Even in the current difficult state of cryptocurrency is becoming increasingly popular. Five years ago, most people could not say what bitcoin is. Now it turns into something well-known.
Designed as a decentralized alternative to paper money, Bitcoin has the potential for international adoption. It is not affiliated with governments or regulators and is a payment system outside of international control.
Over the past few years, bitcoin has received the greatest use as an investment tool. The digital currency has risen in price; not a single asset has had an analogue to this growth in such a short period of time – since its inception in 2009, from pennies to almost $ 20,000.
As a new currency, Bitcoin has attracted the attention of leading developers, experts and innovators, as many have become disillusioned with the technologies of Silicon Valley.
The concept of digital currency solves many of the problems that international finance faces – and this is undoubtedly its biggest contribution to the world. However, for mass adoption as a currency, a cryptocurrency should offer consumers something useful.
This can be achieved in two ways.
The first option, which seems to be the fastest, is to use blockchain technology. Its adoption is almost inevitable, as developers create new products and optimize existing ones.
In particular, when IoT applications become widespread, the blockchain will find a good niche without the limitations of “modern” technologies.
The second option is to wait for the next generation. Today for children such concepts as blockchain and digital currency will be intuitive. Things like FaceTime, PayPal, Venmo and social networks will become commonplace.
Pencils and push-button telephones are signs of the accessories of this generation. It is no coincidence that many adults attend classes, seminars and try to find their place in the digital age; for our children, the process of adaptation will take place naturally.
Our children know that transactions can be carried out on mobile devices through Apple Pay. For our children, credit cards and FICO points are somewhat archaic. Cash generally looks like a curiosity.
Even with the bear market, a strong foundation has been laid for cryptocurrency. The world needs automated digital payment systems, and along with anonymity, the convenience factor will be very important.
Every area of our life in developed countries has become automated. Even our social life online is cultivated and managed by the algorithms of Facebook, YouTube, Instagram, Twitter and Snapchat.
The same users expect the same convenience from payment systems. Fiat banks, despite all their efforts, simply do not have time for the convenience of using digital currency. The next generation will choose the best technology, and this choice will be the blockchain.