Challenge #4: The future of cryptocurrencies - More real-life applications coming, the road to mass adoption
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Hello my Steemit friends, this week's topic is "The future of cryptocurrencies". It's not hard to notice that it's an irreversible trend that more and more people are talking about Bitcoin and cryptocurrencies, and headlines pop up every day. Here in this post I am going to discuss my personal view about the future of cryptocurency.
I have been in the crypto space since 5 years ago, I first encountered Bitcoin, then Steem and have been in the community for more than three years. In the past, there were few applications of cryptocurrency instead of making money and speculating. However, the trend has been changing everyday, and now different aspects of my life are covered with cryptocurrencies.
Now you may be thinking "Are you kidding?" right? No, I am not. I am a cryptocurrency enthusiast that I want to show people that it's very easy and convenient to use crypto in real life.
While I am typing this post, I am using the Brave Browser(you can see the icon at the top right corner right?), a crypto-powered Browser that helps u to block the ads you don't want to see. It has already become the browser that I use most often.
For investment, I put most of my money in Bitcoin and other stablecoins and put them in Binance and other crypto apps to help me generate passive income, and it has around 5~10% APR which is very appealing comparing to traditional banking. When I want to spend money and use them in real life, I can use the crypto debit cards such as Wirex and Crypto.com to pay my meals, bills and daily spendings.
For games, I play blockchain games such as Splinterlands(and of course I play PS4 and mobile games too, not just blockchain games)
For social media, I blog here on Steemit, which is a very nice and friendly platform that does not have censorship and everyone can express their opinion with their free will.
In Hong Kong, the place I live in, the awareness of cryptocurrency and Bitcoin is slowing growing, I can see more and more influencers starting to talk about crypto and Bitcoin. Some people even actively try out the above applications that I mentioned.
We can see that more and more listed companies such as Square and Mode start putting Bitcoin in their investment portfolio. It's a great start, telling everyone that Bitcoin is not a Ponzi Scheme, it's the Money of the People, that everyone should own some. We are seeing more and more jobs are being created in the cryptocurrency industry and many of my friends who worked in banks now working in crypto firms.
Cryptocurrency can definitely reach mass adoption, but it may not be as fast as you think. It will not happen overnight, but bit by bit, every day more and more people want to learn about Bitcoin and cryptocurrency, and how they can be used. We can see that more and more firms accepting crypto and more use cases and technology are being developed. There will be a big impact on the global economy and it may even lead to the demise of the US dollar, who knows?
Steem, among all cryptocurrencies, has it own unique charm, it has a strong community and different kinds of content and opinion are created every day. It may be a whole new world to the general public that have not come across blockchain applications and blockchain-based social media, and it's already widely used, with the unrivalled on-chain activities and active users. Maybe it will emerge as one of the most widely used crypto, who knows?
This is great that more and more people are realizing that Bitcoin is not a Ponzi scheme. However, it is extremely important that people understand and appreciate the underlying technology.
For example, people will ride on the FOMO curve once the bull market picks pace. At some point, we will see the markets taking a hit. Currently, when this happens, there is a panic sell-off.
If the majority of people understand the potential of the underlying technology i.e. blockchain, only then will we see the movement towards mass adoption of cryptocurrencies.
Unless there is a potential flaw in the network, we should not see such massive sell-offs. This can be done only by educating people about the crypto world. This is exactly why steemit is a great platform for people to learn more about blockchain using the wealth of knowledge already present over here.
Thank you. Steem on!
#twopercent #india #affable
Thank you. It’s inspiring. However, i have a different opinion. I think we cannot control the market volatility and it’s not practical to let everyone know about the underlying technology, which is blockchain.
It’s the same that now everyone on Earth is using the internet, but they may not know well about the tech behind such as HTTP, TCP, and they don’t need to. They just need to learn how to use it.
But I am happy to see more and more people wanting to know more about blockchain technology and other DLTs
In order to achieve wider adoption, digital assets must overcome three major hurdles. These challenges include perceived legitimacy in the eyes of governments and regulators, which presupposes price stability and allows global reach in the payment market.
Yes that’s true. And now we can see that more and more crypto-related laws are imposed in different countries, such as Japan, the US and Korea