While many players in the classic money sector stay away from crypto and blockchain, the sector is buzzing with activity, from “crypto for good” projects to cutting-edge investment budgets and digitized securities.
The industry is a rabbit hole, and diving into it will reveal you over 5,000 selected coins, billions of dollars in daily trading volume, and plenty of exchanges, indexed through CoinMarketCap. Although other people are hearing about Bitcoin for the first time, this is just the tip of the iceberg and the peak of activity lies elsewhere.
Companies from Walmart to Goldman Sachs to Maersk work on blockchain, but most use blockchains like Ethereum and Quorum (which is based on Ethereum). Regardless of your position, there is no denying that blockchain is a vital component of the global monetary fabric. A good example is Calastone, which processes £180 billion (about $235 billion) every month in blockchain-based infrastructure.
Going from 0 transactions on the blockchain just over a decade ago to thousands of daily transactions on the Bitcoin network is indeed a remarkable achievement. However, Bitcoin is to the blockchain what the original iPhone is to smartphones.
Bitcoin’s prestige as the first successful cryptocurrency earns it a position in the history books, however, it’s just the beginning of something much bigger. After all, media outlets from Bloomberg to TechCrunch to The Guardian have poked fun at the original iPhone, calling it irrelevant. a “trinket” and a “rush”. Few people expected the iPhone to change communication forever.
But nowadays not everyone is the original iPhone. We use iterations, improvements, and updates. Whether it’s the iPhone 11, Samsung Galaxy S10, or OnePlus 7, we’re not the first version of the technology.
We don’t all drive a Model T Ford or play video games in an Atari. We expect everyone to use Bitcoin as a peer-to-peer electronic payment formula as faster, cheaper, and more usable opportunities have emerged.
Predicting the future of the generation is tricky, if not impossible. After all, Sony stunned automakers with a futuristic electric car at CES, and Elon Musk defied all odds by receiving 250,000 pre-orders for the Cybertruck just days after his announcement. Samsung has been making waves after the launch of a cryptocurrency-compatible phone. No one knows for sure which direction the generation will go (whether it’s cars, smartphones, or blockchain).
But some things are certain: generation is constantly evolving, and the most productive technologies win in the end. Nowhere is this more evident than in the crypto realm, where large fluctuations in value, “rapid” adoption, and wild claims are the norm. .
There is also a transparent shift, at least among corporations, towards other blockchains such as Ethereum. From Amazon to JP Morgan to Microsoft, corporations are opting for Bitcoin alternatives.
As Benjamin Franklin is said to have written, “In this world, nothing can be said with certainty about death and taxes. Well, death is part of evolution, and while Bitcoin may possibly die, other cryptocurrencies will evolve and take its place. “Time will tell who will win between Bitcoin Cash, Ether, Ripple, or one of the thousands of other cryptocurrencies, but the bottom line is this: when one door closes, another opens.
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