In the past few days, we have seen the cryptocurrency market begin to finally rise after a long plunge beginning in December of last year. Though the market may fluctuate, these dips have almost no influence on the inevitable future of cryptocurrency. Blockchain technology, no matter in what altcoin form, is here to stay ever since Bitcoin emerged as a viable investment in 2009. Many people see cryptocurrency as a stock market, which for the past 9 years it has been, but what will the practical use of blockchain look like in our near future?
Who holds the fate of the cryptocurrency market?
The battle between regulation and decentralization lies within government and businesses stuck in the past and young entrepreneurs and millennials hoping for change in the very near future. As long as Bitcoin and other rising altcoins have to fight lawsuits, apply for Bitlicenses, and handle scrutiny and bans, cryptocurrency will never become mainstream in the innovative way it should rather stay as an alternative movement. The people who support cryptocurrency (not the investment, but the idea) crave a deviation from controlled currency and privacy invasion. They are tired of seeing all of their money go through an unjust system of bureaucrats. These people will be the definitive force that, if successful, will lead to a decentralized economy.
How will cryptocurrency succeed?
With each curve ball thrown at the cryptocurrency market there is a chance for crypto companies to improve their swing. This means new challenges aimed at keeping cryptocurrency compliant with standard practice, presents more opportunity to refuse and push back in the opposite direction. For instance, the challenges that start-ups face, such as ICO funding, are solved through processes like airdropping, which provide a more public option to funding. When altcoin companies use the power of loyal crypto enthusiasts then there is always a work around politics. If more companies invest their effort into fighting regulations, then the future of cryptocurrency will be a paradigm changing one.
What will a future of cryptocurrency look like?
Just as the internet had to ward off net neutrality and build itself through the public organically, so does the cryptocurrency world. For those of us who grew up while the internet formed, we rely on instant, reliable information and prefer online transactions. Cryptocurrency is a natural transition away from paper money and even plastic because we also know debt. Millenniums want alternatives to how we spend money as well as how we make it. So, the future involves trading currencies through peer interactions online. We can use our skills to earn money online then trade it for things we need, the difference from fiat being that each altcoin represents a different value but is transferable without fees.
As we sit back and watch the cryptocurrency market rise and fall with headlines asking: “Will Cryptocurrency Last?” don’t let it fool you. Instead, look at the contenders willing to not succumb blockchain to numbers and profit. The technology and its potential will never go away regardless of the current Bitcoin value. Eventually, Bitcoin will not be the end all that controls the entire market and opinion of all other altcoins. Other coins will create alternatives to the economy that the next generation will embrace so that there is no chance of failure.