The recent crypto-market crash of 2018, brought several challenges to the crypto community. China announced a ban on ICO investments and Facebook blocked Bitcoin and other ICO’s adverts to eliminate deception and any occurrence of fraud. The cryptocurrency market is been challenged at both, government , as well as corporate level.
Following the recent collapse of Bitcoin and the other altcoins, Nolan Bauerle, Director of Research of the famous Blockchain Platform, CoinDesk, said that ‘paying attention to the cryptocurrencies and blockchain is important‘ because these technologies, which are in their initial stages will impact on how we live and this is much similar to what it was in 90s, when Internet hit the market.
Recently in a discussion at brunchwork, he shared three key trends and his vision on Future of cryptocurrency.
Cryptocurrency is Digital, Unique and a Property
Irrespective of the current situation of cryptocurrencies, people are finding it as a way back to the boat, which was sailing far away, months ago.
Despite the issues at the corporate and government level, Bauerle observed that Cryptocurrency has already trespassed the threshold in 2017, because an year ago Crypto market was seen as momentary.
He also stated that, “People now see cryptocurrencies, something digital, unique, uncopyable and unable to be counterfeited, and therefore, physical property.”
In continuation, he mentioned that atleast in US, constitutional regulations could be amended for cryptocurrency either as a ‘free speech’ or ‘property’.
Future of Crypto can be determined by Human Capital
Bauerle is very optimistic about the future of crypto because of the talent, which is working hard for its development. He is also confident that crytpocurrency market will boom in the next decade.
Decentralization, along with the technological efforts and development from more number of individuals, will drive the accessibility and innovation of cryptocurrency in the upcoming days.
Then he quoted saying, “Great minds have been attracted to the cryptocurrency industry. The enthusiasm, intelligence and human capital is there to make it work.”
Also, a redeployment and re-calibration of cryptocurrencies might occur by 2020, which will use cases that have not been thought of, yet.
Cryptography and its Potential
The encryption and decryption mechanism gives cryptocurrency a strong hold in the market. It ensures that only the recipient can access the amount sent at his receiving address (which can’t be created again once lost).
Also, the cryptographic technology controls everything, be it banking or creating digital signatures. Hence, a lot of things in the upcoming future will depend on this technology, followed by the Blockchain technology.