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Is Bitcoin going to change the world

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Cryptocurrencies have been on the rise, but also facing restrictions in some parts of the world. Looking out a few years, does Bitcoin end up being the game changer?

Bitcoin
Bitcoin Mining
cryptocurrency
Thomas O'Malley
48 months ago

5 answers

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Your specific question about Bitcoin can't be answered with much more than a prediction on my part. It might be more appropriate for an economist to ponder the big question related to fiat currencies and what the macro impediments are to adopting a new global digital currency to replace fiat currencies. The broad adoption of the Bitcoin currency to be used as a store of value or as a day to day currency for everyday transactions would mark a seminal moment in global economics. The ripple effects would likely play out for decades.
Beyond the specific Bitcoin question though, I think it's also intersting to consider the impact of the underying Blockchain and related technologies. I would compare the state of our use of Blockchain technologies to the early days of the internet...before there were browsers or HTML. In those early days, no one could conceive all the services/capabilities that have been built on top of the early Internet technologies, specifically TCP/IP. In fact, most people don't even know what TCP/IP is even though the entire internet sits on top of that underlying tech. I believe that Blockchain is following a similar trajectory. I anticipate the development of services that hide the complexities of the Blockchain such that no one even thinks about the blockchain anymore. It will fade into the background just as TCP/IP did. I believe we are still 5 or more years away from that level of maturity.

Mike Evans
48 months ago
Thanks - Thomas 48 months ago
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Not yet nearing a Tipping Point. From what I understand (which is apparently very little), it seems like Bitcoin is a growing thing. However, about a year ago after reading it was a great investment, I tried to figure out how to "buy in". Between myself, my Millennial kids, and several friends who are pretty savvy we could not figure out how to acquire a bitcoin or how to use it. Did we miss the boat?

Dawn Houghton
48 months ago
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Bitcoin is definitly a game changer. But it is not just the fintech point of view, but the technology. There is incredible companies using the same principles for completly different use cases: e.g. instead of using Dropbox or Google Drive, which are owned companies and they can be hacked, some companies use blockchain showing more advatanges in price and security.
But for criptocurrency, I believe the current value of bitcoin is just a buble ready to explode. The fact that is not completly regulated and not fully explored makes it more wanted and overvalued. There is more and more criptocurrencies coming, and it will reach a point that the market will make them very similiar in value (a little bit like USD/EUR and others).

Ricardo Santos
48 months ago
Agreed - the technology is flagging, too - Dr. David E. 33 months ago
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The controversy over a cryptocurrency’s secret bug fix.

The Zcash Company, the for-profit company in charge of maintaining the cryptocurrency Zcash, just made a shocking revelation: it had acted in secret to fix a software bug that would have given an attacker the means to create “fake” Zcash.

Any thoughts?

Dr. David E. M
33 months ago
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You might be right or wrong too. Because in recent days the price of bitcoin is getting down day by day and the investors stuck in real problems. Last sunday i randomly check the price of bitcoin and its still getting down. If bitcoin will be zero then there can be a high conflict such as Youtube vs TikTok war on the internet.

lomas karlo
5 months ago

Have some input?