Analyzing How Society Will Use Bitcoin And Cryptocurrencies In The Future

2018-10-29 02:53

Lawrence Wintermeyer, a contributor at Forbes, interviewed Navroop Shadev, Economist and Fellow at MIT Connection Science. During the dialogue they had, they talked about virtual currencies and the future of the space 10 years after Bitcoin was created.

Since virtual currencies became famous in the last years and months, there are some analysts and experts that are already studying the effects that virtual currencies will have in the future of our society.

At the moment, there are many experts that think in a very different way about the future of virtual currencies. Nouriel Roubini, for example, says that virtual currencies are worth zero. However, there are some companies such as the Intercontinental Exchange (ICE) that are developing services specifically designed for institutions.

So as the industry is divided on whether virtual currencies will revolutionize the financial landscape, Wintermeyer contacted Navroop Shadev to better understand how the industry works. Mrs Shadev is an economist that specializes in blockchain technologies and cryptocurrencies.

For Shadev, cryptocurrencies can be very valuable to the global economy and to the society. She explains that money has played an important role in the evolution of society and this could also be the case of Bitcoin. As she explains, money works as a store of value, as a medium of exchange, as a means of payment and as a common measure of value.

She mentions that as we have developed the internet and a worldwide digital world, there is a growing effort to transition from a physical asset as a store of value to a digital way that would allow us to store value.

Shadev was later asked whether cryptocurrencies are a suitable alternative to fiat e-currency. She answered that virtual currencies could serve as a stable store of value in a world where the value of fiat money is related to the actions of national governments. There are some countries that have high inflation rates and economic instability where virtual currencies could work. Governments are currently not able to change the future of virtual currencies, indeed, cryptocurrencies are decentralized and would continue in this way.

About mass adoption of virtual currencies, she said that the technology adoption lifecycle can serve as a useful framework in order to understand the rates of adoption of a new product. And this can be applied to cryptocurrencies in general, including Bitcoin. Nevertheless, in order to be adopted worldwide, Bitcoin would need to have a stable price.

At the same time, she explains that mining decentralization is also an important issue to solve. Most of the mining power comes from China, and this is something that does not help in terms of decentralization. Furthermore, cryptocurrencies will also have to deal with regulations imposed by governments, and sometimes, these regulations might not be ideal.

She then talked about the comparison between cryptocurrencies and the early days of internet and e-mail. For her, this is a very useful comparison that helps explain where the society is in terms of blockchain adoption. About it, she says that there are several Initial Coin Offerings (ICOs) and projects that are developing their platforms, something that is very positive for the industry.

Shadev commented about it:

“A lot of the projects that have managed to raise millions of dollars in ‘blockchain funding’ are yet to build out their technology platforms and hence the comparison with the early days of the internet.”

At the end of the interview, she said that from an Innovation Studies perspective, the emerging tech has the potential to transform the business as we currently know it.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Molecular Future (MOF) на Currencies.ru

$ 0.0036936 (-0.01%)
Объем 24H $0
Изменеия 24h: 5.67 %, 7d: -99.82 %
Cегодня L: $0.0036545 - H: $0.0036936
Капитализация $322.169k Rank 2193
Цена в час новости $ 0.115 (-96.79%)

future years bitcoin currencies virtual created space

future years → Результатов: 126


Фото:

3 Major Changes Shaping the Future of Etheruem’s Ecosystem

Ethereum is one of the biggest cryptocurrency projects on the market today. That does not mean the project will not evolve further, as various issues have become apparent over the years. Below are some of the big things to look forward to where Ethereum is concerned, Do keep in mind there is no official timeline […] The post 3 Major Changes Shaping the Future of Etheruem’s Ecosystem appeared first on NullTX.

2018-10-10 00:31


Фото:

Stackr: The Dawn of a Digital Asset Savings Solution - [BTC Media Sponsor]

Financial savings have long been the foundation of wealth and asset building. However, we are now in a time when the growing obsolescence of financial institutions has forced certain technologies out of date, created high fees, revealed structural inefficiencies and, ultimately, meant that some standard investment solutions now fail to place consumer needs first.

2018-10-6 16:37


Binance CEO Discusses the Future of Binance, Crypto, and the Next Bull Run

Binance CEO Changpeng “CZ” Zhao has in five years taken his initial interest in cryptocurrencies and turned his passion into one of the most successful cryptocurrency exchanges in the world. The young CEO has even graced the cover of Forbes magazine’s crypto rich list and was highlighted as being among the wealthiest entrepreneurs operating across.

2018-9-27 23:00


Фото:

Cryptocurrency Adoption to Accelerate Rapidly in the Next Five Years Believes Coinbase CEO

With headlines screaming about the recent crypto market correction, readers would inevitably become depressed and erroneously conclude that the future is bleak for the industry. However, buried somewhere beneath all the negative news are signs that the entire industry is heading to a brighter, more stable future.

2018-9-12 20:34


Me and Wyclef: Peas in a pod on copyright

The battle-lines have been clearly drawn for several years now, but as the European Parliament vote on copyright reform in the EU looms tomorrow, both sides are bringing out the big guns. Speaking at a press conference today in the European Parliament, former Fugees founder and global music star, Wyclef Jean called on MEPs to reject Article 13 of the copyright directive to support artists and creators.

2018-9-11 19:03


Фото:

Bitcoin Cash Will Cost 0.3% Of Bitcoin, Ripple to $0.01 By 2023: Forecast

Ripple (XRP) will be worth just 1 US cent within five years and Bitcoin Cash (BCH) will fade, a damning new report from ICO advisory firm Satis Group predicts August 30. Satis: Ripple ‘Misleadingly Marketed’ Forecasting the future trajectory for the cryptocurrency industry, Satis drew a sharp distinction between assets that “apply unique value propositions within deep and viral markets” and copycat tokens.

2018-8-31 13:00


Фото:

2018 & Beyond For IOTA

IOTA is a crypto coin, established in 2015 and designed for the Internet of Things (IOT). There are many examples of IOT on the market, with the most common being the Amazon Echo. IOT differs from Bitcoin and Ethereum by using Tangle instead of Blockchain and doesn’t face any scalability issues due to its high transaction speeds which increase as the number of IOTA users increases.

2018-8-27 17:00


Фото:

AMA With Origin Team Reveals Plans for Decentralized Sharing Economy

Matt Liu, Josh Fraser and former PayPal head Yu Pan want to bring the blockchain to the sharing economy. The trio is devising a platform with an emphasis on inclusive, peer-to-peer service hubs designed to decentralize the same consumer cost-friendly business models that have made companies like Airbnb, Uber and Lyft so popular in recent years.

2018-8-16 23:25


Can Vitalik Buterin’s Plasma And Plasma Cash Solution Boost Scalability & Security

2018 has been a huge year for blockchain companies and blockchain-based technologies. While the cryptocurrency markets have floundered during one of the most significant crashes of the past few years, blockchain tech continues to garner the support of key institutional investors, many of whom believe that the innovations are the key to the changing future […]

2018-8-14 10:46