Just as nobody knew what the internet was about 2-3 decades ago, now It's happening again.
Cryptocurrencies' collective market caps have shot up as high as over $170 billion. Considering the year started in the low tens of billions, that's a considerable jump. That's a lot of growth in less than 10 months, and things don't appear to be slowing down anytime soon.
Since the advent of the internet itself and the subsequent digital gold rush, people have been looking for the next big thing.
You may remember sometime ago when people were asking, "What is internet?" That was way back over 2 decades ago, when most people didn't understand what the internet was.
Fast-forward, and the same thing is happening now, but this time, Welcome to The BLOCKCHAIN.
The characteristics are similar though,
Examples:
Blockchain is a technology that is new to most people (except insiders), and hardly anyone actually understands it. The technology is infinitely complex (cryptographic hashes and deep algorithms) and extremely simple (a decentralized ledger) at the same time. Just the way the internet was to people back in 1994.
Just like the internet did (and is still doing), Blockchain is creating an avenue, so to speak, on which technology can catch up and disrupt outdated industry and add on to sophisticated industries in a disruptive way. There are lots of outdated industries that just haven't had the right technology yet to disrupt them.
Blockchain is going to quickly make its way into a lot of old industries like the manufacturing, oil and gas and even in banking and replace traditional processes.
A very large part of the entire venture capital industry has been taken over by token sales (ICOs) this year. More money has been raised recently through token sales than all of VC combined, as seen all over.
--One wouldn't believe a few years ago that something would come along that would disrupt the venture capital industry, but here, inevitably it is.
But now, as internet and emails did to the old traditional post and mailing industries and as Uber did to the cab industry and so on, blockchain is doing to other industries.
--Banking is in the crosshairs of blockchain right now. You have CEOs of major banks desperately attempting to discredit blockchain tech, as they know it could take over their industry and make them redundant maybe, overtime. Unless, of course, they accept what is happening and embrace it by using the technology.
Though I'm still looking out for confirmations on Wall Street's response and/acceptance of this trend.
Blockchain and cryptocurrency are right around that early 1990s moment when others were wondering what the internet was. It's happening, and it won't be stopped now. The snowball effect is well under way, and the mainstream is learning more and more about the technology and currencies every single day.
Every single day it feels like we see another notable figure weigh in on the technology, cryptocurrencies, ICOs, or some aspect of the industry. An area nobody at all understood now has over hundreds of thousands of people a month signing up for many exchange companies to experience cryptocurrency transactions.
As expected, It's left to be seen how fast and far this trend will affect mankind's activities as it concerns technology, trend, economy, innovations et al.
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