Whats The History?
As with all new Internet concepts, Cryptocurrencies is still receiving negative press releases. Although the industry is bringing in revenue of billions of dollars, governments and companies are still skeptical about this new digital economy. There are still many that don’t understand let alone trust this new industry, and it is often criticized sometimes unnecessarily so.
The very nature of the Cryptocurrency business, i.e., unstable but relying on technology and producing high yields means that it is criticized for being the latest craze and not staying around forever. As with all new Internet technology such as social media, there are skeptics who are keen to fight the Internet revolution.
Cryptocurrencies are now going through the same torture as social media has done and questions are being asked as to whether this is yet another fad. However, not only has the first Cryptocurrency – Bitcoin – survived but now there are several other Cryptocurrencies and its own stock exchange coming into force.
Where’s The Proof?
Sadly for those doubting Cryptocurrencies, it does look like they are here to stay. The industry has already supported several other industries and proved its worth. Digital gold, international wire transfers, and crowdfunding have been three areas where Blockchain has absolutely without fail been a massive advantage. All three have seen 10 fold improvements from Blockchain.
In the first instance with the gold industry, there are many positives to Bitcoin including the fact that it is a lot lighter than the actual gold of the same value and it can be quickly transported, 10 times faster than the same amount of actual gold. It is only a matter of time before gold is replaced by Bitcoin.
Furthermore, when looking at international wire transfers many start-ups are relying on Ethereum rather than any other medium to make their transfers. This is for several reasons including the instantaneity of the transfer, the fact that the transfer works in any country around the world and the transfer through this medium is pretty seamless. There are huge positives for those wishing to transfer internationally. Companies do not need to worry about transfers happening on the same day, they happen now in the same minute that the transfer is made. Although to be honest, it is not just start-ups that are now using Cryptocurrency technology to do this type of transfer; medium-sized companies are also realizing the benefits of how quick it is and enjoying the fact that you don’t physically have to go to the bank. The speed of the transaction is great for business and for building great business relationships. Although there are no statistics at present to back this up, they may well appear in the not too distant future.
The final industry to look at is crowdfunding. GoFundMe is one example of this. The industry is worth billions and is on the rise constantly. The introduction of ICOs and token sales is only going to make this go from strength to strength. With Blockchain technology now sitting behind crowdfunding, the improvements are more than 10 fold. Now hundreds of millions of dollars can be raised for crowdfunders, which has not been possible without Blockchain. This can be achieved within seconds rather than days. Although there does need to be improved regulation on crowdfunding websites, this cannot take away the fact that Cryptocurrencies has done so much to improve the industry.
You cannot deny the improvements that Bitcoin has made in industry, it may take time for the skeptics to get on board but the figures certainly speak for themselves.