What Is the future of Cryptocurrency? How will cryptocurrency change our world in the future? It’s hard to say, but we can look to industry leaders to see how they envision it happening.
In this article, we’ll take a look at this question; What Is the future of Cryptocurrency? And the predictions of 10 well-known crypto experts and discover how they see the crypto landscape changing in the next few years.
What Is the future of Cryptocurrency?
1. Regulation and Institutional Investors
Dan Morehead (Pantera Capital CEO)
Dan Morehead, CEO of Pantera Capital, a leading investment firm focused exclusively on cryptocurrencies and blockchain-enabled technologies, believes that Bitcoin is maturing and entering a phase where Bitcoin will not just be bought as an investment but some people may well use it as a currency.
Morehead also predicted that institutional investors would get more involved in 2018. The industry continues to evolve rapidly and we need more education before major players like pension funds jump in with both feet, he said.
2. Scaling issues in Bitcoin and Litecoin.
Charlie Lee (Litecoin Creator).
Litecoin was primarily created because I wanted to be part of the process in making a globally adopted currency. Bitcoin is slow, so Litecoin was like silver compared to Gold, said Lee.
He concluded with a quote from JPMorgan Chase CEO Jamie Dimon: Gold has always been gold, silver has always been silver.
Lee sees Litecoin as digital silver, which will support bitcoin as digital gold. Bitcoin can’t scale right now, he says. There are only two options for Bitcoin right now;
The first option is to scale and limit the block size, which means that there would be an increase in transaction fees but it would also reduce congestion on the network and decrease transaction speeds by a small amount.
3. Institutional investors.
We don’t need any other technology like blockchain or cryptocurrency to revolutionize our lives. But, blockchain is undoubtedly here to stay. In fact, it might not just change the way we save or spend money, but how we work or even vote.
It’s hard to imagine life without smartphones these days so I think you can expect that Blockchain will become a core part of our everyday lives very soon.
4. The Internet
John McAfee (Founder of McAfee Associates).
You need to forget everything you think you know about security and come up with new, innovative ideas, McAfee said. Forget the office and lock yourself in a room on an internet connection. What do you see? A world that is increasingly decentralized and unbanked.
These are opportunities for innovation that will change the way we live and work, as well as change how government operates.
We must not be afraid to invent these new systems, but instead embrace them and make them part of our lives. Blockchain is just one component of this revolution and will help improve life for us all.
5. Bitcoin Cash overtaking Bitcoin
Roger Ver (Bitcoin Cash Supporter)
I’m highly confident that Bitcoin Cash will surpass Bitcoin eventually. There are a few reasons for this:
First, I think it’s far more sensible to increase block size to scale the blockchain with demand.
Second, as long as Bitcoin keeps rising in price and as long as Bitcoin has such high fees, people will switch to something else – maybe even Bitcoin Cash. Right now, Bitcoin is about 6 times more expensive than Bitcoin Cash.
Third, there are now 2 or 3 other projects that aim to solve scaling issues in a different way than either Bitcoin or Bitcoin Cash.
They’re all around on a similar level right now so nobody knows who might end up being better or gaining momentum faster or slower. But we’ll see what happens when they all start rolling out their features over the next year or two
Utility tokens derive their value from use in a specific ecosystem, but that doesn’t mean it has to be an open-source protocol.
You could have a closed-source platform that gives you some utility in return for your token. You could even have centralized digital assets with decentralized custodianship if you wanted to do things that way.
I don’t see a fundamental difference between these two approaches to valuation. The only difference is how many parties control custody at any given time. When you want to send an asset over to somebody else on the Bitcoin network, miners are part of the transaction validation process and get rewarded accordingly.
7. The future of blockchain technology
David Siegel (USV Managing Partner)
The best thing about blockchains is that they enable us to have total control over our data. Right now, I’m giving away all my personal data to Facebook and Google in exchange for access to their tools.
But once blockchains become more scalable and we can put these pieces together, then we’ll be able to use social media without putting so much of ourselves at risk.
More importantly, it will force the companies who are capturing this information to give something back: namely a real sense of ownership over your data and control over who gets to see it. That’s why I think blockchain technology has such a strong future.
8. Security tokens and stable coins
Marc Andreessen (Andreessen Horowitz Co-Founder & A16Z General Partner)
Security tokens and stable coins provide reliable and scalable on-chain value because they are built to trade, settle and execute on a blockchain.
They are akin to fixed-value money such as gold or the U.S. dollar, but without the need for central authorities such as banks or governments, which can be corrupted or attacked.
I believe their prices will remain largely stable in any country where property rights are upheld. In countries with bad property rights enforcement, it is likely that other crypto-assets will be more valuable than security tokens (and stable coins).
Still, security tokens and stable coins represent an important new category of crypto assets that could become very large over time.
EOSIO is able to process millions of transactions per second, has support for proof-of-stake, and can handle enterprise level security with TLS protection.
I think we’ll see the utility grow dramatically with more and more use cases being built on top of it. In five years, I expect there will be significantly more projects that tokenize fiat currency, digitizing national currencies into tokens that can be used as payment or stored as digital money.