While cryptocurrencies are still a new phenomenon in comparison to standard currencies, the fact is that more and more people are starting to take notice of their significance. Yet, despite this growth in popularity, cryptocurrencies still raise a lot of questions among a large segment of the population as to what they are and how they are relevant. In fact, this has many people outside the circles of those who collect cryptocurrencies wondering just what kind of future bitcoin and other cryptocurrencies could possibly have. Are cryptocurrencies just another fad, or are they a means to sparking an improved global economy?
The Future of Bitcoin
It is often asked if bitcoin has a future? The simple answer to this question is a resounding “Yes!”. One reason bitcoin will defy predictions of its being just a short-lived fad is because it is actually useful across national borders. Even if certain governments around the world refuse to take bitcoin seriously, mass numbers of people and businesses are not so obtuse in their thinking concerning bitcoin and its role as a decentralizing power in the marketplace. Even Forex and binary trading platforms have jumped on the bandwagon of bitcoin. This means that some financial institutions around the globe are helping to sustain bitcoin as being relevant with respect to the normal currency market. With bitcoin having reached well above $5,000-per unit of bitcoin in 2017, in line with investors betting it will go higher still, we might be tempted to ask if other centralized currencies, such as the dollar, have a future at this point. At present, bitcoin’s future looks rather bright as it continues to find support as the digital currency of choice around the globe.
What Would Happen to Blockchain Technology if Bitcoin Has No Future?
If it turns out that bitcoin, for whatever reason, proves to have no future, then it would be reasonable to ask what, if anything, would be the future of blockchain technology? The simple reality is that blockchain technology is already under consideration for expansion into other areas besides bitcoin transactions. Since blockchain technology does a great job of authenticating information, everything from decentralized cloud computing and storage to smart contracts that are executed by computers has been proposed as being a viable use for blockchain technology. Even the notion of having more secure digital identifications for people and government programs has a place for the type of authentication and security blockchain technology is able to provide. Even if bitcoin flops in the not so distant future, the many potentially useful applications for blockchain technology will undoubtedly continue to emerge and thrive.
Are Other Cryptocurrencies Poised for Success
With so many alt coins to choose from, it is often wondered if other contenders to bitcoin will be able to reap the same kind of success. Among the contenders are Ethereum and LiteCoin, while emerging players like OneCoin also hold great potential. The more Bitcoin appreciates in value and volatility, the more investors will get interested in altcoins.