Bitcoin and the cryptocurrency market have been around for 10 years now, according to an article by CryptoManiaks. They looked vastly different back then and, 10 years into the future, they’ll look vastly different again.
This is simply because the technology upon which cryptocurrencies are built on – blockchain – is a new and evolving technology.
The UK’s first peer-to-peer finance magazine keeps updated news on how that technology is coming to fruition.
Let’s take a look at a few highlights.
Blockchain – not just for cryptocurrencies
Blockchain is far more than the transfer of value using cryptocurrencies.
- Voting: The current state of politics in 2020, especially in the U.S., is a difficult topic. The BBC reported on mail-in ballots and the potential for fraud which the U.S. President Donald Trump complains about.
Blockchain has the potential to eliminate fraud in voting systems where citizens’ ID’s and other documents are secured on a blockchain.
Securing voters’ proof of identity and allowing them to cast a person’s vote in an efficient way would provide transparency and legitimacy to absentee voting.
- Healthcare records: 2019 saw one of the biggest hacks of healthcare records where 32 million people were affected, then the hack stole their records.
Blockchain could secure healthcare records, even if it was a massive undertaking, it would be worth it to keep records secure. This could be done by developing smart contracts as time goes on.
These possibilities and more besides are within reach for the crypto market in the future.
Remember that back in the 1990’s it was outlandish to say we’d be watching movies and TV shows over the internet.
After all, 32kpbs dial-up internet speeds could barely load a simple JPEG picture file. Nevertheless, since then the future of the internet has given us Netflix and even streaming 1080p gaming at 100Mpbs.
Cryptocurrencies will change our wallets
The internet changed our wallets by doing away with scribbling checks and instead gave us apps like Venmo. But all these systems use fiat – government issued – money.
This may not change in our future; after all, governments try to control everything about their citizens, including and especially citizen’s access to currency.
However, there are already ways that cryptocurrencies are changing our wallets and will continue to.
Visa branded cards exist that automatically convert your cryptocurrencies (which you deposit into the card issuers address tied to your account). The conversion gives you fiat money accepted by the merchant of your choice.
The monetary revolution of cryptocurrencies extends even further to the world’s largest companies – in this case, Facebook.
Libra, for example, is a project backed by Facebook in conjunction with a dozen other top tier companies that are part of the program.
Libra sets out to become a currency backed not by a government but by Facebook and its collection of companies. This will make Libra the first true corporate currency.
Think about that. Imagine a crypto market in the future where you are paying for your groceries not in US dollars or euros or any fiat government issued currency but in Libra. That future is getting closer by the day.
It’s a system that is just as trustworthy – perhaps even more so – than governmental fiat.
After all, government fiat is backed by nothing but the faith that the nation’s economy will stay strong.
Libra is planning to be backing their Libra coin with the value of a basket of assets. These assets will be owned by Facebook and the other dozens of companies in the partnership. These assets would help make Libra stay stable.
Cryptocurrency markets – how to see their future
The most sure way of seeing how the crypto markets are going to look in the future is to keep studying blockchain technology. You don’t need to become a programmer. All you need to do is a handful of things. Because one thing is certain, the time to start is now.
- Learn how to use cryptocurrencies.
Since you’ll most likely be using them in the future – figure out which cryptocurrency wallet works best for you. Learn how to store the seed phrase and backups and how to secure it.
- Learn how blockchain is evolving.
The technology behind cryptocurrencies combines blockchain and other forms of upcoming tech, like AI or AR. This is evolving and could provide solutions giving value to millions.
- At least keep an open ear.
Don’t forget about blockchain. These days there are an overwhelming amount of new technologies to dive into. But if you keep your ears open to blockchain developments then you’ll be using applications that run on blockchain before you know it.