2009 was the dawn of a financial revolution: Bitcoin, no one was prepared for it. An anonymous paper and a handful of interested developers was all it was in the days of its birth. Fast forward to 2017, in terms of financial value, Bitcoin saw the heights of its popularity. It was the new ‘thing’ that everyone wanted to have. Social media went wild on how this new technology could get you to the dream you once thought was unreachable.
But then the imperius curse wore off. The roller coaster that was slowly going up, extending the limit to sight, reached the edge of top and was then left loose like a slingshot’s band. The resulting whistle is still being heard today.
One look at these curves and it looks like the high is subsiding and we’ll be pushed back into the traditional tyranny of banks and credit cards but the reality may not be that grim. The high might have subsided but it sure has left some euphoria behind.
This is a clean indicator of the increased interest of users in Bitcoin. It may not be what bitcoin was aiming for in the first place but it’s more than enough to keep a steady portion of the industry within grasp. As for the death of Bitcoin, completely, there are very few plausible theories. Here are some:
In enough time, Bitcoin, as a Transaction Process System, will lose its usage as a cryptocurrency and will be used solely used as a basket of value. Much like gold in current days. Which will soon be shifted to the trash when a technology superior makes an entrance.
One other, a bit heavy on the dramatic side, goes like this: Governments outlaw Bitcoin due to the power it takes away from them. An Orwellian twist but arguably possible.
The slow death one: Adoption for Bitcoin fails to make a mark. Institutions reject this Gen Z crap. The graphs of interest start declining till it is left as a hobby that few people involve.
And lastly for the hardcore readers that are not satisfied by the above three cases: We shift to gold. If an economic recession renders USD useless and we shift to gold, we may not have space for Bitcoin.
Although these theories might carry weight, they can’t take away the hope for a different future for the population. Even if Bitcoin goes away forever, the ripple it started will keep up its journey to the end, the shores of decentralization.
Photo by Annie Spratt on Unsplash