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How Crypto Could Develop In 5-10 Years From Now

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by COINS NEWS 41 Views

I've been wondering lately about the path crypto has taken since it was first introduced to us.

It started in 2009.
We know that Satoshi's main motivation was to find an alternative payment system to the centralized banking system and the 2008 financial crisis was proof which he never needed.

Over the years Bitcoin went through ups and downs, but eventually became what Satoshi dreamed it would become - a peer-to-peer digital payment system.

Satoshi left in 2010 and over the years Bitcoin has transformed from a payment system to a store of value asset.

Fast forward to 2015, we got a new project whose founder was inspired by Bitcoin, which is Ethereum.

Vitalik Buterin, the founder of Ethereum dreamed of taking what Satoshi had built one step further and creating an automated system that would enable more than just transferring payments.

This is how we got the smart contracts that made it possible to automate and introduce us to new concepts such as a decentralized finance, non-fungible tokens and also Meme Coins.

2017 was undoubtedly the turning point for crypto, as this is the year that crypto entered the mainstream.

In 2016 and 2017 we still had 2 events that changed the short history of crypto and they are the hard forks of Ethereum and Ethereum Classic, and Bitcoin and Bitcoin Cash.

the present

The year is 2023 and crypto is everywhere.

  • Huge companies like Visa, PayPal, Tesla and more want to be part of the industry.
  • Huge asset managers like Blackrock and Fidelity want a piece of the crypto economy.
  • And governments have begun to adopt bitcoin as a legal tender.

So, what now?

We know that crypto is starting to become an important part of the economy and the financial system (Visa allows the payment of gas fees in Ethereum with their credit card)

Many businesses around the world accept payment in crypto for their products.

What's next?

Digital identity seems to be becoming inevitable day by day. At a time when AI is everywhere, we need decentralized proof of identity.

Thanks to a digital identity, we can improve the electoral system.

Imagine that every vote will be recorded in a public blockchain where everything can be seen and proven at any moment.

Another sector that aspires to use blockchain and crypto technology is of course gaming.

At the moment it seems that projects are just trying to milk money and use the hype around crypto, but in 5-10 years it will certainly be reasonable to think that crypto and gaming will go hand in hand (here too digital identity will play a crucial role)

What about the economy?

Will the traditional system realize its shortcomings and allow blockchain technology and smart contracts to improve it, or will they fight for their existence until their last breath?

Right now it's hard to tell.

Proof of ownership will be much simpler thanks to NFT's.

Imagine that the house you purchased will be digitally signed and there will be no need for all the bureaucracy and paperwork that burdens the entire process.

In 5 years it certainly seems possible that we will progress from images of monkeys in this direction

Where else could crypto meet us in everyday life in 10 years
Interesting to think.

submitted by /u/Johnny-Joseph
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