Some people love cryptocurrency and some people hate it. Insiders recognize its disruptive power and governements secretly loathe and fear it. The names may change but one thing is for certain, blockchain is here to stay so we better get used to it!
When the highly-respected JPMorgan Chase CEO was asked at a global financial services conference in New York to give his opinion on bitcoin he said, “you can’t have a business where people can invent a currency out of thin air,” and to him I would like to politely say, you sir are very very wrong and should go back and study basic principles of economics like supply and demand.
It's true that cryptocurrencies exist on a blockchain and if there is a need or a use for it, there is a value that can be assigned to it.
One of the biggest reasons for Bitcoin's success is the fact that it has seen mass adoption and its network of use cases has grown exponentially since its creation. People now come to see it as a digital way to store value and because the quantity of tokens is of a finite nature its fiat denominated value will continue to increase as the nations of the world are content to let their own fiat money supply increase alongside it.
In some ways, cryptocurrency more closely resembles gold. Just as there’s only so much gold that can be mined in the world, the number of bitcoins that can ever be mined is set at 21 billion. But the exact amount is irrelevant. It could have been set at 21 trillion—the point is that supply is limited and finite.
With its ability to validate all transactions in an immutable electronic ledger, the blockchain has the potential to be as disruptive as Amazon was in the late 1990s. When the company went public in 1997, there were serious doubts whether people would willingly give up their credit card information just to buy a book. Since then, Amazon stock is up 8,000 percent, and founder Jeff Bezos briefly overtook Bill Gates in July to become the world’s wealthiest person.
If you’re curious to learn more about how blockchains work, I recommend that you watch this engaging two-minute video.
It is my opinion that although Bitcoin may not be the preferred cryptocurrency of the masses as only time will tell which digital token wins, blockchain and its use cases will become increasingly more complex as businesses and organizations continue to adopt it and apply it to their organizational flowcharts. It may even prove to be more fundamentally disruptive in transformation of processes than Amazon has been in the transformation of the way people buy and sell things.
TechBlogger Wrap Up
Blockchain exists as a static log of events, a transparent platform for payments a clear record of organizational decisions or structure and almost any other application that has traditionally been 'centralized.' It may become the evolution of the world wide web and will possibly be known as Web 3.0.
What excites you about blockchain? What industries do you see being most affected by this disruptive and innovative technology?
Please leave comments and feedback below.
Thanks for reading!
Source:
Blockchain technology could be even more disruptive than Amazon was 2 decades ago - Business Insider
Image Source:
DataFloq
I am the one who really love cryptocurrency . Do you love this like me???
Well said.
Thanks for your work as well! Followed @techblogger
Such a great topic.and It's a useful, fitting theme and wonderful coordination.upvoted allready.
If we treat cryptocurrencies as another kind of wealth preservation vehicle, we should be able to sleep well throughout the night.
Very informative post. Thank you for sharing your knowledge.
Please follow and upvote me.
I agree with every word with you. My opinion that blockchain will bring the World of global money freedom without borders. An Internet opened borders for an information it's time to open borders for money!
Some people like cryptocurrency and some people hate it. But sooner ot later, when crypto becomes stable, they will have no choice but to accept it.
A decent article. Indeed blockchain is a disruption in many sectors, not just the finance. Now, healthcare is also looking out to leverage the benefits of blockchain. This is useful when we have bulk for patient records and medical information. Looking forward to see more innovation happening around blockchain.
Hello, I remember you @techblogger !
You donated to our common noble cause for the first time exactly 0 days ago. Have a great and prosperous day along with my up-vote! You fed me with 1 STEEM already but you can always make me stronger, if you want to. It will enable me to help you and your friends more often.
Yours, Spinny