Is crypto the future? or just a bubble waiting to burst?
Lately, if not for the past 13 years, since Bitcoin was created, there’s been huge speculation between what crypto means for the future of society, some affirm it’s a revolutionary technology that will help democratize the world like we’ve never seen before, while others call it a ridiculous phase in the financial industry that will end up sooner than later.
Crypto is the new way forward for finance on the internet, but the question is, why? Will it be the next cool fad, or will it change our lives forever as a society?
Has the Golden Age of Crypto begun?
According to several experts, we’re in the midst of an “epochal revolution,” with cryptocurrencies as its driving force. In the past 5 years, over 1000 cryptocurrencies have been created out of thin air. Named after a “Satoshi Nakamoto” (Over time there have been increasing efforts towards finding him by journalists or students with no success yet. That story is fascinating and deserves a post entirely to itself too) who no one seems to know, Bitcoin is defined by some as ‘Digital Gold’ and the promises of crypto-enthusiasts are full employment, universal basic income, entrepreneurship without borders and so forth.
Within the past 12 months bitcoin has gone from being a thing that people didn’t buy to something everyone is talking about and wanting to own.
We are living in an age where not only your bank account and credit card numbers can be hacked, now even your deepest darkest secrets that you store in the cloud for safe keeping. Look back to the year 1715, nearly 200 years before bank accounts, debit/credit cards and massive servers were around to protect us. You could go to a local coffee house and ask for your coffee or meal with a physical “currency” of gold or silver coins. That had its limitations though because only a very few people owned a physical coin of any type.
Whether or not crypto lasts for the future, Bitcoin has been a revolution in the financial platform that’s received a lot of media attention recently. Although I don’t know if Bitcoin will be the currency used in five years from now, what I do believe is, it isn’t going away anytime soon, most likely cryptocurrencies will not die anytime soon and the crypto-revolution is just beginning but needed a kick-start.