It seems that the psychology of the community for electronic money is becoming less and less sympathetic, mainly due to the recent price declines. Who is responsible for all those offenses? Surely everyone knows the answer, the culprit is the creditors of Mt. Gox.
Google Trends' statistics also show how the public is responding to recent events: the excitement for Bitcoin has fallen to the level of last October. Unbelievable right?
If you're still trying to cherish the slightest hope, let me help you: today we will just talk about the good, let's change the wind a bit. Forget all about price, sales flow as well as trading activity. They are not important today, because now it is time to look back at how long electronic money has gone and what potential they can open in the future. foreseeable
Let's enjoy our trip!
Note: This article is not a financial investment advice, simply my thoughts and opinions. Most of my savings are in the form of an electronic currency so do not be mistaken for what I mentioned below is absolutely true. Do not invest more money than you allow yourself to lose.
I. Technology
There are a few points that need to be dealt with in recent technological developments in the electronic money world, not limited to Bitcoin and Blockchain but also many other currencies - which can trigger a single lane. New reception waves are not just from the general public but also from businesses and even the government.
Regarding Bitcoin and its Blockchain, we can not help but mention the two latest breakthroughs, which are being talked about by the greatest minds:
(a) Level of SegWit Reception:
Through the successful soft fork event in August 2017, which incorporated the Segregated Witness (SegWit) scalable solution into the Bitcoin network, we could increase the number of transactions that can be attached. into each block when the transaction has become more compact.
The problem here is that SegWit is not widely accepted on a global scale as this transformation needs to be done manually by the money-gathering companies and enterprises. are trading floors). So businesses waited until SegWit was proven safe and activated it. Besides, another reason for the slow pace of SegWit integration, according to many, is that it will significantly reduce the cost of sending Bitcoin diggers.
How is SegWit's past 30 days going? Please test yourself!
(b) Lightning Network (LN):
We can officially confirm that LN has "surfaced". The Lightning Network now has more than 1,500 nodes participating in the testnet and there are even people who have actually conducted real transactions despite the warning of the developers (I like these people, they are really brave. In the latest happenings, the team has announced that they are ready to move to the mainnet.
Lightning Labs, the company behind the Bitcoin expansion project, is turning to ecosystems for its products, meaning that you will soon be able to conduct transactions through payment channels. off-chain. You can set up your own Lightning node, which will direct the transactions to other nodes, and get a commensurate reward for your contributions. Or you could just use the LN as the ultimate consumer, the one that the owner wants to send money to a friend, or to pay for a business after using their services. The transaction fee will fall sharply as the trainee will only be involved in the final transaction confirmation of an off-chain payment channel before it closes and is recorded on Blockchain.
II. Usability
The most important feature of electronic money, no matter what you say, will still be the applicability; When it becomes as easy to use as today's bank card, the situation will certainly turn completely.
This is how I imagine everything will happen (warning: all from now on all speculate):
Financial and government regulators attack electronic money and the ICO as an illegal calling method.
The plan on failure and electronic money will be more resilient, like what has happened over the past few years.
Banks, financial institutions and co-payment companies attack electronic money, arguing that it is only used for criminal activity and money laundering.
The public and other businesses ignored the monopoly warning because electronic transaction fees were much lower than traditional banks.
The previous ICOs will continue to grow and expand their networks to the point that traditional companies will not be able to compete with these new gadgets and business models.
Governments and regulators are beginning to adopt and create new regulations that promote electronic money growth, as a new way to attract businesses and talents.
People gradually trust more and more electronic money, as projects begin to give out their results. Scam and scam loss rates are lower because:
a / The community becomes smarter and will not be trapped in simple plots.
b / Market regulators will apply new regulations while retaining the transparent nature of electronic money projects (which will be protected by the government).