We are at a point where the development of the blockchain technology is at a point like the Internet in 1992, but the hype about crypto is like the internet in 1997.
The problem is that in 1997 22% of Americans used the internet, but how many are using Bitcoin, Ether or whatever for something else than to make money. The few use cases that these technology has at the moment are something like Steemit or Cryptokitties.
Only a few people (much less than 22% of America’s population) are using this technology.
Please don’t get me wrong I believe in this technology but it isn’t ready for the masses. At the moment it isn’t scaling enough, but the hype for cryptocurrencies and Dapps is very huge.
I’m sure the scaling issues will be fixed in a few years, but at the moment you can’t build for example an decentralized Uber App on the Ethereum blockchain for the masses or you can’t build an decentralized payment system for the everyday usage.
So the problem is there are so many coins/tokens out there, which have no real value. That’s the reason I think the price of many cryptos, which has no value, will go to zero or nearly zero and the bubble will burst.
But there is hope! So many times in the history of the internet people said the internet is dead because of scaling issues. For example when people put cat pictures on the internet and then people put cat videos on the internet and then they put 4K cat videos on the internet ;)
Today we know they were wrong. And the same thing will happen with cryptocurrencies. The people will say that this technology is dead because of the bursting of the bubble and a lot of people will loose money, but in the end the blockchain technology will win. We will see great new companies, that are building decentralized applications and so much more.
I am Johannes Hagemann, a German Computer Science student, software developer and entrepeneur. I am interested in the blockchain technology and artificial intelligence.
Follow my twitter to get in contact with me: https://twitter.com/johannes_hage
Last but not least I want to apologize for my bad english in this post, obviously it isn’t my native language, but I think writing post like this improve my english basics.
Please tell me if you see it similar or have an other opinion :)