What’s the deal with bitcoin?
It hit like $10,000 yesterday, and $11000 today… so, where are we headed?
No one can say for sure.
Its a fact that there is a LOT of resources being poured into cryptocurrencies as of recently.
With a bitcoin increase in value of more than 10X since December of 2016, people are starting to take the cryptocurrency more seriously.
The idea of digital currency is not necessarily that new. However, the idea never worked before bitcoin because of a number of technological issues.
I mean, bitcoin was the first digital currency that gained real traction, primarily because of the fact that it solved the problem of double spending.
By solving the double spending problem, bitcoin became the first cryptographic currency (cryptocurrency).
With sources such as the Economist and the New York times publishing stories and updates on bitcoin, as well as major banks announcing interest, bitcoin is garnering main stream publicity.
Although bitcoin is the most well funded, there are many other projects of interest.
The increase is not exclusive to bitcoin and ethereum. The market capitalization of coins like Cardano is up 237% as of this writing. There are many more altcoins that are popping up and gaining publicity.
Another project of interest is OmiseGo, which is supported by the founder of Ethereum, Vitalik Buterin.
For example, Ethereum aims to serve as the platform on which distributed applications will be built. My thought is that with the rise of Ethereum and the solidity programming language, the development of blockchain based applications will increase dramatically and we’ll see many new projects and startup companies springing up and offering coin sales through IPOs.
I’d also like to bring up openbazaar.org. OpenBazaar is a distributed peer to peer marketplace. I think about it as being similar to eBay or Amazon.com, but because of its distributed nature, there are no seller fees!
That’s right, as a seller, you get to keep 100% of your profits.
If you’ve ever sold on Amazon, you know this is a big deal. Amazon and eBay typically charge sellers a fee around 20% of the sale price.
Beyond that, OpenBazaar is coin-agnostic. What I mean by this is that it offers payment capabilities from a number of different crypto currencies beyond only bitcoin. These include include Ethereum, Zcash, Litecoin, Dash, etc.
I’m excited to see where the blockchain space is headed over the next months and years. it seems to me as though the creation of new projects and applications is accelerating along with public interest in the technology.
Major FOMO here, I simply don’t want to miss out!
What are your thoughts on where blockchain and cryptocurrencies are headed? Let’s start a discussing in the comments.