Bitcoin has been around for a long while now but it's not until really these last two years as ETFs and other major players like businesses and even governments getting involved started to really wake things up to the next evolution.
In just 30 years time which is in most of our times for those reading this we are seeing a solid rapid change in events taking place and blockchain/bitcoin is just another part of that step.
If we look back at the last 30 years the major turning points have been things like...
Web 1.0 - Was released in 1989 but didn't really catch on until 1991 when the WWW was released. This mainly was a transformation of news from single points like CNN etc the big leaders at the time to a little more of that information be spread through other websites. Primarily information being transferred digitally and quickly.
Web 2.0 - Was primarily around commence. This is when you saw places like ebay, Amazon etc start to take off and then big chain stores trying to catch up by slowly and boy do I mean SLOWLY releasing online stores. This made sense however because they had massive expenses in brick and mortar buildings which are not cheap by any means.
Web 3.0 - Seems like it should be centered around financial services. The ability to quickly transfer money, less fees, ownership, put your money into other things to make more money, Investments like stocks, bonds etc. and so forth are all being reshaped at this very moment. But we didn't see any real growth in this area until just a year maybe two ago. I wouldn't even consider the last bull run as a shift instead it was more of a ah ha wake up call that many apparently missed.
Now the biggest thing here is that financial systems are MASSIVE. They put web1 and web2 to shame in terms of the amount of value and wealth that's generated on a consistent basis. I mean just take a bank for example. You have fees galore when buying a new home or trying to get a loan. Not only do they collect those massive fees but they also charge crazy high interest rates on credits cards and on those loans. All the while they are taking your money that you're getting a little bit of savings on (which normally hardly beats inflation) and saying that's good.
What web3.0 does and is attempting to do is to make each person into their own bank. That means all of that wealth that banks once had gets transferred into peoples hands and that's one of the most powerful things that people need to realize. Imagine earning 8% even 12% at a safe pace like a bank does. You'd be living much better off but you'd run into other issues such as stocks no longer being all that valuable anymore.
The big takeaway here is that it's been calculated this system generates over 7 trillion dollars a year. Yes A YEAR is extracted from users of this system. Bitcoin and crypto overall is only 3 trillion so not even a half a years worth of transaction value for the 15 years it's been in operation. Let that sink in for a moment.
So where do you think bitcoin and other cryptos will be?
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Wish I joined bitcoin years ago. With the increase in the prices everyday then it sure is aiming high
Bitcoin and other cryptos will be in quite different place where they are now - definitely higher in terms of US$ price. But this process isn't going to be as smooth and painless as many imagine. There will be plenty of Terra Lunas, FTXs and various blacks swans to make people, at various point, seriously doubt whether the bright day will ever come.
Lovely post! Is like someone woke me from sleep, only to realise that the bitcoin I sold years back at $2400 is almost $100k. Painful anyway.
That is sickening just how much they extract from customers in fees. And all perfectly legal of course... BTC and crypto will be future and put many banks out of business if there were mass adoption. But banks will do their best to profit from crypto now as well, and the smartly run ones will be around for many long years to come sucking more blood out of customers...
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