Various opinions are floating around these days regarding bitcoin. While its proponents claim that it is the future of money, others are of the view that it is just a wave tide that will settle with time. The technology lying underneath bitcoin sure seems revolutionary, but what is expected to happen to bitcoin?
Shone Anstey, the Executive Chairman & Co-Founder Blockchain Intelligence Group, recently got in touch with BlockPublisher as he expressed his insights regarding different aspects linked to bitcoin. The following Q&A helps one understand the narrative presented forward by him.
- What is the future of Bitcoin?
Shone: “Continued growth of the ecosystem and uptake with retailers and others who will take BTC as payment. Eventually this will be reflected in the price. The fall in price has not deterred the activity in blockchain projects all through this year. We see a great deal of innovation coming from non-cryptocurrency sectors such as identity management, distributed cloud storage, digital voting/notary and smart contracts.”
- Will it replace fiat in the future?
Shone: “While it’s exciting to see the rapidly growing adoption of cryptocurrencies across so many markets, cryptocurrencies will only be sustainable and helpful if the marketplace is safe. That’s why we not only work with the financial sector, regulators and the retail sector, but also with law enforcement investigators to bring security and accountability to cryptocurrency across all sectors.”
- Is it safe to use?
Shone: “Like the birth of a child, the delivery of this new technology has people grappling with a range of emotions which change quickly. Companies like Blockchain Intelligence Group can track the source of funds making it difficult for criminals to launder stolen Bitcoin, in turn, creating a safer cryptocurrency environment.”
Overall, it seems that the world of crypto & blockchain is still pretty nascent but interest is being developed regarding technology lying underneath bitcoin at a very rapid pace. Despite the bear market that has persisted for quite so long, innovation and growth in the blockchain world have not stopped at all. Moving forward, it seems likely that the growth in the technology sector will likely help cryptos get more acceptance.
As of now, a lot of illegal activities and negative factors have marred the reputation of this space. It seems likely that with developments being made in the tech arena as well as the regulation one, bitcoin will get more widespread acceptance across various organizations and among the general public. The first 10 years for bitcoin proved to be quite revolutionary, let’s see what happens in the next 10.
SEE ALSO: Unboxing Journalism in the Bitcoin World
Edited On 2/6/2019 at 12:12 PM PKT for title correction.