$1,000,000 or $1

What is going to happen to Bitcoin ??

As you know i am i bit advocate of Bitcoin and Cryptocurrency and have belief enough to have invested a lot of my own money in it. But where will it be in 5 or 10 years time ?
This is a question iv'e thought a lot about over the past few months since interest in the digital currency world has exploded, and id like to share my view on things and would love to hear your thoughts on this aswell !

In order to answer this question we need to know why there is so much buzz around bitcoin, and i think there 2 main groups of people that are influencing it.

Firstly we have the the long term thinkers, the innovators and pioneers that see the true potential of this technology and the profound implications it will have on the infrastructure of society should it succeed.
Then off the back of these there are the people who speculate, investors looking to cash in on the feeding frenzy, scammers and just the plain curious.

Now without the first group we couldn't have the second ! But it isn't because of Bitcoin that this ecosystem exists but because of what make Bitcoin possible, and that is, blockchain!

There are now literally hundreds of startups promising to use blockchain technology to "change the world" and the more media attention that the technology gets, the more people will want to get onboard and it wont be long until governments and financial institutions take advantage of the benefits offered to them by blockchain tech. You may have already heard of Ripple (XPR) that is currently threatening the current banking system, with this technology banks will have the potential to save not thousands or millions of dollars but Billions, on their transaction fees every single year. Now the question is why don't they, and the simple answer is in time they will ! and once this starts to happen and this technology starts creeping in to different industry sectors, the wonderment and luster that Bitcoin once had will start to fade..

So what do i think will happen next ?

Bitcoin was touted as an anonymous decentralized currency but the truth is that Bitcoins is becoming more and more centralized, and one of the things that i think is continuing to give it value is its place within the market at the
current time, acting as a medium on the vast majority of exchanges for transactions between different currencies.

Now if bitcoin becomes more centralised, then where is the incentive to use it over already established banking systems once they all start to incorporate blockchain into their business models? None. But say you wanted anonymity, well there are still options out their that can provide this, and an example of this is Pivx and Verge and i would highly recommend that you have a look at them if you are looking to get into cryptocurrencies, as these are two of my favorites.

So we now know a little more on what blockchain can offer, but it is not just limited to currency applications, it can be used to improve the efficiency of almost all sectors and blockchain companies are popping up almost daily now proclaiming to offer solutions to these problems.
These include :

• Golem
  • Which uses the blockchain network as a supercomputer, utilising users spare computing power solving the cost issues associated with having to rent computing power at a physical centralised location go access high computational power.
• Siacoin
  • They offer decentralised encrypted storage solutions for personal and commercial use, at a cost far less than that of its competitors.
• Monaco
  • Offer a Visa card that links to your crypto wallet allowing you to transact in bitcoins and many others anywhere in the world that Visa is accepted, either online or offline, and it does that with virtually zero fees. Instantly and seamlessly.

There are countless other companies out there but i don't think this is where the big $$$ will be in the future. I believe the value these companies will dramatically increase and i am personally invested in quite a few of them. But i think the biggest gains that will be made are in protocols, like Etherium, Neo (antshares) and EOS, which i am going to go into more in depth in my next post about,to explain what they do, what the different companies are about and what they offer, and why i think there is serious money to be made in the long run by investing in the people, that first group of people we talked about earlier put their trust in.

Let me know your thoughts on what you think will happen to this technology in the next 5-10 years.

Until next time
Rob.