Blockchain without cryptocurrency can be amazing
Most of the people who know blockchain today are people who were somehow exposed to cryptocurrency trading. Their intention would have not been to understand what blockchain technology is all about but they ended up in knowing the potential of this technology after getting the incentives from the cryptocurrencies. Media also played a vital role in making people understand and explore more about blockchain. The population who know about blockchain is still very less and most of the people who know about the technology are completely relying on trading cryptocurrencies and expecting make money out of it. They are not completely clear about what wonders this technology can do in the future. People who completely understand this technology are very few and they are one of the early adopters of this technology.
Why would someone not want to get paid in digital currency?
For a normal person, receiving their payments in cryptocurrency may not be a good option. For a normal food vendor receiving payment in the form of bitcoin may not be the right solution because the price of the cryptocurrencies are not stable. They drop one day and another day they just grow like anything. The currencies can work well only if they stay stable. If they keep fluctuating they may not be a good option for trading resources. In a way it can be good for investors but not for someone who use it regularly. The currencies that we have been using today are successful because they are stable in their price. If at all there is fluctuation it is not much.
Considering this factor people will not be interested to get paid in cryptocurrency. They might look at this as an asset like gold or silver that can provide enough value in future but not as a regular currency for every day use. The value of any commodity will increase when there is a huge demand in the market. The cryptocurrencies can be considered as a commodity with demand and supply. If there is a high demand the value of the cryptocurrency will also increase. That is a good hope for someone to stay invested in cryptocurrencies.
Is blockchain worth without cryptocurrency?
This question was asked several times in the past by many great crypto enthusiasts. Blockchain was a technology first introduced and bitcoin was the first cryptocurrency made out of that technology. Today with that very concept many developers have started to create new blockchain for specific purposes. That is how the crypto industry is drastically growing. Every year number of people investing in cryptocurrency is drastically increasing even though there is a ban prevailing in many countries. Some of the countries including India is not considering cryptocurrency transactions as a legal tender. In spite of such bans people are still using options like p2p to do trading.
When crypto transactions were initially discussed there were lots of loopholes in the technology and even many questions were asked to the experts about how certain situations will be handled by the cryptocurrencies. The initial idea was to use blockchain for storing and tracking transactions happening with great transparency where any any witness node can validate the transaction. Though this was initially intended on transaction, there have been other applications today where things apart from transactions are being stored in the blockchain. Tracking information are also stored in blockchains and even great companies like IBM have started to explore the potential of the blockchain technology and work is already happening to separate the technology from cryptocurrencies to make use of it for implementing on government projects so that even government can bring regulations and use it as a legal tender.
Though it can take several years for attaining stability, there is definitely a great future for this technology and that too if there are many applications on blockchain without the factor of it being dependent on cryptocurrencies, then it will be great.
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Excellent article. I learned a lot of new things. I signed up and voted. I will be glad to mutual subscription))))
I do not see any reference to your title. What do you mean by "Blockchain without cryptocurrency can be amazing" can you give an example and technically how this works.
I am what you refer to as an early adopter and I understand how and why cryptocurrencies fundamentally work.
And they rely very much on a native or at the very least proxy token.
This token must have value on order to incentivise the node hosts to invest time and energy to support the decentralised network.
Bitcoin and its clones uses POW, wasteful but effective. POS systems are the coming next but as yet unproven at scale.
Both must have a token with value commonly referred to as a cryptocurrency (because you can trade the tokens which is necessary for them to inherit value)
I am not knocking your post. In general, the more people talk about it the better for all, but I think such thinly researched posts are misleading and cause more confusion amongst new people in crypto.
Keep learning mate. The Rabbit hole goes deep.