The first cryptocurrency, Bitcoin was introduced in 2009. Its unconventional use and popularity led to the creation of many more cryptocurrencies. Almost a decade later, they have a wide appeal with a specific section of people who are technologically-savvy and hundreds of currencies are out there to be traded. The number of people who embrace cryptocurrencies is only likely to increase as time goes by as the young replace the older generation. Hence, it’s quite safe to say that cryptocurrencies are here to stay.
Recently, a crew of experts met for a roundtable discussion about the future of cryptocurrencies. They included some well-known bankers, venture capitalists and cryptocurrency entrepreneurs. From talking about the longevity of Bitcoin, secured public ledger, future of decentralised web to hosting ‘token sales’ to fund projects, they spoke about a lot of things.
Here are a few predictions from that discussion:
Ethereum and Bitcoin Will be Around
Most people agreed that Bitcoin and its new rival Ethereum certainly have the staying power. They will be around for the next five to 10 years at least. Although Bitcoin has stolen the show right now, its application for commercial transaction is quite limited, one of the participants felt.
He further added that Ethereum and blockchain have amazing infrastructure applications. He went on to cite an example saying that with Ethereum there’s a possibility to overhaul title insurance, for instance. It involves policies that are related to real estate.
Market is Ripe for Unknown Coins
Clearly, Bitcoin and Ethereum are in the running now. But everyone was certain that the innovation is not going to stop here. There will be more winners on the horizon. One such coin that was spoken about was Tezos.
Over the past few years, certain upgrades have caused harm to systems like Bitcoin. But Tezos resolves to fill this gap. They are in the process of automatically pushing software updates to the network. So like Tezos, there will be many tokens, coins and blockchain protocols that will eventually win out.
Ultimately, ICOs May Give Wall Street and Silicon Valley a Run for Their Money
Back in the day if anyone needed investors or venture capitalists, they had to come to Silicon Valley and network with individuals on a personal level. They had to setup meetings and appointments and meet everyone physically.
ICOs have changed all that. In today’s world, anyone can take part as an investor online, hence, the days of meeting anyone physically seems to be coming to an end. For instance, when Tezo’s token sale was set up, the main aim was to get as many people who wanted to be a part of the sale to contribute. Until today, more than $200 million was raised and over 30,000 Tezo wallets have been created.
Another interesting turn of events is the acceptance of Bitcoin in the educational industry. The University of Ohio is already hosting classes about Bitcoin and other cryptocurrencies. Several colleges are even accepting Bitcoin as a means of payment.
So will the popularity cryptocurrencies as an asset class improve post 2017? Maybe it’s too soon to tell. But seeing the rise in cryptocurrencies and their popularity, it certainly seems that the future of cryptocurrencies looks bright.
Cool post! And my prediction is by the end of this year we'll have at least 10 more new cryptocoins. One of them is already on the way and seems promissing. If you want, you can check out a little more about it here on my new post. It's called WCX and it's making a 5$ worth of WCX to all newcomers.
Gave you a follow by the way. #Minnowsunite!
~Vancry
Thanks for the follow :).