The cryptocurrency market has been unpredictable so what is the Future of Cryptocurrency?
Volatile over the recent years. 300 billion dollars of cryptocurrency is in the market today, and many people think they’re missing out on this golden opportunity and want to hop in the space. Some people with little to no knowledge about what the space will claim that the entire market is a bubble waiting to burst and when it bursts everything will be gone. But, we are in fact, a long, long way from a bubble and nowhere near mass adoption.
There are three reasons:
Technology is boundless but coins are limited.
Although Clifford Stoll from Newsweek in 1995 said the Internet will be a complete failure, “Visionaries see a future of telecommuting workers, interactive libraries and multimedia classrooms. They speak of electronic town meetings and virtual communities. Commerce and business will shift from offices and malls to networks and modems. And the freedom of digital networks will make government more democratic. Baloney.” Quote Source
But guess what, each of those things has already happened and it made a huge impact in the lives of everyone in the world. The same will happen with cryptocurrency.
Bitcoin’s blockchain is seen to last long-term although many digital currencies that depend on it, face an uncertain future. One main reason is there’s only a limited supply for every coin created.
Bitcoin, for example, can only have 21 million which is an important factor to the coin’s volatility. The less coins a cryptocurrency has in circulation, the more volatile it is. The circulating supply of cryptocurrencies is a big factor for investors because this will influence the price.
There are not enough developers and engineers in the space.
When ICOs launch they publish where the funds will go. And a big piece of the pie chart goes to hiring developers and engineers. But there’s one major problem slowing down the development of blockchain and cryptocurrency: not enough blockchain developers and engineers to fill those jobs today.
William Mougayar, in his book, The Business Blockchain, wrote “getting more developers proficient on Blockchain technology is key, and part of its successful evolution.
We can’t avoid not having a critical mass of knowledgeable software engineers that know how to program Blockchains and develop Blockchain applications. While it might take a few weeks of effort today to get a seasoned developer up to speed on Blockchains, it might take only two days.” Training more people about blockchain technology could be the easiest solution but it’s not.
Anyone with even limited experience to blockchain technology can be considered an expert now. Several crash courses about blockchain have popped out to take advantage of the demand but they’re not accredited. The company’s and the graduate’s qualifications become questionable since they will handle multimillion-dollar and innovative projects. Without a trusted source of blockchain developers, engineers and programmers, the expected growth of blockchain-based ventures will be delayed.
Few people understand cryptocurrency.
Only a few governments and development professionals know about blockchain, cryptocurrency and their infinite potential.
Though the popularity of Bitcoin has created awareness to entrepreneurs and consumers, many are still clueless about the technology behind it.
Some people still think Bitcoin is the only cryptocurrency, and that Bitcoin and blockchain are the same. Many people think blockchain can only be used in financial transactions and are skeptical that Bitcoin and altcoins will ever be used in real life. In order for mass adoption to occur, more people need to be educated and aware of the technology.
Blockchain technology needs to be showcased as the answer to some of the problems the world is facing today. Governments should create a policy and regulation system to support the crypto and blockchain technology.
Banks and other financial institutions may resist because they are afraid to lose profits but banks may realize that successful and careful implementation of the blockchain into their businesses will be beneficial to their stakeholders and customers.
Bright and Shiny Future of Cryptocurrency
The future of cryptocurrency looks bright and amazing but it will take a long time to reach the point of critical mass adoption.
However, we are at a stage now where we have hyperactive platforms that didn’t exist back in the day such as online resources that are accessible anytime to research on startup companies. For example, there are all-in-one cryptocurrency trading ecosystems like HybridBlock, news outlets like CCN and coinmarketcap.com which is a Bloomberg terminal for cryptocurrencies.
Coupled with giant growth and demand from Asia.
We are still in the early phase of the cryptocurrency industry even if people think they’ve already missed out on this space because they missed the boat with Ripple. And although Bitcoin has been existing for a decade, cryptocurrency market is at its speculative stage. The blockchain technology will change how the entire world views and conduct business, so strap in for an amazing ride.