The bubble is coming! Cryptocurrency will collapse, say the critics. Now, one may say they have a point considering that “Nothing” last forever. Eminent alarm bell ringers like Nobel Prize-winning economist, Robert Shiller reechoed the voice of the doomsayers when he told CNBC in a special interview that bitcoin will likely totally collapse. He even went as far as comparing the present day bitcoin to “tulip mania” that occurs centuries ago in the Netherlands.
But watch it..the Yale professor isn’t quite completely sure of his prophetic utterances, and he even went on to say that the bitcoin will linger on for a very long time, even up to 100 years coming.
So the question mark at the end of this article title wants to know why are people so sceptical about cryptocurrency yet believe that it would still be serving its purpose for the next 100 years? Isn’t that paradoxical enough?
Well, let see some of the facts about cryptocurrency and the blockchain train that drives it.
The uncertain yet positive future
The prediction business is a tricky one when it comes down to determining the future of cryptocurrency. It’s so hard to be right and so easy to be wrong. But that’s exactly what we are looking forward to doing in this article. Especially now that we are gradually approaching the 10 year anniversary that ushered in the bitcoin whitepaper, we will attempt to project 100 years to gauge the evolution of cryptocurrency.
So, how do we go about this? First, let’s take a look at the rise of bitcoin, crypto, and decentralization. These are the key pointers to the future, based on the technology that drives them.
People who have gone in and out of crypto are uncertain about its future because they see them as a bubble that will burst and crash prices badly. And guess what? They are right! But so what?
As it is now, we are basking in the sea of tremendous euphoria. The potential is one that’s so much. Practically, we can taste the decentralized future, which is just around the corner, and which can happen anytime soon.
Of course, that’s the frenzy, but not really how it is going to work out. Vitalik is right. The bubble will surely pop, and 90% of tokens will fail. But hey, that isn’t the end. Right after the pop cometh the ultimate and real working ideas.
And how do we know this?
It’s more than 9 years since the crypto experiment began, and everyone is still working the metro line of the future, with very few to show for it other than some smart contract and speculative trading. Much of the crypto apps currently are hideous and largely unusable. Your blood vessels run 100 kph when you push “send” and blast $10,000 across the web to someone. Pray to your star that you copy and paste that address in the right order so your money doesn’t vanish into the void!
Remember the internet bubble? When it went pop, many of today’s high profiled companies witnessed their stocks crashing down by 85%. Yet they survived and the best was yet to come—Amazon and Google went on to conquer and dominate the world.
The same thing will happen to cryptocurrency.
The small (10%) projects that scale through the bloodbath will emerge from the abyss and turn into the Facebook, Google, and Amazon of tomorrow. They may even become the Goldman Sach and JP Morgan as well. And, capable of becoming the government of the future like liquid democracies or digital direct democracies
When we talk about innovation, we are talking about hard work, because you are trying to produce something that doesn’t exist.
You have nothing to fall back to as guidelines, no business models to clone, no working template. There is nothing around, besides or before you. You’re just there by yourself—just you and your imagination. With such prevailing odds, 90% of companies and people fail!
But it really doesn’t matter. It’s from that failure that success evolved.
Crypto, the triple accounting entry, and blockchain are no doubt the most vital invention of the last 5 centuries so they are not going to go away quietly into the good night.
Yeah. The next step is the bubble burst but after three years, the tech will grow to maturity and take off running and never to stop again.
Government cryptocurrency will emerge and flourish
Of course, this is a no-brainer, even though the community won’t like it.
Most governments of the world will not sit idly and watch on as they lose control of the money supply. It is certain they will give a vicious fight, and signals from China suggest it’s already happening.
Therefore, anyone operating a project currently should start anticipating various protocol levels designed as assaults on decentralized crypto and should be able to formulate or design defence mechanisms against them.
In the long run, governments will lose the battle—say from the next thirty to 100 years—may be faster, depending on the numbers of wars and financial crisis that hit. Provided we did not exterminate ourselves by nukes, expect the next ten to thirty years to produce efficient government cryptocurrencies to enter the financial market and dominate the money flow for a lot of people, if not most, around the world.
“Forget it! No one will adopt them,” shout the crypto die-hard fan.
Yeah, they will.
We are living in a world where people care little or nothing about privacy, until when their dick is on the file. The average man that walk the street doesn’t t give a dime about privacy, and the look on Edward Snowden’s face when he pointed out the surveillance on the John Oliver show, was one that clearly defines why government cryptocurrency will succeed anyway, no matter what people say.
Many people will accept government crypto like the little sheep they are, and can even kill for it if they’re told is the right thing to do. You can count on it, except it isn’t the same people who were fed and supported Iraqi Weapons of Mass Destruction lies and supported the invasion of that country.
Cryptocurrencies that are decentralized will become the planet parallel economic operating system
Although the next 100 years will see a rise in centralizing cryptos, it would also be a time when decentralized cryptos would dominate.
Yeah, many governments will try to sabotage them, eventually, they will fail to stamp them out.No you might be asking how would this be possible? It is simple.
The same key factors that make it difficult to arrive at a consensus across a blockchain, makes it difficult for all governments of the world to agree on anything.
They just won’t be able to do it. While some government will love decentralization, some others will declare war against it.
Crypto will become easier to use and attractive to many more people
The awful user experience in today’s crypto will fade away as more technology rolls in. mistyping something or copying and pasting something wrong will no longer cause your money to disappear like as it is now. Even a software glitch will be unable to make you lose money.
The usually hard, ugly and slowcore wallet will have to become easily accessible and prove more powerful with state-of-the-art features.
In a nutshell, the next 100 years of cryptocurrency would look like this:
- When you need to invest in a home, you don’t need real estate title searches anymore. The record has been made available here on the blockchain.
- Multiple industries will witness the elimination of the middleman
- Your medical records will no longer be own by costly proprietary software companies. With your personal passphrase and QR code, you access your medical records encrypted on the blockchain
- It is goodbye to insurance companies and their salespeople; blockchain funding pools will be in existence and will make use of automatic smart contracts to determine control and rate payout.
- Self-publishing will take over from book publishing, and this is already happening. There would be no need for printing, or for expensive distribution channels.
- And apart from the use of currency, we will all cast our vote from the convenience of our homes.
Even with uncertainty about the future, one can still gauge that from the present condition of the blockchain market, it isn’t all bleak for the crypto world now, and in the future.
Today, the value of cryptocurrencies continue to grow at a steady pace, and the crypto craze has widened to embrace transformations in blockchain business, putting 10 major industries (finance, energy, education, government and democracy, telecommunications and media, manufacturing, resources, technology, healthcare, transportation and consumer goods) under its portfolio.
The implementation/consideration of fiat cryptocurrencies by Russia, China, Venezuela, and Dubai indicate an attempt by the government to undermine the independence of cryptocurrencies while pretending to be innovative.
One can argue that these governments are not the best pillars of democracy and so their efforts might mean nothing. But the fact that real initiative on cryptocurrency is being pursued by high-class countries like the UK, Switzerland, Canada, Japan, and then South Korea, Estonia, Singapore indicates that cryptocurrencies will most likely remain relevant for the next 100 years.
Thanks to so many marquee companies like Paypal, Shopify, Microsoft, Overstock.com, Dish Network, and more, all accepting cryptocurrencies as a medium of exchange.