The future of Cryptocurrency and Blockchain Technology

Joking aside, cryptocurrency solves myriad problems in traditional finance . It allows a nearly instantaneous person to person transactions without a middleman. Many of these transactions have nominal fees, some have near-zero fees. cryptocurrency also allows anyone to become an investor, from all walks of life. In order to invest in traditional stocks there are numerous bottlenecks for the everyday man or woman . Cryptocurrency does not discriminate. It doesn’t care if you are rich or poor, or what country you are from. Everyone has a chance to invest in something they believe in and to make their situation better.

In my humble opinion, within the next 10 years, cryptocurrency will be used worldwide by more than 25% of people on a daily basis for transactions, day to day or online. I believe that in Asia in particular, cryptocurrencies will catch on and be used mainstream for transactions and microtransactions before the rest of the world. In the next several years, a handful of cryptocurrencies will become the Coca-Cola and Pepsi of the ecosystem and will dominate the landscape, but bitcoin will always be #1 due to its first-mover advantage, it’s security, and it’s history. It is the gold standard that all other coins will be measured in.

Any nascent technology, that is exciting, has enormous potential, yet is widely misunderstood the market is going to be volatile. People are still determining its value . The media and huge powerful players that see the potential have a huge influence and incentive to make this market hyper volatile for a plethora of reasons. But, eventually, on a long enough timeline, I foresee, each satoshi being valued at 1 cent, which would mean 1 bitcoin is worth $1 million dollars. Whether, it is in 10 years, in 20 years, or more, I don’t know, but I truly believe at some point in our lifetimes this scenario is entirely possible.

In fact, on a long enough timeline, (20–30 years) fiat money could potentially fall by the wayside, with globalization. Think of Records>8-tracks>tapes>CDs>MP3s> now streaming . You have smart cars, smart homes, smartphones , this is smart money .

Although paper money would not be done away with completely and would still be accepted, this would simply be a glorified “update “ of our monetary system like an Apple iPhone update. With our current system how can you verify each dollar bill that is in your bank account and where it goes and if it’s really there? It’s just a number in your bank account due to our debt-based banking system, one that can technically be erased, at any moment .

Think about it, if stuff really hit the fan, whether it be a major financial crisis, war (God forbid), or something else, which significantly rendered many fiat currencies worthless or at least destabilized them significantly, what would governments all over the world look to use as a replacement, whether temporary or not? Not gold, because it is an impractical means of transaction on a mass scale, is heavy, and is essentially indivisible in real-time. No, they would use bitcoin, which is the de facto global currency of the twenty-first century. You can’t argue that it’s not, it’s quite obvious at this point.

It is interesting to look at the front cover of The Economist from 1988, 20 years later.

Prophecy?

I believe we are on the brink of something truly momentous. Most of the world still does not know the power of blockchain technology, and how it can change everything. Blockchain is the next phase of the technological revolution, and as we know with technology, once a superior more efficient system, product, or service is created, the world does not take a step back. We advance. Blockchain technology is here to stay and it’s not going anywhere, in fact, it is just getting started. This revolution will surprise everyone. From shipping and manufacturing to voting in free and fair elections, to real estate, to finance, mark my words: it will change everything.

— MH