Why Bitcoin Is the MySpace of Cryptocurrencies, But the Blockchain Is Here to Stay

Cryptocurrencies came onto the scene about a decade ago and have continued to redefine the way we perceive and handle financial transactions.

However, the real hero of this heralding was not the cryptocurrency but the underlying technology that makes cryptocurrency transactions as feasible and efficient as they are -- the blockchain.

The real potential of the blockchain came when innovators and visionaries across industries began to realize that it could be separated from the digital currency and used to revolutionize every other industry. As evidence of its effectiveness, businesses across thousands of industries have experienced mind-blowing innovations thanks to the integration of blockchain technology as developers have seized the opportunity to become creative with the versatility it offers.

As more people embraced the blockchain technology, some industries began to feel threatened by its presence and its disruptive nature.

While there is an understandable fear that Bitcoin may turn out to be just another financial bubble; the MySpace of cryptocurrency if you will, the real loss would be if the blockchain doesn't live up to its promise.

The million dollar question then becomes, is the blockchain here to stay? To be able to answer this, we have to first understand the psychology of blockchain:

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The benefits of full disclosure
This was and is still one of the biggest selling points of this technology -- full disclosure. Blockchain is a massive public ledger of every user activity across an extensive network.

The fact that every user activity on the blockchain (for cryptocurrencies, it's validated financial transactions) can be monitored and traced back to its origin has made it so adaptable for so many other uses such as in the case of the supply chain.

Transparency breeds authenticity. When every blockchain user can see exactly what is happening, it helps to keep everyone honest. This feature is probably the biggest reason initial coin offerings (ICOs) have been all the rage. Successful since they started out in 2013, ICOs have had some headline-worthy wins to encourage the every intending investor, regardless of budget to jump in and earn a part of the crypto pie.

Related: Why You Can't Afford to Ignore Cryptocurrencies and Blockchain Anymore

Control of finances without compromising security
We can't keep all our money at home; financial institutions exist to help us facilitate our personal and business financial management and control.

But, how much control is too much? In a rapidly growing, technologically innovative and flexible world, people are growing increasingly dissatisfied with the traditional services of these well-established institutions with their stringent policies.

They decide everything: minimum account balance, maximum and minimum transaction value, transaction fees, credit advance, collateral value, allowed payment methods and a plethora of other conditions.

Plus these institutions can make a bad investment and lose money -- customers' money. Blockchain decentralized structure advocates returning control to the customers, letting them preside over their own financial decisions.

While banks do work to keep their customers' money safe, it often means that the customer has to seed a great deal of financial control to the banks. Blockchain's full disclosure and authenticity feature gives its users confidence in the safety of their money and financial transactions.

source: https://www.entrepreneur.com