In 2017, BitCoin was a buzzword. Blockchain was a household name; those new to the game invested money and blew up the bubble and, in turn, those senior level participants reaped huge rewards. The manic energy attached to this cryptocurrency has died down from front-page news, but that doesn’t mean this medium of exchange has disappeared. We explore why this system has staying power in 2019 and beyond.
The Pros & Cons
Blockchain can seem like Monopoly money to some and the answer to “Who is John Galt?” to others. The freedom to pay for goods and services without regulations or records. Libertarians rejoice, finally a Mecca without paper trails or taxes. Everything that makes Blockchain great is also what makes it perilous. Lost password? Too bad. Screwed out of money? So sad. This community thrives on individual choices, without the safeguards that most governments hold over citizens.
Does this structure stand a chance in modern society? Without third-party verification, will anyone participate? So far, the blockchain movement continues to grow, with 32 million open Bitcoin wallets as of December 2018. Cryptocurrencies have expanded beyond tech-savvy entrepreneurs and around 9% of Americans hold some sort of cryptocurrency. The positive side of the market is no inflation, speed of payment, and security. There are no hackers that can “grab” your information. The Equifax debacle will never cross into the Blockchain market.
What Does The Future Hold?
Will this trend continue? Many believe that cryptocurrency is a liquid investment, like gold, that should be kept for emergencies or retirement. They believe in the longevity of Blockchain, and the future of tech. When investing, look to further your knowledge rather than trying a quick cash grab; on the Blockchain playground, information is king. Have you been playing or are you retired? Did you leave on top or are you waiting for the next big thing?