a close rival of Ethereum, with Russian links.
That it is very likely that a few different governments with the capacity to intervene underhand are doing so already – positively or negatively, depending upon which set of cryptocurrencies are being talked about.
We are only just now beginning to see how cryptocurrencies may be put to some of the most particularized uses, for example, how they may be employed as coins for telegram, a cryptomessaging service for lack of a better term. Long as cryptocurrency can be exchanged between users looking to barter, the absence of ATMs, or the difficulty of cashing out may not be a problem after all.
That the presence of regulators increasingly is not being seen as a bad thing. Instead, with the newfound feeling of security and oversight, investors on the sidelines are likely to be more confident about stepping in, even taking the plunge.
Strength of blockchain
That the more important aspect in any given cryptocurrency is the strength of the block chain technology behind it. While we do hear over and over about how energy consumptive and cumbersome the block chain may be to implement, it is likely that new iterations of this technology may be a game changer. Especially as a number of industries come around to using and accepting it. Even ones that would outwardly have no real linkages – the health industry for example. The IDC Health and Insights makes a prediction that in the year 2018, a fifth of all organizations shall be developing block chain projects. Operational management across industries is a promising sub-sector. The distribution of ledgers in the legal industry is another application.
Eventually, with block chain technology permeating into our ecosystem widely, a currency that is most adaptable to the new system would be favored. It can go by any name really, however, HINT – it would very likely be a cryptocurrency.
That the more significant aspect around cryptocurrency, that of the so-called valuation, may not necessarily be carried out in the traditional sense of asset estimation. Instead, block chain technology, which makes the currency possible, comes coupled and is here to stay, subsequently pumping value into cryptocurrency, as it gets further established. As blockchain evolves in iterations, it will support the idea of a higher valuation for associated cryptocurrencies.
IoT & AI
That the year 2017 saw block chain technology being linked to the Internet of Things and Artificial Intelligence. This perhaps is because the term cryptocurrency did not come up.
In the time that it will takes to iron out most of the security related vulnerabilities, there is likely to be at least one panic induced crash in the value of cryptocurrencies.
“HODL” onto the future
Large-scale, stabilized, widespread deployment of block chain technology will still take some time as well. But none of these glitches are for those with a long term horizon.