What Cryptocurrency will look like in the next 50 years?
We know you are curious about what the whole “Cryptocurrency journey” will amount to in the next fifty years; especially since a lot of events have occurred which has greatly impacted this digital financial institution and its association with traditional financial institutions as well as its receptions in different countries. Although, Cryptocurrency has steadily built its name and carved out a unique niche for itself right from its inception. It does not erase the fact that people acquainted with this digital asset seek to clearly understand—from different perspectives—the intricate outcome of what Cryptocurrency will have to offer when the “Golden jubilee effect” comes rolling by. This is why we have put together varying ideas from financial experts about their tangible opinions from past and future trends studied about Cryptocurrency and its potentials in the next 50 years.
Let’s start by re-introducing Cryptocurrency to those who might have a dearth of knowledge as to what Cryptocurrency is truly all about.
A little Re-cap
Cryptocurrency is generally termed as a type of digital asset which is the new medium of exchange. It utilizes cryptography in facilitating different transaction types; while also controlling the creation of additional currency units.
Going back in time…
Bitcoin is known as the first Cryptocurrency and electric coin to be created was Bitcoin. Introduced by Satoshi Nakamoto in 2009; it was used in a real transaction on May 22nd, 2010, to buy two pizzas—this was done by Laszlo Hanyecz, for 10,000 bitcoin, equivalent of about $30. Although it is claimed that Satoshi Nakamoto’s aim for the creation of bitcoin was to create a version of electronic cash that functions through a peer-to-peer network that allows online payment between two parties without the involvement of a financial institution, some other people do not totally believe so. Over the years, Bitcoin (a type of Cryptocurrency) has been successfully integrated into a decentralized and distributed digital cash system which is measured through the use of the blockchain transaction base as a digital ledger.
Cryptocurrency mechanism and its trends so far.
It is no news that Cryptocurrency operates through its own unique mechanism—cryptography. The transactions carried out with cryptocurrency, are recorded in a blockchain digital ledger. Interestingly, the processes are tracked through mining ad do not require any active participation from traditional financial institutions such as banks to thrive. Over the years different cryptocurrencies such as Bitcoin, Peercoin, Primecoin, Dogecoin, NEO, Mazacoin, Litecoin, NXT, Auroracoin, Namecoin, Monero, Dash, and others have been traded from wallet to wallet and stored on the mobile phone or cloud. They have also been used to transact business deals and in the purchase of foods, services, and online growing investments.
In the Cryptocurrency framework, sub-network pees have been identified which are instrumental in the compilation of past transactions. This framework helps to organize transactions and transfers is made in the network and is often signed by the sender’s private key. The interaction between the transactions and private keys signals the broadcast of messages in the peer-to-peer network for monitoring, after which the transaction is considered to have been fixed, and not subjective to any form of a reversal.
The predicted trends and golden jubilee effect?
One major characteristic that puts Cryptocurrencies (especially bitcoin) in the spotlight for public scrutiny is their volatility. Some school of thought suggests that this volatility might be purely hinged on the financial regulation strategy adopted by the United States Financial regulators on the usage of Bitcoin. However, this might not be the “full story”, because different market forces interact to influence the volatility of cryptocurrency as well as steer the course for the trends in the market system so far.
- According to a forecast by Jeremy Liew (an investor), bitcoin might soar to $500k by 2030!
- It has also been predicted that there are different types of bitcoin that might make their way into the market by 2024.
Here is what financial experts have to say concerning trends of cryptocurrency in about 50 years from now—the big golden jubilee effect!
N: B Interviews with experts culled from CNBC their answers have been paraphrased.
Here is what Ivory Johnson, certified financial planner and founder of Delancey Wealth Management said—
"Cryptocurrencies will most likely exert a disruption in traditional finance because of its ability to efficiently facilitate the transfer of payment across borders with little to no cost, delay or foreign currency fluctuations. For bitcoin, 50 years is quite a long time to predict because bitcoin could either scale heights to become the world’s most reserve currency or the next AOL that made a lot of people wealthy until it was unseated by better technology."
Another expert had this to say…
• Dan Egan, vice president of behavioural finance and investing at Betterment
"Cryptocurrencies like bitcoin are unlikely to leave the market scene just like that because they have built a niche and proven themselves useful for money movement and speculation. However, where and how we'll generate the energy for the continued sustenance of the growing market demand is worth considering. Even the actions of state-actors who view it as a competitor to fiat power might make it even more of a black-market commodity."
• Frederick Kaufman, author of "The Money Plot: A History of Currency's Power to Enchant, Control, and Manipulate" had this to say
"Way before 2071, the dollar may have more attributes in common with crypto than with silver or gold, so there is no need to doubt the longevity of encrypted algorithms as stores of value and media of exchange. All money is a form of encryption. It's been that way from the start, and as our lives converge ever more closely with the digital universe, the drive to invest in tokens will only accelerate. Ironically, that impulse will connect us to primitive instincts, and do its part to keep us human."
Our golden words to you.
Investment in bitcoin and other forms of cryptocurrency from 2022-2070 will most likely require careful market predictions and study of trends. Rest assured that Cryptocurrency is here to stay however, market forces, prices, profits and other intricacies will hinge on interplay in market factors, country policies and other subtle surprises waiting to spring up.
Brace yourselves for the long ride. 50 years is a –not-so-long-time from now. However, cryptocurrencies will surely take a lasting seat at the forefront of encrypted currencies.