Ideas about the Future of Bitcoin and Blockchain
By: Dinis Guarda
Tags: Blockchain, Bitcoin, Future

Ideas about the Future of Bitcoin and Blockchain, illustration by Dinis Guarda

The Future of Bitcoin — and Blockchain is now and you better take it seriously!

“Instant transactions, no waiting for checks to clear, no chargebacks (merchants will like this), no account freezes (look out Paypal), no international wire transfer fee, no fees of any kind, no minimum balance, no maximum balance, worldwide access, always open, no waiting for business hours to make transactions, no waiting for an account to be approved before transacting, open an account in a few seconds, as easy as email, no bank account needed, extremely poor people can use it, extremely wealthy people can use it, no printing press, no hyper-inflation, no debt limit votes, no bank bailouts, completely voluntary. This sounds like the best payment system in the world!”

– Trace Mayer J.D., a Leading Monetary Expert on Bitcoin and Gold

Bitcoin and Blockchain are disrupting the global economy and its game-changing technologies are still in its inceptions but are already mainstream for investors and traders. When personalities such as Marc Andreessen, Andreessen Horowitz, Reid Hoffman are looking at it more and more seriously, and putting their substantial fortunes and time on it, you understand that things are happening and that Bitcoin and Blockchain are shifting the present, and, of course, the future of tech and Finance Technologies — Fintech.

I will elaborate how I view the future of Bitcoin and Blockchain and integrate some quotes from industry players. This is a variation of an article I published in the website I am the founder tradersdna.com. The original article can be found here: 10 Facts about The Future of Bitcoin and Blockchain

These new technologies and digital currency are building new business and shifting paradigms, changing the shape of financial industries and special its central technology — blockchain — is now on the road to be a top central system used by financial services and somehow making financial institutions achieve new performance and adapt the way they relate to others.

What is Bitcoin and what is its near future?

“Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value”

– Eric Schmidt, CEO of Google

What is Bitcoin and what will it become in the near future? This is the question that may probably be ringing in many people’s, investors, trading mind. Bitcoin is now becoming one of the most utilized forms of digital currency in the global markets; however, it has been predicted times without number that it won’t last due to the speculations that it didn’t hold grounds globally.

If you don’t still know what a Bitcoin is; it is a form of digital currency that is created electronically and it’s being known to be an online currency whereby no one really has the power to control it.

When the real or mythical founder Satoshi Nakamoto launched Bitcoin in January 2009 it was the beginning of a new kind of digital, financial and technological revolution. The original block in the blockchain was masterly encoded with a bleak but bold snapshot in the ecosystem of the failing global financial system, a small quote from the UK Times newspaper synthesised the spirit: “Chancellor on the brink of a second bailout for banks.”

It was the financial world, banks, central control and special corrupt parts of government policy, that made possibility the fledgling birth, inception of the crypto-currency that was born out of a wish to replace financial systems that could be corrupted. While Bitcoin has not yet overthrown the financial institutions, and a lot of work needs to be done there are no doubts that in nearly 7 years its scope of influence is bigger than ever and powerful than most of the people realise.

Bitcoin / Blockchain Ecosystem, illustration by Dinis Guarda

The legitimacy of Bitcoin currency!

Bitcoin is the currency of resistance.”

“If Satoshi had released Bitcoin 10 yrs. earlier, 9/11 would never have happened” Max Keiser

Many people are still skeptical about the legitimacy of Bitcoin currency, and whether or not people really use it but the numbers are critical to look at it in a solid way. The idea is, with Bitcoin, one can have a free transaction that is anonymous. It’s important to know that the only thing that differentiates Bitcoin from other notable e-currencies like the PayPal, webmoney, etc is its anonymity and solid secure ecosystem; and it’s not guided by any government body or the central bank. However, one of the things that make Bitcoin stand till date is the critical system of blockchain — which is the main innovation of Bitcoin.

An important area if that the advocates of the digital ledger technology that enables Bitcoin, known as the blockchain, say its use in traditional financial transactions could prove far more revolutionary than the alternative digital currencies for which it was first created.

So What Lies For The Future of Bitcoin?

“Bitcoin was created to serve a highly political intent, a free and uncensored network where all can participate with equal access.”

– Amir Taaki

Bitcoin is still in its first years and it has been hailed primarily as the first reliable digital currency, an uncensored network of liberal minds, and it is at heart a uniquely secure database, with a subtle combination of cryptography and social engineering that makes the core network essentially unshakable, although hackers in the past disestablished special its exchanges.

One of its strengths is the Bitcoin network, known as a blockchain, that matrix technology that organizes thousands of independent computers that each host copies of a regularly updated transaction ledger. Those Bitcoin “miners” constantly check their copy of the ledger against others, ensuring that no single compromised ledger can impact the overall network. This is one of the critical elements of the power of Bitcoin and that will write the future of Bitcoin in so bright ways.

With the way Bitcoin is becoming more popular among the digital marketers day-after-day, it’s a sign that the future of Bitcoin is actually bright. It is important to know that you don’t need to be told about what will likely without making impacts in the society. If Bitcoin will vanish, it would have done that within the first three years of its introduction, and it has proven many speculators wrong.

Bitcoin is now in its seventh years since it was first created and as experts used to say “it takes a good 10 years for software to get into limelight.” That is to tell you that if Bitcoin can keep on the pace at which it’s growing, in the next three years it will surely dominate the world as the PayPal does. However, are some indicators that justify the bright future of Bitcoin.

“I think the fact that within the bitcoin universe an algorithm replaces the functions of [the government] … is actually pretty cool. I am a big fan of Bitcoin”

– Al Gore, 45th Vice President of the United States

Indicators That Signaled The Future Of Bitcoin Is Bright

“The governments of the world have spent hundreds and hundreds of trillions of dollars bailing out a decaying, dickensian, outmoded system called banking, when the solution to the future of finance is peer-to-peer. It’s going to be alternative currencies like bitcoin and it’s not actually going to be a banking system as we had before 2008.”

– Patrick Young, Financial analyst

In the early days of Bitcoin, it uses a pre-web browser 1992 era internet, but now it has elevated to the base layer protocol known as TCP/IP and is a baseline for cash and cashless transactions.

Developers are now working on building a second layer which will be the use as HTTP to make it more effective and more accessible across the globe.

There have been moves and suggestions on improving the standard of Bitcoin by building software that will guarantee a full-stack infrastructure for Bitcoin. Now, if plans like these are put in place, it’s clearly shown that Bitcoin will be ahead in the game come future.

Bitcoin has also been tipped to extend its functions beyond digital currency to becoming one of the search engines like the Google on the internet. Many experts see this as a good plan and don’t be surprised to see Bitcoin as one of the search engines tool, in the near world. With the effectiveness of blockchain and several other tech indexation / ranking attributes.

Bitcoin is still in its infancy and it has been tipped to be more valuable than most of global currencies in the near future.